Microtax 2018 notes
Some of the main changes in Microtax 2018 as specified by the ATO are as follows:
Form EI:
New data fields:
o Item 7: “Assessable amount from capped defined benefit income stream”.
o Item D10 “Cost of managing tax affairs” split into 3 fields:
oo “Interest charged by the ATO”
oo “Litigation costs”
oo “Other expenses incurred in managing your tax affairs”
o Item 24 “Other income” new field: “Category 2 (ATO interest)”.
o Item D12: “Did you provide your fund (including a retirement savings account) with a notice of intent to claim a deduction for personal superannuation contributions, and receive an acknowledgement from your fund?”.
o Item T8: “Tax offset carried forward from previous year”.
o Item T9: “Tax offset carried forward from previous year”.
Form EC:
New data fields:
o Item 3: “Base rate entity” (has taken the place of “Small business entity” to apply the reduced tax rate to the company).
o Item 22: “Tax offset carried forward from previous year”.
o Item 23: “Tax offset carried forward from previous year”.
Form ET:
New data fields:
o Item 52: “Non-refundable forward tax offsets” split into 2 fields:
oo “Early stage venture capital limited partnership tax offset”
oo “Early stage investor tax offset”
o Item 55 Distribution Statement:
oo “Early stage venture capital limited partnership tax offset”
oo “Early stage investor tax offset”
o Item 55 Distribution Statement No Beneficiary:
oo “Early stage venture capital limited partnership tax offset”
oo “Early stage venture capital limited partnership tax offset carried forward from previous year”
oo “Early stage investor tax offset”
oo “Early stage investor tax offset carried forward from previous year”
Form MS:
New data fields:
o Item 13 Calculation statement:
oo “Early stage venture capital limited partnership tax offset carried forward from previous year”
oo “Early stage investor tax offset carried forward from previous year ”
o Section F Member information new fields:
oo “Accumulation phase account balance”
oo “Retirement phase account balance – non CDBIS”
oo “Retirement phase account balance – CDBIS”
oo “Accumulation phase value”
oo “Retirement phase value”
Form EF:
New data fields:
o Item 12 Calculation statement:
oo “Early stage venture capital limited partnership tax offset carried forward from previous year”
oo “Early stage investor tax offset carried forward from previous year ”
Schedule I:
New data fields:
o Item 13f: “R&D and overseas intangibles” (3 fields).
o Item 19a: “Hybrid instruments” (3 fields).
o Item 21: “CFCs and CTFs” (11 fields).
o Item 23: “Attribution income of CFC” (15 fields).
o Item 28: “Non resident trusts and foreign hubs” (4 fields).
o Item 29: “Cross border hybrid entities and instruments” (13fields).
o Item 30b: “Thin capitalisation” (3 fields).
o Item 37: “Intangible items” (4 fields).
o Item 40: “Foreign bank” (11 fields).
We suggest you study the facsimile and tagged facsimile documents in the Microtax Manual to become familiar with these changes.