WEST0001-11CROS0001-34 income tax return software notes PDF

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a short income tax preparer course materials that can assist how to do returns on a software. In relation to australian accounting law...

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MR WESTERLY PETER

Individual Tax Return 2020

TFN: 577 685 969

Page 1 of 4

Income 1

Salary or wages Your main salary and wage occupation

TAX PREPARER

X

Occupation code

89 064 268 800 Payer’s Name BLOCK TAX PREPARATION

Payer’s Australian Business Number

Tax withheld

TYPE

28,187

Gross payment

Tax withheld Allowances

RFBA

520

RESC

Lump A

CDEP

Lump B Lump D

Total tax withheld

I

Add up the

boxes.

0

$

Only used by taxpayers completing the supplementary section

LOSS

4,191 /

Transfer the amount from TOTAL SUPPLEMENT INCOME OR LOSS

LOSS

TOTAL INCOME OR LOSS Add up the income amounts and deduct any loss amount in the

boxes.

32,378

boxes

0

/

Deductions Items D1 to D

TOTAL DEDUCTIONS

add up the

LOSS

Subtract amounts at F and Z item L1 from amount at SUBTOTAL

TAXABLE INCOME OR LOSS

Items T2 and

TOTAL TAX OFFSETS

Medicare levy related items M1

Medicare levy reduction or exemption If you complete this item and you had a spouse during 2019-20 you must also complete Spouse details-married or de facto.

M2

32,378 /

TOTAL INCOME OR LOSS less TOTAL DEDUCTIONS

SUBTOTAL

T

-add up the

boxes

Reduction based on family income Number of dependent children and students Exemption categories Full 2.0% levy exemption - number of days Half 2.0% levy exemption - number of days

LOSS

32,378 /

$ U

0

Y

0

V

365

W

365

CLAIM

/ TYPE

Medicare levy surcharge (MLS) THIS ITEM IS COMPULSORY If you do not complete this item you may be charged the full Medicare levy surcharge. For the whole period 1 July 2019 to 30 June 2020, were you and all your dependants (including your spouse) - if you had any - covered by private patient HOSPITAL cover?

E Y

Number of days NOT liable for surcharge

A

Print Y for yes or N for no.

0

Income tests You must complete this section. If you had a spouse during 2019-20 you must also complete Spouse details – married or de facto on page 7.

IT1

If the amount is zero, write 0.

Total reportable fringe benefits amounts

Total reportable fringe benefits amounts (for ATO validation only) Employers exempt from FBT under section 57A of the FBTAA 1986 Employers not exempt from FBT under section 57A of the FBTAA 1986

IT2

Reportable employer superannuation contributions

IT7 Child support you paid Sensitive (when completed)

0

N

0

W

0

T

520

Z

0

MR WESTERLY PETER

Individual Tax Return 2020

TFN: 577 685 969

D

IT8 Number of dependent children

Page 2 of 4

0

(For ATO validation only) Adjusted taxable income

32,898 /

Estimated total income

32,898 / 28,707

Estimated eligible income Non-resident foreign income

Supplementary section Income Refer to the supplement instructions before you complete item 13. If you are required to complete item 13 include deferred non-commercial business losses from a prior year at either X or Y as appropriate. Refer to the supplement instructions for the relevant code.

13

Partnerships and trusts

577 685 969

BLOCK TAX PREPARATION

Investments NPP income

Credits:

ABN Franking

Net rental Other

TFN Closely held trusts

PP Income

Tax paid by trustee

18

19

Franked distributions

Investments

Net small business inc

Partnership

Foreign Resident Withholding

Other

Rental Affordability Scheme

Trust Did you have a capital gains tax event during the year?

Capital gains

Print Y for yes or N for no.

G N

CODE

Have you applied an exemption or rollover?

M

Total current year capital gains

H

Net capital losses carried forward to later income years

V

Credit for foreign resident capital gains withholding amounts

X

/

You must print Y at G if you had an amount of a capital gain from a trust.

157 Net capital gain A

0.00

Foreign entities Non-resident trust name Trustee or Trustees name Did you have either a direct or indirect interest in a controlled foreign company (CFC)?

I N

Print Y for yes or N for no.

CFC income

K

Non-managed fund amounts Have you ever, either directly or indirectly, caused the transfer of property-including money-or services to a non-resident trust estate?

W N

Print Y for yes or N for no.

Transferor trust income

Non-managed fund amounts

Sensitive (when completed)

B

79

MR WESTERLY PETER

Individual Tax Return 2020

20

TFN: 577 685 969

Page 3 of 4

Foreign source income and foreign assets or property Assessable foreign source income

4,112

E

LOSS

Other net foreign employment income

T

4,112 /

Net foreign pension or annuity income WITHOUT an undeducted purchase price Also include at F Australian franking credits from a Net foreign pension or annuity income New Zealand franking company that you have received WITH an undeducted purchase price indirectly through a partnership or trust. Net foreign rent

L

/

D

/

R

/

Other net foreign source income

M

/

Australian franking credits from a New Zealand franking company

F

24

Dividend / Investments

/

Other

/

LOSS

LOSS

LOSS

LOSS

LOSS

Net foreign employment income payment summary

U

Exempt foreign employment income

N

Foreign income tax offset

O

During the year did you own, or have an interest in, assets located outside Australia which had a total value of AUD$50,000 or more?

P

/

Print Y for yes or N for no.

Other income Type of income

Category 1

Y

Category 2 (ATO interest)

X

Category 3 (FHSS)

R

Category 4

V 0O

REBATES

Taxable professional income

Income already included

Deductible expenses

Z

Expenses already included

Tax withheld - assessable FHSS released amount

S LOSS

TOTAL SUPPLEMENT INCOME OR LOSS

Items 13 to 24 - add up the

boxes for income amounts and deduct any loss amounts in the boxes Transfer this amount to

I

TOTAL SUPPLEMENT DEDUCTIONS Items D11 to D15 -add up the

TOTAL SUPPLEMENT TAX OFFSETS

boxes and transfer this amount to

on page 3

D

Items T3 to T10 - add up the Transfer this amount to

Sensitive (when completed)

T

boxes

4,191 /

Individual Tax Return 2020

MR WESTERLY PETER

TFN: 577 685 969

Page 4 of 4

Taxpayer’s declaration Read and sign the declaration after completing your tax return, including the Supplementary section, Business and professional items section and other schedules if applicable. I declare that: • the information provided to my registered tax agent for the preparation of this tax return is true and correct, and • I authorise my registered tax agent to lodge this tax return. Da y

Taxpayer's Signature

Month

Year

Date

Important: The tax law imposes heavy penalties for giving false or misleading information. The ATO will issue your assessment based on your tax return. However, the ATO has some time to review your tax return, and issue an amended assessment if a review shows inaccuracies that change the assessment. The standard review period is two years but for some taxpayers it is four years.

Privacy: The ATO is authorised by the Taxation Administration Act 1953 to request your tax file number (TFN). We will use your TFN to identify you in our records. It is not an offence not to provide your TFN. However if you do not provide your TFN, your assessment may be delayed. Taxation law authorises the ATO to collect information and to disclose it to other government agencies. For information about your privacy go to ato.gov.au/privacy

Tax agent’s declaration

I, TBC declare that this tax return has been prepared in accordance with information supplied by the taxpayer, that the taxpayer has given me a declaration stating that the information provided to me is true and correct and that the taxpayer has authorised me to lodge the tax return. Agent’s signature Date Client’s reference Day

Month

Year

WEST0001 Contact name

Agent’s telephone number Area code

Telephone number

Agent’s reference number

00000000 Position held

Sensitive (when completed)...