Reckon Elite Knowledge Base



Whats New?

Tax Time 2021

Tax 2021 - Known Issues

Individual Income Tax Return 2021 (IITR)

  • Trust Type Codes - The following trust type codes have been added for distributions received at item 13:

    • E - Testamentary Trust

    • C - Special Disability Trust.

  • Capital Gains Discount for Affordable Housing - The maximum discount percentage that can be applied in the CGT schedule has been increased to 60%. A new code has been added to the CGT exemption or deferral code list:

    • W - Affordable housing discount.

  • Temporary Full Expensing - A new indicator has been added to the depreciation worksheets to allow the full cost of eligible depreciating assets to be deducted. If simplified depreciation is being used by an SBE, the full balance of the pool will be deducted. A new label, P11 has been added to the Business and Professional items worksheet (entered at Q15 - Net Income or Loss from Business) to report:

    • Whether the taxpayer is opting out of TFE for any or all assets

    • The number of assets being opted out for

    • The value of assets being opted out for

    • The amount of TFE deductions being claimed

    • The number of assets the taxpayer is claiming TFE for

    • More information can be found here.

  • Backing Business Investments - A new indicator has been added to the depreciation worksheets to allow Backing Business Investment accelerated depreciation. A new label, P12 has been added to the Business and Professional items worksheet (entered at Q15 - Net Income or Loss from Business) to report:

    • Whether the taxpayer is opting out of TFE for any or all assets

    • The number of assets being opted out for

    • The value of assets being opted out for.

  • Internet Trading - This question has been removed from the business items worksheet and no longer sent to the ATO.

  • T9 - Other non-refundable tax offsets - This item has been removed for 2021.

  • Private Health Insurance - The maximum age of dependants allowed under PHI policies has increased from 24 years to 31 years, with no age limit for dependants with a disability (Pending the passing of Private Health Insurance Legislation Amendment (Age of Dependants) Bill 2021).

  • Low Income Tax Offset - The maximum offset has increased from $445 to $700, with a change in the calculation. Please see the rates section for further details.

  • Rate Changes - A full list of rate changes can be found here.

Partnership Tax Return 2021 (PTR)

  • Trust Type Codes - The following trust type code has been added for distributions received at item 8:

    • E - Testamentary Trust.

  • Aggregated Turnover - A new item, 48 - Aggregated Turnover has been added. This consists of two labels:

    • Turnover Range

    • Aggregated Turnover.

  • Temporary Full Expensing - A new indicator has been added to the depreciation worksheets to allow the full cost of eligible depreciating assets to be deducted. If simplified depreciation is being used by an SBE, the full balance of the pool will be deducted. New labels at item 49 - Capital Allowances have been added to report:

    • Whether the taxpayer is opting out of TFE for any or all assets

    • The number of assets being opted out for

    • The value of assets being opted out for

    • The amount of TFE deductions being claimed

    • The number of assets the taxpayer is claiming TFE for

    • More information can be found here.

  • Backing Business Investments - A new indicator has been added to the depreciation worksheets to allow Backing Business Investment accelerated depreciation. New labels at item 49 - Capital Allowances have been added to report:

    • Whether the taxpayer is opting out of TFE for any or all assets

    • The number of assets being opted out for

    • The value of assets being opted out for.

  • Internet Trading - This question has been removed from the business items worksheet and no longer sent to the ATO.

Trust Tax Return 2021 (TRT)

  • Trust Type Codes - The following trust type code has been added for distributions received at item 8:

    • E - Testamentary Trust.

  • Aggregated Turnover - A new item, 49 - Aggregated Turnover has been added. This consists of two labels:

    • Turnover Range

    • Aggregated Turnover.

  • Temporary Full Expensing - A new indicator has been added to the depreciation worksheets to allow the full cost of eligible depreciating assets to be deducted. If simplified depreciation is being used by an SBE, the full balance of the pool will be deducted. New labels at item 50 - Capital Allowances have been added to report:

    • Whether the taxpayer is opting out of TFE for any or all assets

    • The number of assets being opted out for

    • The value of assets being opted out for

    • The amount of TFE deductions being claimed

    • The number of assets the taxpayer is claiming TFE for

    • More information can be found here.

  • Backing Business Investments - A new indicator has been added to the depreciation worksheets to allow Backing Business Investment accelerated depreciation. New labels at item 50 - Capital Allowances have been added to report:

    • Whether the taxpayer is opting out of TFE for any or all assets

    • The number of assets being opted out for

    • The value of assets being opted out for.

  • Internet Trading - This question has been removed from the business items worksheet and no longer sent to the ATO.

  • Capital Gains Schedule - This is now required when Net Capital Gain is over $10,000 regardless of the answer given at item Z2 - Consolidation Status.

Trust Tax Return for Attribution Managed Investments 2021 (TRTAMI)

  • Aggregated Turnover - A new section, Aggregated Turnover has been added to Other Items. This consists of two labels:

    • Turnover Range

    • Aggregated Turnover.

  • Temporary Full Expensing - A new indicator has been added to the depreciation worksheets to allow the full cost of eligible depreciating assets to be deducted. If simplified depreciation is being used by an SBE, the full balance of the pool will be deducted. New labels at Other Items - 4. Capital Allowances have been added to report:

    • Whether the taxpayer is opting out of TFE for any or all assets

    • The number of assets being opted out for

    • The value of assets being opted out for

    • The amount of TFE deductions being claimed

    • The number of assets the taxpayer is claiming TFE for

    • More information can be found here.

