Amounts in the new Rental property schedule were being rounded rather than truncated which could cause several validation rules to trigger. An issue has been identified with the ATO specifications which could cause IITR.300094 to trigger incorrectly where a Rental loss exists. Until this has been clarified by the ATO we recommend not including cents into the rental items.
To help with this, the cents have temporarily been removed from the Elite form Multi Rental Property schedule.
While the ATO specifications allow cents for these items, several validation rules from the ATO will fail under certain circumstances due to the truncation required when reporting on the main form, preventing lodgement.
As the cents have now been removed, opening returns created before the Tax Manager & Elite Forms 2020.2.0 release may contain amounts that have either been rounded up or down. Please double check the rental property schedule amounts for returns that have been created before the Tax Manager & Elite Forms 2020.2.0 release.
The cents will be re-instated in the future when the ATO corrects these issues.
Keywords: Removed cents, Multi Rental Property schedule