Views:

Agents completing 2020 individual client tax return may encounter the following error:

CMN.ATO.IITR.730053

CMN.ATO.IITR.730061

Error specifically relates to taxpayers who are:

  • In receipt of a Capped defined benefit income stream (reported at Label 7M of the main IITR)
  • Over 60 years of age,
  • Where the benefit is made up only of ‘Taxed’ elements and they have had tax withheld.

Instructions

Validation rule VR.ATO.INCDTLS.000014 requires a value greater than 0 at any of the fields:

  • Superannuation income stream taxable component taxed element
  • Superannuation income stream taxable component untaxed element
  • Superannuation income stream tax free component
  • Superannuation income stream lump sum in arrears taxable component taxed element
  • Superannuation income stream lump sum in arrears taxable component untaxed element
  • Superannuation income stream lump sum in arrears tax free component.

In this specific scenario agents should:

  • include a single dollar ($1) in the “Superannuation income stream tax free component” field,
  • place a $0 in all other fields identified in validation rule VR.ATO.INCDTLS.000014.

On the main IITR agents should ensure the correct amount is reported at label 7M. For further information, please refer to the ATO website - Troubleshooting for businesses and tax practitioners