June 2024 Australia

Summary Tax Time 2024

Classic Corporate and Forms V1.1: 14 June
NextGen Corporate and Forms: 19 June
Property Trust: 28 June
Managed Funds: 1 August
*Whitelisting – Efiling system open for lodgment: 20 June

Company tax return
Partnership tax return
Trust tax return
Attribution managed investment trust (AMIT)
Corporate collective investment vehicle (CCIV)

Fixed assets – forms disclosures (Corporate)

Company tax return
International dealings schedule

Statement of taxable income (Corporate)
Statement of taxable income audit trail (Corporate)
Sundry STI Adjustments (Corporate)
Current tax (Corporate)
Income tax note (Corporate)
Current tax – under/over (Corporate)

Company tax return
Partnership tax return
Trust tax return
Attribution managed investment trust (AMIT)
Corporate collective investment vehicle (CCIV)

Company tax return
Losses schedule - the amount included in H Tax losses deducted in Part F of that schedule does not include loss carry back amounts.
Consolidated group losses schedule - the amount included in I Tax losses deducted in Part F of that schedule does not include loss carry back amounts.
Change in choice form (removed).

Loss carry back supporting calculations (Corporate)
Loss carry back audit trail (Corporate)
Revenue losses (Corporate)
Revenue losses – insert in head for losses automation (Corporate)
Group losses – revenue (Corporate)
Tax rebates, credits and offsets (Corporate)

fixed ratio test
group ratio test
third party debt test and debt deduction creation rules.

International dealings schedule

F1 Gross capital gains
F2 Capital losses applied
F3 CGT discount applied
F4 Small business discounts applied (recorded at this label will be small business 50% active asset reduction; small business rollover exemption; and small business retirement exemption).

Company tax return
Partnership tax return
Trust tax return
Fund tax return

Workpaper	Description
Rental Schedule Classic only	New statement structure An upgrade to our Rental Schedule statement to better accommodate the increasing volume of entries. note Target-Based Import Functionality : We are introducing target-based import functionality for this statement. The necessary files and detailed instructions are included in the Classic Mapping Template pack, ensuring you have all the resources needed for a smooth transition. Manual Update Requirement : The existing details in your statements won't automatically upgrade. It is crucial to manually delete and reinsert the statement. Continuity in NextGen Content : The same file used for target-based import will also be compatible with NextGen content, ensuring continuity and ease of use.
International dealings schedule	Due to significant changes in Section D: Thin capitalisation, while we have upgraded details we highly recommend a full review of this section.

Workpaper	Description
Company tax return	Removed the following country codes: HRK (Croatia Kuna) LTL (Lithuania Litas) LVL (Latvia Lat)
International dealings schedule	Additional country code added to Section F: IS (Iceland)

Change	Item	Description
Removed	Q5	Small business boost A Small business technology investment boost
New	Q5	Small business bonus deductions C Small business energy incentive
Removed	Q8	P Are you making a choice to opt out of temporary full expensing for some or all of your eligible assets? Q Number of assets you are opting out for R Value of assets you are opting out for S Temporary Full expensing deductions T Number of assets you are claiming for
Modified	N/A	Updates to wording in Declaration

Change	Item	Description
Removed	Q5	Small business boost A Small business technology investment boost
New	Q5	Small business bonus deductions C Small business energy incentive
Removed	Q8	P Are you making a choice to opt out of temporary full expensing for some or all of your eligible assets? Q Number of assets you are opting out for R Value of assets you are opting out for S Temporary Full expensing deductions T Number of assets you are claiming for
Modified	N/A	Updates to wording in Declaration

