Australia/New Zealand

June 2025 Australia

Feature enhancements

Tax Time changes 2025
We have implemented updates to both the stationery and e-filing systems as part of Tax Time 2025 changes. These changes are documented in the tables below.
International dealings schedule redesign
The International dealings schedule has been modified to improve performance, display, and printing capabilities. The Original International dealings schedule RG workpaper has been split over 6 workpapers
  • RG – International dealings schedule – Section A – Q1 to Q10
  • RG1 - International dealings schedule – Section A – Q11 to Q18
  • RG2 - International dealings schedule – Section B and C – Q19 to Q29
  • RG3 - International dealings schedule – Section D Q30 to Q39
  • RG4 - International dealings schedule – Section E, F and G – Q40 to Q51
  • RG5 - International dealings schedule – Section H – Q52 to Q58
  • RG6 - International dealings schedule – Declaration
Various cells have been relocated to visually improve display and print.
Please note that any data previously entered will not upgrade to the new format. We recommend the following options:
  1. Save and Transfer:
     Before upgrading, simply save your current RG workpaper to Excel. This will allow you to easily copy your data into the new format once the update is complete.
  2. Target-Based Import:
     Alternatively, you can use the Target-Based Import feature to transfer your data into the new workpapers. The updated Target-Based import file and changes will be available shortly before the release.
New workpaper: Thin Capitalisation test choice {RV}
Use this form if all the following apply:
  • You want to make a thin capitalisation test choice for an income year.
  • You are a general class investor, outward investing financial entity (non-ADI) or inward investing financial entity (non-ADI) for the income year.
  • You do not meet the requirements in section 820-37 of the ITAA 1997 (the 90% Australian asset threshold exemption) for the income year.
This workpaper should be completed and kept for your records. It does not Efile.
Partnership Return Statement of Distribution
Commencing 1 July 2025, the lodgment of partnership Statement of distribution will no longer be limited to 160 partners. The current system limitation prevents lodgment resulting in workarounds. This project changes the limit to 2000.

Tax Office Forms 2025 Changes

Company tax return
:
Area
Change
Description
Question 7
New
Label Y: Build to rent capital works deductions at 4%
**This label is not included in Question 7 Subtraction items subtotal.
Question 7
Removed
Label J: Small business skills and training boost
Label K: Small business energy incentive
Overseas transactions or thin capitalisation and debt deduction creation
Modified
(Reworded)
Overseas transactions or thin capitalisation and debt deduction creation
Question 28: Overseas interests and Australian branch operations.
Did you have branch operations in Australia or overseas, or a direct or indirect interest in a foreign trust, foreign company, controlled foreign entity or transferor trust?
Question 29: Thin capitalisation and debt deduction creation
Were the thin capitalisation or debt deduction creation rules applicable to you?
Company tax return – Reference list updates
Ref list
Change
Description
Question 8 Label N
Functional currency
New
Sierra Leonean Leone (SLE)
Zimbabwean Dollars (ZWG)
Question 6 Label E
Gross distribution from trusts action code
Modified
  • F = Fixed trust, other than a fixed unit trust, CCIV sub-fund trust, or public unit trust described in U,
    V
    , P or Q.
  • U = Fixed unit trust, other than a CCIV sub-fund trust or a public unit trust described in P or Q
  • P = Public unit trust (listed) - other than a cash management unit trust or CCIV sub-fund trust
  • Q = Public unit trust (unlisted) - other than a cash management unit trust or CCIV sub-fund trust
New
  • V = CCIV sub-fund trust
Trust tax return
Area
Change
Description
Managed investment trusts
New
Is the trust a stapled MIT?
Is the trust a withholding MIT?
Question 9
New
Label Y: Build to rent capital works deduction at 4%
Question 22
Modified
(Reworded)
Did you have branch operations in Australia or overseas, or a direct or indirect interest in a foreign trust, foreign company, controlled foreign entity or transferor trust?
Question 29
New
Label O: Were thin capitalisation or debt deduction creation rules applicable to you?
