Microtax 2019 notes
Some of the main changes in Microtax 2019 as specified by the ATO are as follows:
New data fields:
• Item 24: “Tax withheld – assessable FHSS released amount”
• Items D1 to D15 are now all entered through the new Deductions Schedule (DD).
New data fields:
• Item 7A: “I would like my tax returns made to this account”
• Section F Member information new fields:
— “Proceeds from primary residence disposal”
— “Receipt date”
— “Outstanding limited recourse borrowing arrangement amount”
• Section H: “Crypto-Currency”
New data fields:
• Item 2b: “Are you a small business entity, not a significant global entity and your international related party dealings do not exceed 50% of your current year aggregated turnover?”
• Item 13f: “Cost plus remuneration for R&D type services” (2 fields).
• Item 19a: “Financial arrangement for the purposes of Division 230 that did not give rise to a debt interest for the purposes of Division 974” (9 fields).
• Item 21f: “Exclude tainted interest income from the passive income of a CFC which was an AFI subsidiary” (10 fields).
• Item 22a: “Gross revenue included in the gross turnover of CFCs that have satisfied the active income test.” (2 fields).
• Item 22b: “Gross revenue included in the gross turnover of CFCs that have not satisfied the active income test.” (2 fields).
• Item 23b: “Amounts of notional allowable deduction” (4 fields).
• Item 40d: “Amounts denied under section 160ZZZL of the ITAA 1936” (2 fields).
• Section G: “Hybrid mismatches” (24 fields).
We suggest you study the facsimile and tagged facsimile documents in the Microtax Manual to become familiar with these changes.
In addition to the above changes, this release includes the following enhancements:
• We have noticed that not many people seem to know about QuikLinx, which is by far the easiest way to navigate around a tax return. So Microtax now launches QuikLinx automatically when you select a 2019 return from the Main Control Module.
— If you don’t like this behaviour, you can turn it off in the Maintain System Parameters module. Select “Global” and then “General Microtax Parameters” and then set “Disable auto QuikLinx” to Yes.
• “ATO tax return instructions” has been added to the Help menu, as they are no longer available from the ATO in printed or PDF form.
• Prefill download: “&” replaced with “and” for name fields.
• Prefill now also extracts the client address, phone & email address details (if not already defined). This will make it easier for new Microtax users to get up to speed.
• Create SBR file requires entry of a one-time password due to ATO Production Verification Testing (PVT). This will be removed in release 2019.02.
• Trust distribution to beneficiary: DOB is now imported if an individual was selected.
• Import of basic client data from Income Tax Client Report added. This will make it easier for new Microtax users to get up to speed.
Maintain system parameters:
• “Update network setup” added to Configure Folders screen. This will make it easier for new Microtax users to configure Microtax for a network server.
• View audit trail: Record number is now printed.
• Edit Compilation Reports updated to make it easier to use.
• Enter client code: now can’t proceed if client rec not found in client database.