Reversionary income stream indicator has been added to the AASIS payment summary as part of the superannuation reform. Transfer balance cap – AASIS data for Payees receiving a reversionary pension or aged 60 years or older must have their data assessed for TBC implications. All AASIS payment summaries now provided to assist in the calculation of the transfer balance cap legislative changes. Australian annuities - Rule for calculating the Taxable Component – Untaxed Element has been corrected Low Rate Cap – Threshold has been increased to $200,000.00 Bank Interest – Taxpayer proportion of Total TFN amounts withheld – added an informational message Dividends – Taxpayer proportion of listed investment company capital gain deduction – added an informational message Appendix A Department of Veteran Affairs – added government benefit code TVP - Taxable Veteran Payment (to be mapped as per Appendix A) Department of Human Services – added government benefit code PII – PaTH Internship Incentive ((to be mapped as per Appendix A) ATO Interest – split SBR IITR Labels:- Other income type – Category One – Amount label changed to Other income type - Category 2 (ATO interest) - Amount Cost of managing tax affairs label changed to Cost of managing tax affairs - Interest charged by the ATO Taxable payment Annual Report data has now been expanded to include Government payments and grants stage innovation company data Early stage venture capital limited partnership (ESVCLP) - Tax offset carried forward from the previous year Early stage investor - Tax offset carried forward from the previous year year individual tax return data – Number of dependant children Prior year individual tax return data – Work-related expenses – informational message Prior year individual tax return data - Interest and/or Dividend Indicator – informational message Please refer to of this document for the full list of data fields being provided for pre-filling.
– The gross interest earned on an account for the financial year will need to be divided by the total account holders in order to prevent a misreporting of interest and a larger taxable income for the taxpayer on their IITR: Taxpayer proportion = [Gross Interest] ÷ Proportion of Interest Where: Term Label [Gross Interest] Bank - Gross Interest [Proportion of Interest] Bank - Reported Number of Account Holders Important: To avoid errors in lodgment and processing we recommend the following validations be applied – The taxpayer’s proportion value amount cannot be greater than the total gross interest amount as this will cause an error that will prevent processing of the IITR. – TFN Where applicable a calculation will need to be performed for an account where the account holders did not quote their TFN to their financial institution: Taxpayer proportion = [TFN Amounts Withheld] ÷ [Reported Number of Account Holders] Where: Term Label [TFN Amounts Withheld] Bank - TFN Amounts Withheld [Proportion of Interest] Bank - Reported Number of Account Holders Important: To avoid errors in lodgment and processing we recommend the following validations be applied – The individual taxpayer’s proportion value amount of total TFN amounts withheld cannot be greater than the total gross interest amount as this will cause an error that will result in the IITR not being processed. The individual taxpayer’s proportion value amount of total TFN amounts withheld cannot be greater than 50% of their share of the total gross interest amount. Once the amount is apportioned it can be assigned to the IITR as is described SBR Pre-fill IITR Alias SBR PIITR Label Requires apportioning? SBR IITR Alias SBR IITR IITR855 Bank - Financial Institution Name N Not applicable – not mapped on IITR (informational only)
IITR121 TFN amounts withheld from dividends Y IITR121 TFN amounts withheld from dividends IITR1116 Exploration credits for companies Y IITR395 Other refundable tax offsets IITR1130 Listed investment company capital gain deduction Y IITR147 Dividend deductions IITR1152* Possibly incorrect dividend income in prior year Not applicable – not mapped on IITR only) Table 8: Dividend data elements for apportioning *Refer to prior year section - Interest and/or Dividend Indicator for informational message requirements. Managed fund and foreign source income data apportioning follows a similar method to that used for bank interest and dividends. Data can be identified by its payment type (IITR853) – UTD and AMT for managed funds and FSI for foreign source income. The following elements are reportable for UTD and AMT only unless specified. following elements need to be apportioned for managed funds before assignment to the IITR: Context Instance SBR IITR Alias SBR PIITR Label RP.{MFSeqNum} IITR285 Non Primary Production Income Amount IITR243 Primary Production - Net income from trusts IITR246 Primary Production - Other deductions IITR265 Other Deductions Amount IITR259 Franked distributions from trusts IITR268 Credit Tax Withheld ABN Unquoted Amount IITR272 Credit Tax Paid By Trustee Amount IITR273 Credit Foreign Resident Withholding Amount IITR274 National Rental Affordability Scheme Tax Offset Amount IITR311 Net Capital Gains Amount IITR312 Total Current Year CG Amount IITR316 Controlled Foreign Company Income Amount IITR324 Net foreign rent IITR327 Other Foreign Income Amount IITR328 Australian franking credits from a NZ franking company
pension or annuity payment summary IITR817 PAYGW - Reportable Fringe Benefits Not applicable – not returned on a pension or annuity payment summary IITR1045 Is the employer exempt from FBT under section 57A of the FBTAA 1986? Not applicable – not returned on a pension or annuity payment summary IITR819 PAYGW - CDEP Payment Not applicable – not returned on a pension or annuity payment summary IITR820 PAYGW - Lump Sum A Not applicable – not returned on a pension or annuity payment summary IITR821 PAYGW - Lump Sum B Not applicable – not returned on a pension or annuity payment summary IITR822 PAYGW - Lump Sum D Not applicable – not returned on a pension or annuity payment summary IITR823 PAYGW - Lump Sum E Not applicable – not returned on a pension or annuity payment summary IITR69 PAYGW - Lump Sum A Type Not applicable – not returned on a superannuation superannuation superannuation superannuation
IITR1154 ETP Date available for pre-filling Not applicable – not mapped on IITR (informational only) IITR1155 ETP Payer ABN IITR77 ETP Payer's ABN IITR1156 ETP Payer WPN IITR546 Payer's - Withholder payer number IITR1157 ETP Payer Name Not applicable – not mapped on IITR (informational only) IITR73 ETP Date of payment IITR73 ETP Date of Payment IITR76 ETP Payment Code IITR76 ETP Code IITR75 ETP IITR75 ETP Taxable component IITR832 ETP Not applicable – not mapped to IITR IITR74 ETP Tax Withheld IITR74 ETP Tax withheld amount Table 15: ETP payment summary mapping on IITR (AASIS) As part of the government’s reform package, there were changes introduced to defined benefit income streams. Different income taxation rules apply depending on whether the payee is in receipt of: Fully funded i.e. (taxed sourced) income stream; and/or Untaxed income stream, and is under 60 years of age and is in receipt of a reversionary income stream where the deceased was 60 or over at the time of death or Turns 60 during the year or is Aged 60 or over As a result, a new has been introduced on the income tax return and AASIS - Reversionary Income stream indicator will be provided. AASIS payment summary data will be available through the Pre fill response as informational only and will include the following: Context Instance SBR PIITR Alias SBR PIITR Label RP.{AASISSeqNum} IITR1159 - Date available for prefilling IITR1160 AASIS - Payer ABN IITR1161 AASIS - Payer Name IITR1141 AASIS - Period Start Date IITR1142 - Period End Date IITR1143 AASIS - Reversionary Income stream IITR92 AASIS - IITR93 AASIS -