Microtax 2021 notes

Some of the main changes in Microtax 2021 as specified by the ATO are as follows:

Form EI:
• P11 Temporary Full Expensing – new data fields:
— Are you making a choice to opt out of Temporary Full Expensing for some or all of your eligible assets?
— Number of assets you are opting out for.
— Value of assets you are opting out for.
— Temporary full expensing deductions.
— Number of assets you are claiming for.
• P12 Backing Business Investment opt out – new data fields:
— Are you making a choice to opt out of Backing Business Investment for some or all of your eligible assets?
— Number of assets you are opting out for.
— Value of assets you are opting out for.

Form ET:
• 49 Aggregated Turnover – new data fields:
— Aggregated turnover range.
— Aggregated turnover amount.
• 50 Capital allowances – new data fields:
— Are you making a choice to opt out of Temporary Full Expensing for some or all of your eligible assets?
— Number of assets you are opting out for.
— Value of assets you are opting out for.
— Temporary full expensing deductions.
— Number of assets you are claiming for.
— Are you making a choice to opt out of Backing Business Investment for some or all of your eligible assets?
— Number of assets you are opting out for.
— Value of assets you are opting out for.
— First year accelerated depreciation deductions for assets using Backing Business Investment.
— Subsequent year accelerated depreciation deductions for assets using Backing Business Investment.
— Instant asset write-off deductions for non-small business entities.

Form EP:
• 48 Aggregated Turnover – new data fields:
— Aggregated turnover range.
— Aggregated turnover amount.
• 49 Capital allowances – new data fields:
— Are you making a choice to opt out of Temporary Full Expensing for some or all of your eligible assets?
— Number of assets you are opting out for.
— Value of assets you are opting out for.
— Temporary full expensing deductions.
— Number of assets you are claiming for.
— Are you making a choice to opt out of Backing Business Investment for some or all of your eligible assets?
— Number of assets you are opting out for.
— Value of assets you are opting out for.
— First year accelerated depreciation deductions for assets using Backing Business Investment.
— Subsequent year accelerated depreciation deductions for assets using Backing Business Investment.
— Instant asset write-off deductions for non-small business entities.

Form EC:
• 8 Financial and Other Information – new data fields:
— Opening franking account balance.
— Closing franking account balance.
— Aggregated turnover range.
— Aggregated turnover amount.
• 9 Capital allowances – new data fields:
— Are you making a choice to opt out of Temporary Full Expensing for some or all of your eligible assets?
— Number of assets you are opting out for.
— Value of assets you are opting out for.
— Temporary full expensing deductions.
— Number of assets you are claiming for.
— Are you using the Alternative Income Test?
— Are you making a choice to opt out of Backing Business Investment for some or all of your eligible assets?
— Number of assets you are opting out for.
— Value of assets you are opting out for.
— First year accelerated depreciation deductions for assets using Backing Business Investment.
— Subsequent year accelerated depreciation deductions for assets using Backing Business Investment.
• 13 Losses Information – new data fields:
— Tax loss 2019-20 carried back to 2018-19.
— Tax loss 2020-21 carried back to 2018-19.
— Tax loss 2020-21 carried back to 2019-20.
— Tax rate 2019-20.
— Net exempt income 2018-19.
— Net exempt income 2019-20.
— Income tax liability 2018-19.
— Income tax liability 2019-20.
— Aggregated turnover 2019-20 range.
— Aggregated turnover 2019-20 amount.
— Loss carry back offset.

We suggest you study the facsimile and tagged facsimile documents in the Microtax Manual to become familiar with these changes.