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What's NEW!


Elite Tax forms

  • 2020 Individual Tax form
  • 2020 Shared Rental 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
  • 2020 Interposed Entity Election
  • 2020 Family Trust Election/Revocation

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.  Similar to the Deductions schedule, users will not be able to complete this schedule directly.  Instead, the income declared at Q1 to Q24 of the Individual tax return will be reported via this new schedule.  For most items, this will now result in line items being reported, rather than totals as was the case for most items in previous years.

This schedule is used to report the following sections:
  • Payment summaries
    • Salary and Wages payment summary
    • Foreign employment income payment summary
    • Employment termination payment (ETP) summary
    • Australian superannuation income stream payment summary
    • Australian annuities payment summary
    • Australian superannuation lump sum(SLS) payments
    • Attributed personal services payments
  • Employee share scheme
  • Australian government benefit payment summary
  • Lump sums in arrears
  • Interest
  • Dividends
  • Managed fund distributions
  • Foreign employment income non-payment summary
  • Foreign entities
  • Foreign pensions or annuities
  • Other foreign income
  • Other income
  • Business, partnerships and trusts
Due to the introduction of the income details schedule, you will notice the way data is entered into some items has changed due to the new requirements.  Interest, dividends and employee share schemes have changed from a grid to worksheet style data entry.  The grid remains on screen to show a summary of the data entered. Lump sum in arrears from various items now include the year and amount, which were previously reported via the Additional information schedule.

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.

Work Related Expenses (WRE) schedule

This 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. 

Additional Concessions due to COVID-19

Due to COVID-19, there are now additional concessions available including:

Other Updates

Click here to find an overview of all the key changes for tax time 2020.

Click here to find out up-to-date information on what's new for Elite forms.
 


Stay Informed with Known Issues

Please refer to the knowledge base article KA-01717 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.  

 

Ready to download the software?

Click the download button below to check the prerequisites for this release and to download the software.  Please note you have to be signed in to MyAPS to access the download page. if you having any difficulty access this page, please let us know how we can help. 

 

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