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2021 Tax time summary of non-individual form changes

This summary describes the changes made to certain income tax return forms and schedules for the 2021 tax year.

Last updated 15 July 2021

For the definitive view of the changes to products, you must always refer to the final published version of the relevant publication.

Company income tax return

The 2021 Company tax return (PDF, 1.2MB)This link will download a file is available in Portable Document Format (PDF).

The following changes have been made to the 2020 income year tax return.

Company information

Change

Section

Description

New

Current postal address

Country if not Australia

New

Postal address on previous tax return

Country if not Australia

New

Business address of main business

Country if not Australia

8 - Financial and other information

Change

Label

Description

New

P

Opening franking account balance

Modify

M

From:

Franking account balance

To:

Closing franking account balance

New

X

Select your aggregated turnover range

(select range A to P)

New

Y

Aggregated turnover

9 Capital Allowances

Change

Label

Description

Depreciating assets first deducted in this income year

New

P

Are you making a choice to opt out of temporary full expensing for some or all of your eligible assets?

(A – Some eligible assets, B – All eligible assets)

New

Q

Number of assets you are opting out for

New

R

Value of assets you are opting out for

New

S

Temporary full expensing deductions

New

T

Number of assets you are claiming for

New

U

Are you using the alternative income test?

New

V

Are you making a choice to opt out of Backing business investment for some or all of your eligible assets?

(A – Some eligible assets, B – All eligible assets)

New

W

Number of assets you are opting out for

New

X

Value of assets you are opting out for

New

M

First year accelerated depreciation deductions for assets using Backing business investment

New

O

Instant asset write-off deductions for non-small business entities

For all depreciating assets

New

N

Subsequent year accelerated depreciation deductions for assets using Backing business investment

13 - Losses information

Change

Label

Description

New

A

Tax loss 2019–20 carried back to 2018–19

New

B

Tax loss 2020–21 carried back to 2018–19

New

C

Tax loss 2020–21 carried back to 2019–20

New

G

Tax Rate 2019–20

New

I

Net exempt income 2018–19

New

J

Net exempt income 2019–20

New

L

Income tax liability 2018–19

New

M

Income tax liability 2019–20

New

O

Aggregated turnover in 2019–20

Select your aggregated turnover range

(select range A to P)

New

P

Aggregated turnover

New

S

Loss carry back tax offset

(Include amount in calculation statement at label E – Refundable tax offsets)

24 Internet trading

Change

Item

Description

Removed

24

'Did you sell any goods or services using the internet?'

Fund income tax return

The 2021 Fund income tax return (PDF, 666KB)This link will download a file is available in Portable Document Format (PDF).

8 - Status of fund or trust

Change

Item

Description

Modified

N

From:

N – Significant global entity

To:

N1 – Significant global entity

New

N2

Country-by-country reporting entity

Partnership tax return

The 2021 Partnership tax return (PDF, 307KB)This link will download a file is available in Portable Document Format (PDF).

4 - Internet trading

Change

Item

Description

Removed

4

'Did you sell any goods or services using the internet?'

Business and professional items

Change

Item

Description

New

48

Aggregated turnover

Select your aggregated turnover range U

(select range A to P)

Aggregated turnover V

49 - Capital allowances

Change

Item

Description

New

P

Are you making a choice to opt out of temporary full expensing for some or all of your eligible assets?

(A – Some eligible assets, B – All eligible assets)

New

Q

Number of assets you are opting out for

New

R

Value of assets you are opting out for

New

S

Temporary full expensing deductions

New

T

Number of assets you are claiming for

New

V

Are you making a choice to opt out of Backing business investment for some or all of your eligible assets?

(A – Some eligible assets, B – All eligible assets)

New

W

Number of assets you are opting out for

New

X

Value of assets you are opting out for

New

M

First year accelerated depreciation deductions for assets using Backing business investment

New

O

Instant asset write-off deductions for non-small business entities

For all depreciating assets

New

N

Subsequent year accelerated depreciation deductions for assets using Backing business investment

Trust tax return

The 2021 Trust tax return (PDF, 336KB)This link will download a file is available in Portable Document Format (PDF).

4 Internet trading

Change

Item

Description

Removed

4

'Did you sell any goods or services using the internet?'

