Some of the main changes in Microtax 2022 as specified by the ATO are as follows:
Form EI:
• A4 Adjustments – new data fields:
— Working holiday maker home country.
Form EC:
• Loss carry-back amendment schedule – new schedule:
— What is the reason for the change in loss carry back choice?
— Will the change result in another amendment request for years where there is a consequential impact?
— Change in total amount of tax losses carried back from the original disclosure.
— Amount of the difference in total amount of tax losses carried back from the original disclosure.
— Impact Year.
— Change in total tax losses deducted from the original disclosure.
— Amount of the difference.
— Adjusted Tax losses deducted amount.
— Are there any other adjustments to taxable / net income or loss due to reasons other than changing a loss carry back choice?
— Change in other adjustments to taxable / net income or loss due to reasons other than changing a loss carry back choice.
— Net amount of any adjustments to taxable / net income or loss due to reasons other than changing a loss carry back choice.
— Change in taxable / net income or loss from the original disclosure.
— Amount of the difference.
— Adjusted Taxable/net income or loss amount.
— Change in total tax losses carried forward from the original disclosure.
— Amount of the difference.
— Adjusted Tax losses carried forward to later income years.
• 21 R&D tax incentive – new data fields:
— Clawback amounts – additional assessable income.
— Balancing adjustments – catch up deduction.
• 13 Losses Information – new data fields:
— Tax loss 2021-22 carried back to 2018-19.
— Tax loss 2021-22 carried back to 2019-20.
— Tax loss 2021-22 carried back to 2020-21.
— Tax rate 2020-21.
— Net exempt income 2020-21.
— Income tax liability 2020-21.
— Aggregated turnover 2020-21 range.
— Aggregated turnover 2020-21 amount.
We suggest you study the facsimile and tagged facsimile documents in the Microtax Manual to become familiar with these changes.