Question 37
Modified
Business name of main business
No longer mandatory
Question 52
Removed
Label A: Small business skills and training boost
Label B: Small business energy incentive
Trust tax return – Reference list updates
Ref list
Change
Description
MIT type
Modified
From
  • W = Withholding MIT
  • N = Managed Investment Trust that is not a withholding MIT
  • C = Clean building MIT
To:
  • A = Affordable housing MIT
  • B = Build to rent MIT
  • C = Clean building MIT
  • E = Equity MIT
  • H = Hybrid investment MIT
  • P = Property MIT
Question 8 Label Z
Primary production - Share of net income from trusts action code
Modified
U - Fixed unit trust (including a corporate collective investment vehicle (CCIV) sub-fund trust) - other than a public unit trust described in P or Q
F - Fixed trust - other than a fixed unit trust or public unit trust described in P, Q or U
Partnership tax return
Area
Change
Description
Question 9
New
Label Y: Build to rent capital works deduction at 4%
Question 22
Modified
(Reworded)
Did you have branch operations in Australia or overseas, or a direct or indirect interest in a foreign trust, foreign company, controlled foreign entity or transferor trust?
Question 29
Modified
(Reworded)
Overseas transaction or thin capitalisation and debt deduction creation
Question 29
New
Label O: Were thin capitalisation or debt deduction creation rules applicable to you?
Question 52
Removed
Label A: Small business skills and training boost
Label C: Small business energy incentive
AMIT tax return
Area
Change
Description
Question 5
Removed
Label A: Small business skills and training boost
Label A: Small business energy incentive
Question 6
Modified
(Reworded)
 Were the thin capitalisation or debt deduction creation rules applicable to you?
Question 8
New
Build to rent capital works deduction at 4%
Question 9
New
Is the trust a withholding MIT?
AMIT schedule
Area
Change
Description
Details
New
MIT Type
A = Affordable housing MIT
B = Build to rent MIT
C = Clean building MIT
E = Equity MIT
H = Hybrid investment MIT
P = Property MIT
Assessable income
Income – other than capital gains
Modified
(Reworded)
Excluded from NCMI (other than build to rent)
Assessable income
Income – other than capital gains
New
BTR excluded from NCMI – non primary production
Assessable income
Income – capital gains
Modified
(Reworded)
Excluded from NCMI (other than build to rent)
Assessable income
Income – capital gains
New
BTR excluded from NCMI capital gains
International dealings schedule
Area
Change
Description
Section B, Financial arrangements
Question 19a
Removed
Did you have a financial arrangement for the purposes of Division 230 that did not give rise to a debt interest for the purposes of Division 974?
  • Label A: Yes/No
  • Label B: Total TOFA value of those financial arrangements
  • Label C: Total gains of TOFA losses for those financial arrangements
  • Label D: Total value of TOFA losses for those financial arrangements
Section D: Thin capitalisation
Question 30
Modified
(Reworded)
Did you rely on one of the following exemptions or exclusions in determining the thin capitalisation rules did not disallow any of your debt deductions?
Section D: Thin capitalisation
Question 30
New
Label C: You were an Australian resident entity that is neither an inward nor outward investing entity
Section D: Thin capitalisation
Question 32a
Modified
Renumbered from Question 32a to Question 33
Section D: Thin capitalisation
Question 32b
Removed
Did the thin capitalisation amendments in the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share – integrity and Transparency) Act 2024 apply to you in the income year?
  • Label A: Yes/No
  • Label B: Code
Section D: Thin capitalisation
Question 33
Removed
Did you change your entity status from ‘general’ to ‘financial’ during the income year?
Section D: Thin capitalisation
Question 35a
Modified
(Reworded)
If you were a general class investor, provide your tax EBITDA information
Section D: Thin capitalisation
Question 35b
Modified
(Reworded)
Did you rely on the group ratio test?
Section D: Thin capitalisation
Question 35b
Format change
Group Ratio format has changed to
.00, 0.0 or 0.00
Section D: Thin capitalisation
Question 35c
Modified
(Reworded)
Did you rely on the third party debt test?