Change	Item	Description
Removed	Q7	P Offshore banking unit adjustment
Removed	Q7	L Small business technology investment boost
New	Q7	Small business energy incentive
Removed	Q9	P Are you making a choice to opt out of temporary full expensing for some or all of your eligible assets? Q Number of assets you are opting out for R Value of assets you are opting out for S Temporary full expensing deductions T Number of assets you are claiming for U Are you using the alternative income test
Removed	Q13	A Tax loss 2019-20 carried back to 2018-19 B Tax loss 2020-21 carried back to 2018-19 C Tax loss 2020-21 carried back to 2019-20 D Tax loss 2021-22 carried back to 2018-19 E Tax loss 2021-22 carried back to 2019-20 F Tax loss 2021-22 carried back to 2020-21 T Tax loss 2022-23 carried back to 2018-19 W Tax loss 2022-23 carried back to 2019-20 X Tax loss 2022-23 carried back to 2020-21 Y Tax loss 2022-23 carried back to 2021-22 G Tax Rate 2019-20 H Tax Rate 2020-21 Z Tax Rate 2021-22 I Net exempt income 2018-19 J Net exempt income 2019-20 K Net exempt income 2020-21 A Net exempt income 2021-22 L Income tax liability 2018-19 M Income tax liability 2019-20 N Income tax liability 2020-21 B Income tax liability 2021-22 O Select your aggregated turnover range for 2019-20 P Aggregated turnover for 2019-20 Q Select your aggregated turnover range for 2020-21 R Aggregated turnover for 2020-21 C Select your aggregated turnover range for 2021-22 D Aggregated turnover for 2021-22 S Loss carry back tax offset
New	Q24	Digital games tax offset A Current year refundable DGTO amount being claimed B Total amount of current year DGTO already claimed or being claimed by related companies
Modified	N/A	Updates to wording in Public officer’s declaration

Change	Item	Description
Removed	Q8	E-Eligible rollover fund
Modified	N/A	Updates to wording

Change	Item	Description
Removed	Q49	P Are you making a choice to opt out of temporary full expensing for some or all of your eligible assets? Q Number of assets you are opting out for R Value of assets you are opting out for S Temporary full expensing deductions T Number of assets you are claiming for
Removed	Q52	Small business boost B Small business technology investment boost
New	Q52	Small business bonus deductions C Small business energy incentive

Change	Item	Description
Removed	Category C	Questions - 2, 7, 16, 18, 27, 30, 32 and 37
New	Category C	Question 19, Subcategory 3: your entity is compliant with the terms of settlement deep or future compliance Question 43 Question 44 Subcategory 1 – 6 1- Green (lower risk) 2 - Blue (lower to medium risk) 3 - Amber (medium risk) ·4 - Red (higher risk) 5 - White 6 - High Risk (PCG2024/1 not applied) Question 45 Subcategory 1 – 4 1 – Yes, one or more current arrangements connected with a prior Migration 2 – No, none of the current arrangements connected with a prior Migration 3 – Don’t know whether one or more current arrangements connected to a prior Migration 4 – High Risk (PCG2024/1 not applied)

Change	Item	Description
Removed	Q50	P Are you making a choice to opt out of temporary full expensing for some or all of your eligible assets? Q Number of assets you are opting out for R Value of assets you are opting out for S Temporary full expensing deductions T Number of assets you are claiming for
Removed	Q52	Small business boost B small business technology investment boost
New	Q52	Small business bonus deductions B Small business energy incentive
New	Q58	Beneficiary F1 Gross capital gains F2 Capital losses applied F3 CGT discount applied F4 CGT small business concessions applied F5 NCMI capital gains (formally F1) F6 Excluded from NCMI capital gains (formally F2)
Modified	Q58	Income to which no beneficiary is presently entitled and in which no beneficiary has an indefeasible vested interest, and the trustee’s share of credit for tax deducted. F5 NCMI capital gains (formally F1) F6 Excluded from NCMI capital gains (formally F2)

Classic Forms

Workpaper	Description
R70 - Research and development - p4 - Pt E	Update to Label A1 Tier 1 (intensity: 0 to 2% R&D premium: 8.5%) to cap disclosure at $150,000,000.
R92 – IDS – p10 – Q18-19	Warning added when Q18 Label L character limit is exceeded.
RC – AMIT tax return	The ATO has removed the validation requiring the entry of “Previous name of trust”.
RC – AMIT tax return	Removed truncate setting on amount labels.
RC – AMIT tax return	Daytime contact number has been hidden when non-individual.
RS - Rental schedule	New statement structure. We have made an upgrade to our Rental Schedule statement structure to better accommodate the increasing volume of entries. Please note the following important changes: Manual Update Requirement: The existing details in your statements will not automatically upgrade to the new system. It is crucial to manually delete and reinsert the statement. Target-Based Import Functionality: We are introducing target-based import functionality for this statement. The necessary files and detailed instructions are included in the Classic Mapping Template pack, ensuring you have all the resources needed for a smooth transition. Continuity in NextGen Content: The same file used for target-based import will also be compatible with NextGen content, ensuring continuity and ease of use.
RU – Trust income schedule	The Trust income schedule must be included with returns where a distribution has been received from a trust: Company tax return Partnership tax return Trust tax return Fund tax return Target-Based Import Functionality: We are introducing target-based import functionality for this statement. The necessary files and detailed instructions are included in the Import packs.
TTR1 – Beneficiary details	Q57 rounding in Labels updated to remove validation triggering when it shouldn’t “Q8 Label E, Q11 Label I and Q12 Label N must equal total of Q57” .