  • Backing Business Investments - A new indicator has been added to the depreciation worksheets to allow Backing Business Investment accelerated depreciation. New labels at Other Items - 4. Capital Allowances have been added to report:

    • Whether the taxpayer is opting out of TFE for any or all assets

    • The number of assets being opted out for

    • The value of assets being opted out for.

Company Tax Return 2021 (CTR)

  • Trust Type Codes - The following trust type code has been added for distributions received at item 8.

    • E - Testamentary Trust.

  • Aggregated Turnover - New label have been added to item 8 - Financial and other information This consists of two labels:

    • Aggregated Turnover Range

    • Aggregated Turnover.

  • Temporary Full Expensing - A new indicator has been added to the depreciation worksheets to allow the full cost of eligible depreciating assets to be deducted. If simplified depreciation is being used by an SBE, the full balance of the pool will be deducted. New labels at item 9 - Capital Allowances have been added to report:

    • whether the taxpayer is opting out of TFE for any or all assets

    • the number of assets being opted out for

    • the value of assets being opted out for

    • the amount of TFE deductions being claimed

    • the number of assets the taxpayer is claiming TFE for

    • whether the taxpayer is using an alternative income test

    • More information can be found here.

  • Backing Business Investments - A new indicator has been added to the depreciation worksheets to allow Backing Business Investment accelerated depreciation. New labels at item 9 - Capital Allowances have been added to report:

    • whether the taxpayer is opting out of TFE for any or all assets

    • the number of assets being opted out for

    • the value of assets being opted out for

    • First year accelarated depreciation deductions for assets using BBI

    • instant asset write-off deductions for non-SBEs

  • Internet Trading - This question has been removed from the business items worksheet and no longer sent to the ATO.

  • Capital Gains Schedule - This is now required when Net Capital Gain is over $10,000 regardless of the answer given at item Z2 - Consolidation Status.

  • Base Rate Entity Tax Rate - This has been decreased from 27.5% to 26%

  • Loss Carry Back Offset - New labels have been added to item 13 - Losses, to allow the entity to make the choice as to the amount of tax loss from the eligible year that is to be carried back and claim the offset. Further information can be found here.

Self-Managed Superannuation Fund Annual Return 2021 (SMSFAR)

Trust Type Codes - The following trust type code has been added for distributions received at item 11 - Income (Gross Trust Distributions):

  • E - Testamentary Trust.

Fund Income Tax Return 2021 (FITR)

Country-by-country Reporting Entity Indicator - A new indicator has been added to item 8 - Status of fund or trust to indicate if the entity is a country-by-country reporting entity.

International Dealings Schedule (IDS)

  • Section G: Hybrid Mismatches - A new options has been added to the reason selection at Q48b:

    • 4 - Other.

  • Section G: Hybrid Mismatches - An option in the Reason for difference found at Q46b has been renamed to:

    • 3 - Neutralised by another country’s foreign hybrid mismatch rules.

  • Section F: Miscellaneous - 2 new countries have been added to the double tax agreement list:

    • DEU - Germany

    • CHE - Switzerland


JobKeeper Payment Scheme Extension

The Government is extending the JobKeeper Payment by a further six months to March 2021. Support will be targeted to businesses and not-for-profits that continue to be significantly impacted by COVID-19. The payment rate will be reduced and a lower payment rate will be introduced for those who work fewer hours. Other eligibility rules remain unchanged.

Employers and their agents can continue to maintain employee information online in the same way as under JobKeeper 1. They will be able to advise employee tier information on the first declaration of the JobKeeper extension for the month of October if the employer has less than 240 employees and has not reported JK allowance codes (start and finish fortnights) via STP. If an employer has reported allowance codes via STP then they must use STP to report tier information.

If you want to use STP to identify and maintain eligible employees for the JobKeeper payment extension, guidance on how to enter the information into APS Tax's Single Touch Payroll form is here: Reckon Elite Tax JobKeeper Payment Extension Guide


Update from ATO about JobKeeper Extension

The ATO have recently received STP reports which included JOBKEEPER-FINISH-FN13 codes for a high
proportion of your employees. Employees the ATO have received this code for will be excluded from the
number of employees eligible for the second fortnight in the September JobKeeper claim.


Only your eligible employees will be shown when completing your monthly declaration from 1st October
2020. The ATO want to check if this is correct. If so, you do not need to do anything else.


If this is information is not correct, you should take action to correct it to ensure that the ATO can pay
you the correct JobKeeper payment amounts.

What you need to do

You need to check that you have not end dated an employee incorrectly by providing a JOBKEEPERFINISH-FN13 code in your STP reporting, as this will end date your employees from 13th September.


If your employees are eligible for the second fortnight in September you can correct this by sending the
code JOBKEEPER-START-FN13 through STP. This will allow you to update your eligible employees and
correctly complete your monthly declaration. If sending a corrected code, please allow up to 2 business
days for your employees to be updated before completing your monthly declaration.


If your employee records are correct, and they are no longer eligible for JobKeeper, you do not need to
do anything else.






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