Section D: Thin capitalisation
Question 35d
Modified
(Reworded)
Were you, or a member of your tax consolidated group, a special purpose entity subject to section 820-39 of the ITAA 1997?
Section D: Thin capitalisation
Question 35e
New
Did you have a FRT disallowed amount from a prior income year?
  • Label A: Yes/No
  • Label B: Code
  • Label C: FRT disallowed amount applied in this income year
  • Label D: FRT disallowed amounts to be carried forward to future income year
  • Were you the head company of a tax consolidation group or MEC group?
  • Label E: Yes/No
  • Were FRT disallowed amounts transferred to you, as a head company, by joining entities under section 820-590, during the income year?
  • Label F: Yes/No
  • Label G Provide the amount calculated under subsection 705-112(2)
Section D: Thin capitalisation
Question 36
Modified
(Reworded)
If you were an authorised deposit taking institution (ADI), provide the following information where applicable
Section D: Thin capitalisation
Question 36
New
Label L: If you relied on the arm’s length capital test provide your arm’s length capital amount
Section D: Thin capitalisation
Question 37
Modified
(Reworded)
Previous:
Were you a non-ADI and non-financial entity for the income year? Answer ‘Yes’ if you entered code 6 or 7 at question 32, label A
Now:
If you were an Australian plantation forestry entity, provide the following information where applicable
Previous:
All non-ADI entities
Now:
All Australian plantation forestry entities
Section D: Thin capitalisation
Question 37
New
Label O: If you relied on the arm’s length capital test provide your arm’s length capital amount
Section D: Thin capitalisation
Question 38
Modified
Renumbered from Question 37a to Question 38
If you were a financial entity (non-ADI) for the income year, provide the following information where applicable
Section D: Thin capitalisation
Question 38
Removed
Label A: Yes/No
Section D: Thin capitalisation
Question 38
Removed
Did you rely on arm’s length tests?
  • Label A: Yes/No
  • Label B: Provide your arm’s length debt (non-ADI) amount
Section D: Thin capitalisation
Question 38a
Removed
If you were an ADI, did you rely on the arm’s length capital test?
  • Label A: Yes/No
  • Label B: Provide your arm’s length capital amount
Section D: Thin capitalisation
Question 39a
Removed
Did you restructure or replace an arrangement during the income year which would have satisfied the conditions in subsection 820-423A(2) or (5), if the arrangement was still in place on or after 1 July 2024?
  • Label A: Yes/No
  • Label B: Description
Section E: Financial Services Entities
Question 40a
Modified
(Reworded)
Label B: Notional amount of interest taken to be borrowed under section 160ZZZA
Section E: Financial Services Entities
Question 40a
Removed
Label E: Notional amount of interest taken to be paid under section 160ZZZA attributable to OB activities of OBUs
Section E: Financial Services Entities
Question 40c
Removed
Label O: Notional amount of interest taken to be paid under section 160ZZZA attributable to OB activities of OBUs
Section H Questions 52 - 58
New
Section H: Debt deduction creation rules:
New Questions
  • Question 52: Were the debt deduction creation rules applicable to you.
  • Question 53: Did you restructure or replace an arrangement during the current or prior income year which would have satisfied the conditions in subsections 820-423A(2) or (5) if the arrangement was still in place and the debt deduction creation rules were applicable? Disregard paragraphs 820-423A(2)(g) and (5)(f) when answering this question.
  • Question 54: In a prior income year, did you directly or indirectly acquire a CGT asset, or legal or equitable obligation, from an associate pair other than a CGT asset covered by section 820-423AA?
  • Question 55: In a prior income year, did you make one or more payments or distributions covered by subsection 820-423A(5A), directly or indirectly, to an associate pair?
  • Question 56: In the current income year, did you directly or indirectly acquire a CGT asset, or legal or equitable obligation, from an associate pair?
  • Question 57: In the current income year, did you make one or more payments or distributions covered by subsection 820-423A(5A), directly or indirectly, to an associate pair?