NextGen Forms

Workpaper	Description
RA – Company tax return	Update to validation under Question 9 regarding depreciating assets as triggering incorrectly.
RA – Company tax return	Question 29, Thin capitalization question updated as was previously locked if IDS wasn’t inserted.
RB – Trust tax return	Print setting changed to portrait.
RC – AMIT tax return	The ATO has removed the validation requiring the entry of “Previous name of trust”.
RC – AMIT tax return	Removed truncate setting on amount labels.
RC – AMIT tax return	Daytime contact number has been hidden when non-individual.
RG – International dealings schedule	Question 21 update to label B and C formula to reference Q21A.
RG – International dealings schedule	Warning added when Q18 Label L character limit is exceeded.
RM - Dividend and Interest schedule	Update to validation as previously was triggering if spaces present in address lines.
RN Research and development tax incentive schedule	Update to Label A1 Tier 1 (intensity: 0 to 2% R&D premium: 8.5%) to cap disclosure at $150,000,000.
RQ – Interposed entity election or revocation RR – Family trust election, revocation or variation	E-filing capabilities have been enabled.
RT1 – RT3	NMU – TOFA 3 & 4 election workpapers added
RU – Trust income schedule	The Trust income schedule must be included with returns where a distribution has been received from a trust: Company tax return Partnership tax return Trust tax return Fund tax return Target-Based Import Functionality: We are introducing target-based import functionality for this statement. The necessary files and detailed instructions are included in the Import packs.

Classic Corporate

Workpaper	Description
Various	We have removed auto sort from various workpapers to improve performance. If sorting is required please apply via Tools.
B10 – Fixed assets – account values (Company Tax Return only)	Updates to print settings as previously workpaper was hiding data in print when “Show data entry cells” was selected.
F3 – Balance sheet audit trail	ATO Forms disclosure for Total Debt has been updated to include Lease Liabilities-Right of use assets.
F7 – Capital gains tax schedule	Updates to display rules when in review mode to display as expected.
R70 - Research and development - p4 - Pt E E6 - Research and development tax incentive	Update to Label A1 Tier 1 (intensity: 0 to 2% R&D premium: 8.5%) to cap disclosure at $150,000,000.
R92 – IDS – p10 – Q18-19	Warning added when Q18 Label L character limit is exceeded.
RU – Trust income schedule	The Trust income schedule must be included with returns where a distribution has been received from a trust: Company tax return Target-Based Import Functionality: We are introducing target-based import functionality for this statement. The necessary files and detailed instructions are included in the Import packs.
T1 – Current Tax (Company Tax Return only)	Subtotals for add and less in temporary adjustment sections have been updated, as previously fixed assets subtotals included R&D.
T1 – Current Tax (Company Tax Return only)	“R&D - tax fixed asset adjustments" is removed from the Non-temporary adjustment Add section.
T2 – Temporary differences (Company Tax Return only)	Formula updated for Custom Line Item in current assets as was previously incorrect when carrying value is selected from workpaper.
T6 – Tax accounting reconciliation (Consolidated only)	Updated formula in Deferred tax liability – adjusted opening balance.
T6C – Tax account summary (Company Tax Return only)	Current period movement adjustments for current tax expense/(benefit) formula updated as previously bringing in negative amount.
T6X – Tax account reconciliation – under/over (Consolidated only)	Updates to include re-allocation of amounts already posted in comparative amount and consolidated entity columns.

