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  • Granular data – level of detail required

    The granular data capability has been expanded to include additional schedules for 2019–20 individual tax returns. Your experience of these changes will depend on your software.

    The information below provides guidance on the level of detail you will be required to include for the:

    Income details schedule

    The amount of information you need to enter manually will depend on your software and access to your client’s pre-fill information.

    Your client’s pre-fill data will provide most of the information required. If any of their pre-fill data is not available when you are preparing their return, ask your client to provide relevant information to ensure you have all the details.

    Income types included on the new schedule are:

    • all payment summary types
    • government benefits, pensions and allowances
    • interest
    • dividends
    • employee share schemes
    • managed funds
    • early stage offsets
    • partnership income including dividends, primary production, non-primary production and losses
    • trust income including dividends, primary production, non-primary production and deductions
    • special professionals
    • assessable balancing adjustments
    • early stage venture capital
    • foreign income
    • other income.

    For example, for interest income you will need to record:

    • financial institution name
    • account number
    • number of account holders
    • country of residence for tax purposes when interest was paid or credited
    • amount of interest paid
    • any TFN withholding amounts
    • ‘your share’ of any dollar value components.

    Similarly for dividends, you will need to record:

    • dividend company or trust name
    • reference number
    • number of account holders  
    • country of residence when the dividend was paid or credited
    • unfranked amount
    • franked amount
    • franking credits
    • TFN amounts withheld
    • exploration credits
    • listed investment company capital gain deducted from dividends.
    • ‘your share’ of any dollar value components.

    Deduction schedule

    There is no prescriptive or set level of detail required to complete the deduction schedule. You should only complete the fields in your practice management software needed to describe the deductions being claimed.

    There are no changes to this schedule in 2020.

    Multi-property rental schedule

    The background structure of the rental property schedule for individuals has changed to include all properties on one schedule. The only additional information required will be 'your share' for fields with dollar amounts.


    See also:

      Last modified: 05 Jun 2020QC 62803