  • Question 58: Were any of your debt deductions, for the current income year, disallowed by subsection 820-423A(1) because you were either:
International dealings schedule – Reference lists changes
Ref list
Change
Description
Financial entity type code
Question 33
Modified
Deleted
E - An entity that:
    • is a registered corporation under the Financial Sector (Collection of Data) Act 2001; and
    • at the particular time, carries on a business of providing finance, but not predominantly for the purposes of providing finance directly or indirectly to, or on behalf of, the entity’s associates; and
    • in the income year in which the particular time occurs, derives all, or substantially all, of its profits from that business.
Updated
  • A - An entity that:
    • is a registered corporation under the Financial Sector (Collection of Data) Act 2001; and
    • at the particular time, carries on a business of providing finance, but not predominantly for the purposes of providing finance directly or indirectly to, or on behalf of, the entity’s associates; and
    • in the income year in which the particular time occurs, derives all, or substantially all, of its profits from that business.
  • C - An entity that:
    • is a financial services licensee within the meaning of the Corporation Acts 2001 whose licence covers dealings in at least one of the financial products mentioned in paragraphs 764A(1)(a), (b) and (j) of that Act; or
    • under paragraph 911A(2)(h) or (l) of the Corporations Act 2001, is exempt from the requirement to hold an Australian financial services licence for dealings in at least one of those financial products;
    • and carries on a business of dealing in securities, but not predominantly for the purposes of dealing in securities with, or on behalf of, the entity's associates.
  • d - An entity that:
    • is a financial services licensee within the meaning of the Corporation Acts 2001 whose licence covers dealings in derivatives within the meaning of that Act; or
    • under paragraph 911A(2)(h) or (l) of the Corporations Act 2001, is exempt from the requirement to hold an Australian financial services licence for dealings in such derivatives;
and carries on a business of dealing in such derivatives, but not predominantly for the purposes of dealing in such derivatives with, or on behalf of, the entity's associates.
IDS 223
Entity type for the income year
Question 32
Modified
Deleted
  • 6 = Inward investment vehicle (general) or inward investor (general) and is not also an outward investor (general) for an income year commencing before 1 July 2023
  • 7 = Outward investor (general) (including if also an inward investment vehicle (general)), for an income year commencing before 1 July 2023
New
  • 6 = Australian plantation forestry entity (non-ADI)
Question 3
Specified country dealings
Question 4
Removed
Receipt Payment Of Dividends And Distributions From Trusts And Partnerships
Reportable tax position
Area
Change
Description
Category C
Removed
Question 10
Category C
Modified
Question 44
  • Subcategory 5 - Update from "White" to "White Zone"
  • Subcategory 7 - REMOVED
Category C
Modified
Question 45
  • Subcategory 5 - Yes, one or more current arrangements has a connection with a prior Migration and you disclose this in question 45 of the RTP Schedule in the previous income year
Category C
New
Question 46
  • Subcategory 1 - Division 832 - hybrid payer under TD 2024/4 - hybrid mismatch rules
  • Subcategory 2 - Division 832 - not a hybrid payer under TD 2024/4 review where interpretation is inconsistent with the Commissioner’s view in TD 2024/4
  • Subcategory 3 - Division 832 - not a hybrid payer based on other reasons following TD 2024/4 review
Category C
New
Question 47
  • Subcategory 1 - White zone
  • Subcategory 2 - Yellow zone
  • Subcategory 3 - Green zone
  • Subcategory 4 - Red zone
AU Manual Forms – NextGen
Worksheet
Description
Preliminary information worksheet {S1}
New option has been added to “Display ABN” in workpapers.
Set to “Yes” by default.
Company Tax return {RA}
Label 8B has been updated to display 4 decimal places.
AMIT Tax Return {RC}
Added headers for “Transaction with specific countries” and “Overseas transactions/thin capitalisation”.
Fund tax return {RF}
Label T1 Tax on Taxable income
A new option for "Applicable Tax Rate" has been added to the S1 Preliminary information worksheet.
There are 3 tax rate available to be selected. 15%, 45% and Other.
When 15% is selected, the formula for T1 will be:
T1 = ((Taxable income - non arms length income) * 0.15) + (non arms length income *0.45)
When 45% is selected, the formula for T1 will be:
Fund Tax Rate = 0.45
Non arms length income = 0.45
T1 = Taxable income *0.45
When Other is selected, the T1 cell will remain unprotected for manual input.