NextGen Corporate

Workpaper	Description
A – Statement of taxable income (Company Tax Return only)	Form C labels have been updated for various permanent and temporary adjustments.
A4 – Revenue losses – supporting calculations	Total available franking offsets updated to round to 2 decimal places.
A24 - PAYG instalments A26 - Franking and exempting account T6A - Tax account reconciliation	Only PAYG amounts paid in the current period flow to the franking account.
A24 – PAYG instalments	PAYG has updated now link to A26 – Franking and Exempting Account. There is also a provision now to exclude amounts paid in the subsequent period. The amounts paid in subsequent period will also link directly to T6-Current tax liability in TEA.
A24 – PAYG instalments (Company Tax Return only)	Updated formula in Total member entity instalments to include all columns required.
B1 Trading stock summary F6 Financial disclosures (Company Tax Return only)	New drop down option added for closing stock valuation method in B1 Trading stock summary which flows into F6 Financial disclosures.
BS2 Provisions – other – non-current (Company Tax Return only)	Formula updated as previously was not flowing to summary workpaper.
CB8 – Fixed assets import – tax (Company Tax Return only)	Formula updated for column headers to display in review mode.
F3 – Balance Sheet Audit Trail (Company Tax Return only)	Average debt collection for Form C disclosure. The Brought Forward formula has now been updated.
F3 – Balance Sheet Audit Trail	ATO Forms disclosure for Total Debt has been updated to include Lease Liabilities-Right of use assets.
F6 Financial disclosures	“Payments to associated persons” disclosure added.
F6 – Financial disclosures (Company Tax Return only)	Opening stock and closing stock updated to link from B1 Trading stock summary.
F8 - Salary and wages (Company Tax Return only)	Workpaper updated to include salary and wages disclosures from the income statement.
RA – Company tax return	Update to validation under Question 9 regarding depreciating assets as triggering incorrectly.
RA – Company tax return	Question 29, Thin capitalisation question updated as was previously locked if IDS wasn’t inserted.
RG – International dealings schedule	Question 21 update to label B and C formula to reference Q21A.
RG – International dealings schedule	Warning added when Q18 Label L character limit is exceeded.
RM - Dividend and Interest schedule	Update to validation as previously was triggering if spaces present in address lines.
RN - Research and development tax incentive schedule A27 - Research and development tax incentive	Update to Label A1 Tier 1 (intensity: 0 to 2% R&D premium: 8.5%) to cap disclosure at $150,000,000.
RT1 – RT3	NMU – TOFA 3 & 4 election workpapers added.
RU – Trust income schedule	The Trust income schedule must be included with returns where a distribution has been received from a trust: Company tax return Target-Based Import Functionality: We are introducing target-based import functionality for this statement. The necessary files and detailed instructions are included in the Import packs.
S1 - Preliminary information S3 - TEA configuration T4 -Deferred tax movement - recognised	Have relocated the brought forward tax rates and expected future tax rates from S1 Preliminary information into S3 TEA configuration as they are only relevant for TEA. These rates will push down to T4.
T1 Current Tax (Company Tax Return only)	“R&D - tax fixed asset adjustments" is removed from the Non-temporary adjustment Add section.
T6A - Tax accounting reconciliation (Consolidated only)	Updated formula in Deferred tax liability – adjusted opening balance.
T6A – Tax account reconciliation (Consolidated only)	Formula updated for Consolidated adjustment; Recognised in equity/reserves (DTA and DTL) as previously was bringing in negative amount. Updated DTL Current period; deferred tax movement to bring in entity amounts.
T6C – Tax account summary (Company Tax Return only)	Current period movement adjustments for current tax expense/(benefit) formula updated as previously bringing in negative amount.
T6X – Tax account reconciliation – under/over (Consolidated only)	Updates to include re-allocation of amounts already posted in comparative amount and consolidated entity columns.

ONESOURCE CONTENT — Property Trust — Release Notes

Trust tax return
Attribution managed investment trust (AMIT)
Corporate collective investment vehicle (CCIV)

Trust tax return
Attribution managed investment trust (AMIT)
Corporate collective investment vehicle (CCIV)

Additional labels in the Trust statement of distribution
F1 Gross capital gains
F2 Capital losses applied
F3 CGT discount applied
F4 Small business discounts applied (recorded at this label will be small business 50% active asset reduction; small business rollover exemption; and small business retirement exemption)
Introduction of a New Form:
Trust income schedule (Target-based import capabilities)