Business and professional items

Change

Item

Description

New

49

Aggregated turnover

Select your aggregated turnover range

P (select range A to P)

Aggregated turnover Q

50 - Capital allowances (previously 49)

Change

Item

Description

New

P

Are you making a choice to opt out of temporary full expensing for some or all of your eligible assets?

(A – Some eligible assets, B – All eligible assets)

New

Q

Number of assets you are opting out for

New

R

Value of assets you are opting out for

New

S

Temporary full expensing deductions

New

T

Number of assets you are claiming for

New

V

Are you making a choice to opt out of Backing business investment for some or all of your eligible assets?

(A – Some eligible assets, B – All eligible assets)

New

W

Number of assets you are opting out for

New

X

Value of assets you are opting out for

New

M

First year accelerated depreciation deductions for assets using Backing business investment

For all depreciating assets

New

N

Subsequent year accelerated depreciation deductions for assets using Backing business investment

New

O

Instant asset write-off deductions for non-small business entities

Attribution managed investment trust (AMIT) tax return

The 2021 AMIT instructions and AMIT tax return are not available in print or to download as a Portable Document Format (PDF).

Trust information

Change

Item

Description

New

Current postal address

Country

New

Postal address on previous tax return

Country

Additional information

Change

Description

New

Significant global entity

New

Country-by-country reporting entity

Key financial information

Change

Description

New

Select your aggregated turnover range

(select range A to P)

New

Aggregated turnover

Capital allowances

Change

Description

New

Are you making a choice to opt out of temporary full expensing for some or all of your eligible assets?

A – Some eligible assets, B – All eligible assets)

New

Number of assets you are opting out for

New

Value of assets you are opting out for

New

Temporary full expensing deductions

New

Number of assets you are claiming for

New

Are you making a choice to opt out of Backing business investment for some or all of your eligible assets?

(A – Some eligible assets, B – All eligible assets)

New

Number of assets you are opting out for

New

Value of assets you are opting out for

Declarations

Change

Description

New

Declarer position

New

Contact name

New

Declarer identifier

New

Telephone number

International dealings schedule (IDS)

The 2021 International dealings schedule (PDF, 1.4MB)This link will download a file (IDS) is available in Portable Document Format (PDF).

Section A – International related party dealings

Change

Item

Description

Modified

2b

From

Are you a small business entity, not a significant global entity and your international related party dealings do not exceed 50% of your current year aggregated turnover?

To

Are you a small business entity, not a significant global entity and your international related party dealings do not exceed $5 million and 50% of your current year aggregated turnover?

Modified

8c

From

Insurance

To

Insurance services

Modified

8d

From

Reinsurance

To

Reinsurance services

Modified

8i

From

Logistics

To

Logistics services

Modified

8j

From

Asset management

To

Asset management services

Modified

13a

From

Tangible property

To

Disposal or acquisition of tangible property

Modified

13e

From

Other intangible property

To

Other disposal or acquisition of intangible property

Reportable tax position (RTP) schedule

The 2021 Reportable tax position schedule (PDF, 1.7MB)This link will download a file is available in Portable Document Format (PDF).

There have been no changes made to the 2021 income year schedule.

Capital gains tax (CGT) schedule

The 2021 Capital gains tax (CGT) schedule (PDF, 375KB)This link will download a file is available in Portable Document Format (PDF).

There have been no changes made to the 2021 income year schedule.

Research and Development (R&D) tax incentive schedule

The 2021 Research and Development tax incentive schedule (PDF, 368KB)This link will download a file is available in Portable Document Format (PDF).

There have been no changes made to the 2021 income year schedule.

Losses schedule

The 2021 Losses schedule (PDF, 330KB)This link will download a file is available in Portable Document Format (PDF).

There have been no changes made to the 2021 income year schedule.

Consolidated group losses schedule

The 2021 Consolidated groups losses schedule is available in Portable Document Format (PDF).

There have been no changes made to the 2021 income year schedule.

Loss carry back claim form

The Loss carry back claim form (PDF, 221KB) This link will download a file 2020–21 – Early balancer substituted accounting period or lodging a company tax return for party year (NAT 75344) was available for use until 30 June 2021.

From 1 July 2021, refer to the Company tax return 2021.

For more information see Loss carry back tax offset.

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