International dealings schedule {RG}
We have redesigned the International dealings schedule to improve performance, display and print.
The International dealings schedule will now be split over 7 pages
  • RG – International dealings schedule – Section A – Q1 to Q10
  • RG1 - International dealings schedule – Section A – Q11 to Q18
  • RG2 - International dealings schedule – Section B and C – Q19 to Q29
  • RG3 - International dealings schedule – Section D Q30 to Q39
  • RG4 - International dealings schedule – Section E, F and G – Q40 to Q51
  • RG5 - International dealings schedule – Section H – Q52 to Q58
  • RG6 - International dealings schedule – Declaration
The workpapers will now print in portrait.
All workpapers
Removed the $ symbol appearing throughout forms workpapers.
AU Company Tax and AU Consolidated Company Tax - NextGen
:
Worksheet
Template
Description
Tax Calculation {A20}
AU Company Tax
PAYG instalments updated to exclude final tax payment.
Business-related costs {B4}
AU Company Tax
Roll-forward tagging has been added to improve roll-forward to NextGen.
Sundry DTL {BV2}
AU Company Tax
Updated descriptions of line item:
Accounting and tax movement – Sundry DTA/DTL
 to include
net addback/net subtraction
 for the Statement of Taxable income adjustments block.
C3 Fixed Assets Tax summary {C3}
Fixed Asset disclosures {F5}
AU Company Tax
& AU Consolidated Company Tax
AU - ATO Form disclosure – Capital Work in Progress - Fixed assets.
Updates to disclosure for Fixed Assets WIP that should not be included as part of depreciable assets.
Fixed Assets – Accounting
{CA1-CA5}
AU Company Tax
Updated Fixed Assets sheets CA1-CA5 so that the Closing GL balances will pick up the TB imported total for the standard Fixed asset line-item categories.
Decline in values {D5}
AU Company Tax
Updated for missing original cost column and to allow row inserts.
Formulas updated to correctly calculate Prime cost and diminishing value amounts.
Non-deductible expenses {DE}
AU Company Tax
Existing allocation to fixed asset category warning has been updated to include a check on CGT cost base column.
Non-deductible expenses {DE}
Purchases and other costs {F7}
AU Company Tax
Purchases and Other Costs
Non-deductible expenses {DE} sheets for Cost of goods sold, Salary and Wages and Superannuation have been updated to include data flow to Purchases and other costs {F7}. For All other fixed Non-deductible expenses {DE} sheets this column has been removed. Any additional DE sheets inserted will include this column, but this amount will need to be manually entered into Purchases and other costs {F7}.
Existing data in the Purchases and other costs column of these Non-deductible expenses {DE} sheets will be removed. This will need to be re-entered.
Statement of taxable income audit trail {F1}
AU Consolidated Company Tax
Updates made to ensure Add and Less adjustments are being picked up correctly after inclusion of OTP Audit Trail sheets.
Statement of taxable income audit trail {F1}
AU Company Tax
Updates made to ensure Add and Less adjustments are being picked up correctly.
Statement of taxable income audit trail {F1}
AU Company Tax
New Label 7Y - Build to rent capital works deductions at 4%.
This label has been added for manual entry into the STI Audit trail {F1}.
Note: 7Y is already included as part of 7I - Capital works deductions and does not impact the Taxable Income/Loss calculation.
Fixed assets – forms disclosures {F5}
AU Consolidated Company Tax
Corrected the error warning formula to accurately reflect the requirement for item 9C, acknowledging data present in 9B.
Consolidated group losses schedule {RO}
AU Consolidated Company Tax
Question 5 Label V, update to formula to get from Group losses – all {A1} Transferred losses-revenue row.
Question 10 Label U, update to formula to get from Group losses – all {A1} Transferred losses - capital row.
Temporary difference movement {T3}
AU Company Tax
Updated the Opening temporary difference per WP to flow correctly from {BD}

This article applies to:

  • Product: ONESOURCE Corporate Tax