Workpaper	Description
R92 – IDS – p10 – Q18-19	Warning added when Q18 Label L character limit is exceeded.
RC – AMIT tax return	The ATO has removed the validation requiring the entry of “Previous name of trust”
RC – AMIT tax return	Removed truncate setting on amount labels
RC – AMIT tax return	Daytime contact number has been hidden when non-individual.
RS - Rental schedule	An upgrade to our Rental Schedule statement to better accommodate the increasing volume of entries. note Target-Based Import Functionality: We are introducing target-based import functionality for this statement. The necessary files and detailed instructions are included in the 2024 Target based import file. Manual Update Requirement: The existing details in your statements will not automatically upgrade. It is crucial to manually delete and reinsert the statement.
RU – Trust income schedule	The Trust income schedule must be included with returns where a distribution has been received from a trust Target-Based Import Functionality: We are introducing target-based import functionality for this statement. The necessary files and detailed instructions are included in the Import packs.
TTR1 – Beneficiary details	Q57 rounding in Labels updated to remove validation triggering when it shouldn’t “Q8 Label E, Q11 Label I and Q12 Label N must equal total of Q57”.

Change	Item	Description
Removed	Q5	Small business boost A Small business technology investment boost
New	Q5	Small business bonus deductions C Small business energy incentive
Removed	Q8	P Are you making a choice to opt out of temporary full expensing for some or all of your eligible assets? Q Number of assets you are opting out for R Value of assets you are opting out for S Temporary Full expensing deductions T Number of assets you are claiming for
Modified	N/A	Updates to wording in Declaration

Change	Item	Description
Removed	Q5	Small business boost A Small business technology investment boost
New	Q5	Small business bonus deductions C Small business energy incentive
Removed	Q8	P Are you making a choice to opt out of temporary full expensing for some or all of your eligible assets? Q Number of assets you are opting out for R Value of assets you are opting out for S Temporary Full expensing deductions T Number of assets you are claiming for
Modified	N/A	Updates to wording in Declaration

Change	Item	Description
Modified	Q30	30a Were the thin Capitalisation rules applicable for you? 30b Did you rely on the $2 million threshold exemption? 30c Did you rely on one of the following exemptions in determining the thin capitalisation rules did not disallow any of your debt deductions? A 90% asset threshold B Certain special purpose entities
New	Q32	32a If you entered code 2 or 3 at question 32, Label A, what was your financial entity -type 32b 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
New	Q35	E Interest income and other amounts covered by paragraph 820-50(3)(b) F Interest income and other amounts covered by paragraph 820-50(3)(b) derived from related non-residents
New	Q35a	35a If you were a general class investor and you entered code 1 at question 32, provide you tax EBITDA information.
New	Q35b	Q35b A If you were a general class investor code 1 at question 32, did you rely on the group ratio test?
New	Q35c	35c A If you entered code 1,2, or 3 at question 32, did you rely on the third party debt test?
New	35d	A Were you or a member of your tax consolidated group, a special purpose vehicle subject to section 820-39 of the ITAA 1997?
Modified	Q36	Were you an Authorised deposit taking institution (ADI) for the income year?
Modified	Q37	Were you a non-ADI and non-financial entity for the income year?
New	Q37a	A Were you an investing financial entity (non-ADI) for the income year?
New	Q38a	A If you were an ADO, did you rely on the arm’s length capital test?
New	Q39a	A 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 or on after 1 July 2024?
Removed	Q41 A - N	A – Where you an offshore banking unit (OBU) or the head company of a consolidated group that included on OBU?
Modified	N/A	Updates to wording in Taxpayer’s declaration

Change	Item	Description
Removed	Q50	P Are you making a choice to opt out of temporary full expensing for some or all of your eligible assets? Q Number of assets you are opting out for R Value of assets you are opting out for S Temporary full expensing deductions T Number of assets you are claiming for
Removed	Q52	Small business boost B small business technology investment boost
New	Q52	Small business bonus deductions B Small business energy incentive
New	Q58	Beneficiary F1 Gross capital gains F2 Capital losses applied F3 CGT discount applied F4 CGT small business concessions applied F5 NCMI capital gains (formally F1) F6 Excluded from NCMI capital gains (formally F2)
Modified	Q58	Income to which no beneficiary is presently entitled and in which no beneficiary has an indefeasible vested interest, and the trustee’s share of credit for tax deducted. F5 NCMI capital gains (formally F1) F6 Excluded from NCMI capital gains (formally F2)

Import Packs

2024 List of Changes in Manual Forms Mapping Template
2024 Target Based Import
AU Manual Forms 2024 Mapping Template

2024 NextGen Target Based Import
2024 List of Changes in Target Based Import