Daily Archives: October 25, 2018

Enhancements
This release adds a significant enhancement:

Form AS:
As mentioned previously, the new SBR-only form AS has now replaced the old ELS forms GA, GB, GI and GR (now that the ELS gateway has closed for these forms). This module is now officially released.

Please see the “How to use the new SBR Activity Statement module” document to learn how to use this new module.

Bugfixes
This release fixes a number of small bugs reported by clients recently:

Form EI:
The SLSP schedule printout has been tweaked.
Lump sum E has been added to prefill.
Schedule A edits have been updated so that invalid chars may be more easily identified.

Enhancements
This release adds a significant enhancement:

Form AS:
The new SBR-only form AS has now replaced the old ELS forms GA, GB, GI and GR (now that the ELS gateway has closed for these forms).

Please see the “How to use the new SBR Activity Statement module” document to learn how to use this.

However, we are not quite ready to release it to everyone. We still need a few testers so we can be ATO certified. If you can help, please contact the Microtax Help Desk ASAP. It shouldn’t take much of your time.

Bugfixes
This release fixes a number of small bugs reported by clients recently:

Form EI:
There have been a number of fixes for the new Prefill procedure. In particular, Interest and Dividend prefill amounts are now adjusted for the number of account holders/investors.
Payment summaries can now have a WPN (9 digits) as well as an ABN (11 digits).
The View ITR summary has been updated so that it can be printed.

Enhancements
This release adds a number of significant enhancements:

Form EI:
The Download Prefill Data procedure has been added. Please see the “How to download prefill data in Form EI” document to learn how to use this.

Main Control Module:
The Download Updated Microtax Module procedure has been added to the Utilities menu. This will be an easier method of downloading interim Microtax updates (bugfixes etc) than using Internet Explorer to download from our website.

Bugfixes
This release fixes a number of small bugs reported by clients recently:

Form EI:
In section 8 (Super lump sum payments), the type code was not always stored correctly in the SBR file.
In section 24 (Other income), the value at label V was not being stored correctly in the SBR file.
In Section A1, the Under 18 excepted income code was not being stored correctly in the SBR file.

Bugfixes
This release fixes a number of small bugs reported by clients recently:

Form EC:
The CGT rollover code was sometimes not being written correctly to the SBR file.

Form MS:
Taxable income or loss was sometimes calculated incorrectly.

Enhancements
This release adds a number of small enhancements:

Form EI:
A help button has been added to the item 12 Employee Share Schemes screen.
The tax estimate now specifically mentions SSL & TSL education debt.

Bugfixes
This release fixes a number of small bugs reported by clients recently:

Form EI:
A Microtax user kindly pointed out that we were a year early in changing the car expenses rate from 66 to 68 cents per km in v2018.03, so we have changed it back again!

Bugfixes
This release fixes a number of small bugs reported by clients recently:

Form EI:
ATI was sometimes being calculated incorrectly.
Edit VR.ATO.IITR.000213 fixed when schedule PY exists.
Edit VR.ATO.IITR.000660 added.
Edit VR.ATO.IITR.100043 updated to fix a rounding error.
Car expenses updated from 66c to 68c per km

PLS communications:
The taxpayer’s TFN was being displayed truncated on the validation report.

Bugfixes
This release fixes a number of small bugs reported by clients recently:

Form EC:
Some edits were not showing the tag definition (e.g. V17 for CTR48).

Form MS:
Edit VR.ATO.SMSFAR.436029 fixed.
Edit CMN.ATO.GEN.XBRL03 for SMSFAR396 fixed.
The tagged facsimile document has been updated

Enhancements
This release incorporates the following enhancements:

Form EI:
The “Tax estimate” checkbox has been renamed “NO tax estimate” in Tax Return Facsimile print options. This allows you to suppress printing the tax estimate, which occurs by default.

All returns:
A “Today” button has been added to declarations, to simplify filling them out.

Client database:
Last Resort Recover has been updated to include current year returns as well as prior year returns.

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.