• Section C: Reportable tax positions

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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    Did you have any reportable tax positions (RTPs) for the 2011-12 income year?

    If you do not have any RTPs that you must disclose on the schedule (for example, you have used the early disclosure form), select 'No' from the drop-down box. You may then print and sign the schedule.

    If you have one or more RTPs that you are disclosing on the schedule, select 'Yes' from the drop-down box and the next question, 'How many reportable tax positions (RTPs) are you reporting?', will appear.

    Attention

    There is a question on the Company tax return 2012 asking if you are required to lodge a Reportable tax position schedule 2012. You must answer 'Yes' if you have been notified of the requirement to lodge in writing.

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    How many reportable tax positions (RTPs) are you reporting?

    Type the total number of RTPs you are reporting in the 'How many RTPs are you reporting?' field. The correct number of RTP fields will appear based on the number you type. You can input up to 100 RTPs in the schedule.

    To make a complete disclosure, complete each of the fields in Section C of the schedule for each RTP reported.

    Attention

    When completing the schedule, the 'Concise description' and 'Basis for position' fields will expand when you click on or move onto another field. You will then be able to view all the text within a field.

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    RTP number

    Each RTP reported must have a unique number so it can be easily referenced.

    In the 'RTP number' field, type the relevant income year for the RTP, followed by a dash and a number for the RTP.

    A number for the RTP should be a sequential number that identifies your RTPs in the order you report them to us. For example, you number the first RTP '2012-1', and each subsequent RTP should be numbered sequentially, for example '2012-2', '2012-3', and so on.

    Related party involved

    If the RTP involves a related party, select 'Yes' from the drop-down box in the 'Related party involved' field.

    If no related party is involved, select 'No' from the drop-down box.

    Attention

    To help you work out if the RTP involves a related party, refer to Guide to reportable tax positions 2012.

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    RTP category

    There are three categories used to define RTPs.

    Attention

    To help you work out the RTP category, refer to Guide to reportable tax positions 2012.

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    Provide the category of RTP you are reporting by typing 'A', 'B' or 'C' in the 'RTP Category' field. If the RTP you are reporting relates to more than one category, type the letter for each category of RTP separated by a comma.

    Example

    RTP category field completed with 'A,B'

    Concise description

    Type a concise description of each RTP in the 'Concise description' field. You must outline the relevant facts that explain the RTP, including the circumstances, arrangements or transactions relevant to the position. Your explanation must include sufficient detail so that a reasonable person can identify the facts that are important to the position.

    This schedule will allow you to type up to 3,000 characters (approximately 500 words) in this field. You can attach additional information.

    Attention

    For examples of how to complete the 'Concise description' field, refer to Reportable tax position schedule.

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    Basis for position

    Type an outline of the position taken in your 2011-12 income tax return, including relevant authorities and any industry or administrative practices.

    You do not need to disclose in the schedule:

    • that you are in receipt of any advice or opinion about the material RTP
    • the content of any advice or opinion.

    This schedule will allow you to type up to 3,000 characters (approximately 500 words) in this field. You can attach additional information.

    Attention

    For more information on relevant authorities, refer to Guide to reportable tax positions 2012.

    For examples of how to complete the 'Basis for position' field, refer to Reportable tax position schedule.

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    Last modified: 15 Jun 2012QC 26076