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Individual tax return instructions 2012
This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.
For an explanation of many of these types of income, see You need to know below. If you have income not listed here that you are unsure about, search this site or phone 13 28 61.
Do not show at this item:
Other questions deal with these matters.
If you use a release authority that we give you to withdraw an amount from your superannuation fund, the payment is tax free unless you withdraw an amount greater than the excess contributions tax liability printed on the release authority.
You must include the excess of the total amount released to you over the excess contributions tax liability printed on the release authority in your assessable income for the income year in which you withdrew the money.
For further information see Super contributions - too much super can mean extra tax.
These payments relate to an earlier income year or years and should normally be shown at 'E' on your PAYG payment summary - individual non-business or at 'E' on your PAYG payment summary - foreign employment.
Include at this item any lump sum payments you received in relation to the following:
You may get a tax offset if you received certain lump sum payments in 2011-12. We will calculate the tax offset for you. You need to provide additional information. Print SCHEDULE OF ADDITIONAL INFORMATION - ITEM 24 on the top of a separate piece of paper and show the amount of the payment in arrears for each income year involved. Include your name, address and tax file number. Print X in the Yes box at Taxpayer's declaration question 2a on page 12 of your tax return. Attach your schedule to page 3 of your tax return.
If you did not need to lodge a tax return for the two most recent years that the payment related to, include on your schedule details of what your taxable income, including your lump sum payments in arrears, would have been had you lodged tax returns in those two years.
If you have received a PAYG payment summary - foreign employment showing an amount at 'Lump sum E' on which foreign tax has been paid you will also need to include the amount at U item 20. You will not be taxed twice on this amount.
Include any jury attendance fees you received here. Do not include attendance fees if you had to pay the fees to your employer because you received your normal income while on jury duty. Do not include any travel and meal allowances that were included in the jury fees anywhere on your tax return.
Unless you carried on a business and have included all your foreign exchange gains (forex gains) in calculating your business net income or loss at item 15, your forex gains must be shown at this item (except any foreign source forex gains that you have included at item 20).
Under the forex measures, gains attributable to a fluctuation in a currency exchange rate or to an agreed exchange rate differing from an actual exchange rate are included in assessable income. The gains are assessable when they are realised. This is when:
Some forex gains are not assessable, and in some circumstances, you might make an election that affects the realisation or treatment of a forex gain. These are set out at Foreign exchange (forex): overview together with more information about the forex measures and how to calculate your foreign exchange gains.
If you had a deductible foreign exchange loss, go to question D15 - Other deductions.
If you were an Australian resident for tax purposes in 2011-12, include at this item income from royalties that has not been included at either item 15 or 20.
You must include at this item any bonus amounts distributed from a friendly society income bond. Your friendly society income bond distribution statement will advise you of the amount to include.
Include at this item any income from a scholarship, bursary, grant or other award that you have to pay tax on, unless you have already shown it at item 1 or 2, or in calculating your business net income or loss shown at item 15. If you are not sure about a payment, contact the organisation that paid you. If you then need more information, phone 13 28 61.
If you received a taxable bonded scholarship you may be able to claim the self-education expenses you incurred in meeting the study requirements of the scholarship. For more information go to D15 - Other deductions.
You must include at this item the value of benefits or prizes you received from an investment-related lottery offered by an investment body such as a bank, building society or credit union. Prizes can include cash, low-interest or interest-free loans, holidays or cars.
Do not include prizes won in ordinary lotteries, for example, lotto draws, caskets and raffles. Do not include prizes won in game shows unless you regularly receive appearance fees or game-show winnings.
If you are a special professional, you must include your taxable professional income at this item.
A special professional is an author of a literary, dramatic, musical or artistic work, an inventor, a performing artist, a production associate or an active sportsperson. As a special professional, you may be entitled to a concessional rate of tax where your taxable income includes certain amounts of professional income which, when added to your other income, moves you into a higher tax bracket.
You are entitled to this concession in 2011-12 if:
You will need to read Income averaging for special professionals 2012 (NAT 2475) before you can complete this item. This explains how you work out your taxable professional income.
If you received a reimbursement or refund in 2011-12 of any tax-related expenses or election expenses which you have claimed, you must include the amount at this item.
This question also applies to any remission of an ATO interest or underestimation charge. If you claimed a deduction for an interest or underestimation charge incurred in 2010-11 or earlier years and received a remission (a partial or full reduction) of that charge in 2011-12, you must include the amount of the remission at this item. Similarly, if you are claiming at item D10 a deduction for an interest charge incurred during 2011-12, and some or all of it was remitted during the 2011-12 year, you must include the amount of the remission at this item. You must also include any remissions of goods and services tax (GST) and pay as you go (PAYG) instalment underestimation charge at this item.
You must include at this item any assessable balancing adjustment when you stop holding a depreciating asset (for example, when it is sold, lost or destroyed) for which you have claimed a deduction for depreciation or decline in value in previous years. You may be entitled to a deduction if an employee or agent misappropriates some or all of the amount that you received, or were entitled to receive, as a result of you no longer holding the depreciating asset. The Guide to depreciating assets 2012 explains how to make assessable balancing adjustment calculations.
The gains derived on disposal or redemption of traditional securities are assessable under section 26BB of the Income Tax Assessment Act 1936 (ITAA 1936).
For more information, see the section on Sale or disposal of company bonds and convertible notes in You and your shares 2012 (NAT 2632).
You must include at this item any taxable allowances and payments from Centrelink that you have not already shown at item 5 or 6.
From the list below, work out whether the income you received is a category 1 or category 2 type of income.
Category 2 income shown at this item and certain amounts of income from some other items are used in working out whether you have to pay PAYG instalments and, if so, your instalment rate.
If you have only one type of income in either category, print a description in the relevant Type of income category box at item 24 on page 15 of your tax return.
If you received more than one type of either category of income, you will need to provide full details. Print ADDITIONAL INFORMATION in the relevant Type of income category box. Print SCHEDULE OF ADDITIONAL INFORMATION - ITEM 24 on the top of a separate piece of paper. Include your name, address and tax file number. Show each type and amount of income you received within the category. Print X in the Yes box at Taxpayer's declaration question 2a on page 12 of your tax return. Attach your schedule to page 3 of your tax return.
If you received lump sum payments in arrears, write the amount of any tax withheld from these payments at E item 24. Do not show any tax withheld included elsewhere on your tax return.
If you are a special professional, write the taxable professional income you received at Z item 24. Do not show cents. We take this amount into account for income averaging.
Add up all your category 1 income and write the total at Y item 24 on page 15 of your tax return. Do not show cents.
Add up all your category 2 income, including the amount you wrote at Z item 24 unless you have already included it in your answer to question 1, 2, 13, 14 or 15 and write this total at V item 24. Do not show cents.
If you have declared income at this item, then you may need to complete item A3.
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