The pre-filling service helps to ensure the accuracy of returns by allowing you to cross-check information provided by your clients, with that held by us.
The pre-filling service 2016 will include the following updates:
- removal of taxpayer gender information
- more statement of distribution data reported from partnerships
- consolidation of capital gains fields and new transfer of trust income data from managed funds
- new foreign source investment income data
- exploration credits reported by companies as dividends will display as tax offsets
- removal of Medicare benefit tax statement due to the net medical expense tax offset phase-out
- removal of account holding type and employee identifier for employee shares schemes, and new messages for some employees with overseas employment periods
- changes to ATO interest due to simplified data capture
- closing stock will be included in prior-year individual tax return data
- myDeductions data that your clients upload will be accessible in your Standard Business Reporting-enabled software, through the Practitioner lodgment service
- improved display of information.
Remember, the pre-filling service only reflects the information received by us at the date you request the data.
We expect most pre-filling information to be available by early August.
You should cross-check pre-filling data available through the Tax Agent Portal and the practitioner lodgment service with information provided by your clients.