APS Tax forms
- 2020 Individual Tax form
- 2020 Company Tax form
- 2020 Trust Tax form
- 2020 Partnership Tax form
- 2020 Self-managed Superannuation Fund Tax form
- 2020 Superannuation Fund Tax form
- 2020 Attribution Managed Investment Trust form
Income Details Schedule (INCDTLS)The Income details schedule is new to Tax Time 2020. This is a mandatory schedule for individual returns. It is automatically populated based on income declared at certain income items on the main form. This new schedule allows the ATO to collect a large amount of information from the significant number of new fields for income items, which are sent to the ATO as part of this new schedule. The details required for the income schedule mean that nearly all income values now need to be entered via a schedule, worksheet, or detail grid. There are many rules around the population of the income details schedule, some of which will mean that there will be potentially more paper forms required this year. In addition, some details that were previously required to be sent to the ATO via an ‘Other Attachments’ schedule now form part of the income details schedule.
For further information on how this schedule works, refer to KA-03984.
Multi-Property Rental Schedule (RNTLPRPTY)The Rental schedule (RP) has been removed from the Individual Income Tax Return but remains for the trust and partnership returns. For individuals, it has been replaced by the new Multi-Property Rental schedule. When completing an Individual income tax return for a client with rental properties, the Multi-property rental schedule will be automatically used.
For further information about this schedule, refer to KA-03997.
ATO Portal Pre-fillThe current ATO Portal prefill items APS Tax will be able to prefill are:
- Payment summaries
- Government payments
Work Related Expenses (WRE) scheduleThis schedule has been removed by the ATO for 2020. All of the information that is required by the ATO is captured via the Deductions schedule introduced in 2019.
PAYG Payment Summary (PSS) scheduleThe electronic version of this schedule has been removed by the ATO for 2020 as the information it contained now forms part of the income details schedule. However, this schedule is still required for paper lodgements and is populated and can still be printed from APS Tax.
Net medical expenses for disability aids, attendant care or aged careFrom 1 July 2019, the tax offset for net medical expenses for disability aids, attendant care or aged care is no longer available.
Additional Concessions due to COVID-19
Due to COVID-19, there are now additional concessions available including:
- Home office expenses
In order to aid in the entry of this claim, there are now fields where the hours claimed using this method and the hours claimed using the Commissioner’s existing concession can be entered.
- Instant asset write-off
APS Tax supports this concession by providing warnings where the claim may be incorrect.
- Accelerated depreciation
This has been factored into APS Tax
Research and Development changesChanges before Parliament affect the way that the R & D concession, and any recoupment, is calculated. This Bill, if passed in its current form, applies from 1 July 2019. In order to support this, there is a Pending Legislation question in the 2020 company form. Where this question is answered yes (meaning that the Bill has passed), additional fields become visible in the R & D schedule. Support for the completion of these fields will be provided in a subsequent release.
Taxable payments annual report (TPAR)The Taxable payments reporting system was significantly expanded from 1 July 2019. We are proposing to include the taxable payments annual report in a release that will allow sufficient time for its completion before its due date of 28 August. If you are interested in assisting with the development of this report, please get in contact with your account manager.
Other UpdatesClick here to find an overview of all the key changes for tax time 2020.
Improvements and Fixes
Added the closing stock action code to the live stock and trading accounts which is used as the default value for the code that applies across all business activities
Cents can now be entered for franking credits in the calculation statement for 2020 companies, superannuation funds, and self-managed superannuation funds. Further, where the dividends grids is used, the cents are retained for use in the calculation statement
Importing of the 2019 ATO pre-fill file will now include the Trade Support Loans, Student Start-up Loans, and ABSTUDY Student Start-up Loans. These can be optionally integrated into the additional information area for inclusion in the tax estimate.
Rate to use for converting excess franking credits to a tax loss. From 2017, the rate at which a company converts its excess franking credits to a tax loss is the "corporate tax rate for imputation purposes". This is basically, the company tax rate that applied last year (or this year if this is the company's first year). From 2018 onward, this is expressed as the rate that would apply this year if the company's aggregated turnover, passive income, and assessable income were the same as they were in the previous year. In order to calculate this correctly, there is now a new field in the 2017 return ("Was the taxpayer an SBE last year?") and in the 2018, 2019, and 2020 returns ("Would the company be a base rate entity if its turnover, passive income and assessable income were equal to the values from last year?"). The answer to this question is then used to determine the rate at which to convert excess franking credits to a tax loss. It is also used to calculate the default franking credit for dividends paid to investors on the Dividends and Interest Paid schedule.
Ensure that, in 2019 Individual returns, the pre-fill amount for the LIC capital gain deduction uses the gross amount (doubled) rather than the share amount (doubled)
Trust 2019 – Item 48 E showing Opening WDV instead of Closing WDV has been corrected.
Individual 2019 – Item 1 Gross Payment amount being duplicated across all the columns within the Tax List has now been corrected.
Able to create two consecutive Activity Statements.
Stay Informed with Known Issues
Please refer to the knowledge base article KA-01716 for any known issues related to this release. We recommend reviewing this article on a regular basis to ensure you’re aware of any issues and their solutions.
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