2022 Tax time summary of non-individual form changes

Depreciating assets first deducted in this income year

Modified

C

Have you self-assessed the effective life of any of these assets?

Label C has been shifted to follow labels A and B at the top of item 9 – Capital allowances.

Removed

V

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

Removed

W

Number of assets you are opting out for.

Removed

X

Value of assets you are opting out for.

Removed

M

First year accelerated depreciation deductions for assets using backing business investment.

Removed

O

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

Removed

D

Pre rules deductions

Removed

E

Interim rules deductions

New

D

Tax loss 2021-22 carried back to 2018-19

New

E

Tax loss 2021-22 carried back to 2019-20

New

F

Tax loss 2021-22 carried back to 2020-21

New

H

Tax rate 2020-21

New

K

Net exempt income 2020-21

New

N

Income tax liability 2020-21

Modified

O

From 'Aggregated turnover in 2019-20 Select your aggregated turnover range' to

'Select your aggregated turnover range for 2019-20'

Modified

P

From 'Aggregated turnover' to

'Aggregated turnover for 2019-20'

New

Q

Select your aggregated turnover range for 2020-21 (Select range A to P)

New

R

Aggregated turnover ($ for 2020-21)

New

X

Balancing adjustments – catch up deduction

Guidance note: include this amount at item 7X – Other deductible expenses

Modified

W

From 'Feedstock adjustment – additional assessable income' to 'Clawback amounts – additional assessable income'

Depreciating assets first deducted in this income year

Modified

C

Have you self-assessed the effective life of any of these assets?

Label C has been shifted to follow labels A and B at the top of item 49 – Capital allowances.

Removed

V

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

Removed

W

Number of assets you are opting out for

Removed

X

Value of assets you are opting out for

Removed

M

'First year accelerated depreciation deductions for assets using backing business investment'

Removed

O

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

Depreciating assets first deducted in this income year

Modified

C

Have you self-assessed the effective life of any of these assets?

Label C has been shifted to follow labels A and B at the top of item 50 – Capital allowances

Removed

V

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

Removed

W

Number of assets you are opting out for

Removed

X

Value of assets you are opting out for

Removed

M

First year accelerated depreciation deductions for assets using backing business investment

Removed

O

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

Removed

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

Removed

Number of assets you are opting out for

Removed

Value of assets you are opting out for

Modified

18d

Simplified reporting for other types of internally recorded dealings. Removed the requirement to report each type of other internally recorded dealings separately – it now shows aggregated amounts for all other types of internally recorded dealings with own branch operations at question 18d.

Modified

18d I

Amounts claimed or returned for other internally recorded dealings

From 'Amounts claimed' to 'Total amounts claimed'.

Modified

18d J

Amounts claimed or returned for other internally recorded dealings

From 'Amounts returned' to 'Total amounts returned'.

Modified

27

Added a new appendix 8 code 7 for 'No exemption code applies' at question 27 'Transfers to a non-resident trust', for scenarios where no exemption applies to a transfer to a non-resident trust.

Modified

47

From 'Do your international related parties have an offshore hybrid mismatch?'

A – No, Yes. B - Total amount of deductions denied under subdivision 832-H to:

'Have you made an importing payment under a structured arrangement?'

A – No, Go to questions 47a, Yes

B – Total amount of the importing payments you made under the structured arrangements

C – Total amount of the offshore hybrid mismatch under the structured arrangements

D – Total amount of deductions disallowed for structured arrangements

New

47a

Do you have any other offshore hybrid mismatches within your Division 832 control groups?

A – No, Yes

B – Total amount of the offshore hybrid mismatch under non-structured arrangements

C – Total amount of deductions disallowed for non-structured arrangements

New

47b

List the top 3 most material offshore hybrid mismatches

A – Type of offshore mismatch

B – Amount of offshore hybrid mismatch

C – Type of the importing payments

D – Amount of importing payments (including amounts that would be an importing payment. If section 832-625(3)(b) of the ITAA 1997 was disregarded)

E – Amount of deductions disallowed

F – Reason the deduction disallowed was less than the importing payment

Modified

N/A

From AusIndustry – Innovation Australia number to

'AusIndustry – IISA number'

Modified

Part B Heading

From 'Part B – Feedstock' to

'Part B – Clawback amounts'

New

Part B

Heading

Feedstock

Modified

Part B – 3B

From 'Feedstock adjustment – additional assessable income (transfer amount to Company tax return 2021 item 7 label B Other assessable income)' to

'Feedstock adjustment amount'

Modified

Part B Heading

Part C – Clawback – From 'R&D recoupment tax' to

'R&D recoupment' and moved to Part B

Modified

Part B – 4

Moved 'Recoupment(s) – (entitled to/received) from Part C – 1 to Part B – 4

Modified

Part B – 5

Moved 'R&D expenditure related to recoupment(s)' from Part C – 2 to Part B – 5

Modified

Part B – 6

Moved 'Project expenditure for which recoupment(s) paid' from Part C – 3 to Part B – 6

Modified

Part B – 7M

From Part C 4M – R&D recoupment tax – 10% tax payable (transfer amount to Calculation statement label M, ‘R&D recoupment tax’ on the Company tax return 2021) to

'R&D recoupment amount'

Instruction: Calculation required. See instructions.

New

Part B Heading

Assessable balancing adjustments

New

Part B – 8O

Assessable balancing adjustment amount

Instruction: Calculation required. See instructions.

New

Part B Heading

Total clawback

Instruction: Calculation required. See instructions.

New

Part B – 9P

Total clawback – additional assessable income

New

Part B Heading

Deductible balancing adjustments

New

Part B – 10Q

Balancing adjustments – catch up deduction

Instruction: Calculation required. See instructions.

Modified

Part C – All

Moved from 'Part D – R&D expenditure to associates' to Part C

Modified

Part D – 1

Moved from Part E – 1 'Do you have exempt entity ownership of 50% or greater?'

Modified

Part D – 2

Moved from Part E – 2 'Do you have an aggregated turnover of $20 million or greater? (If NO you must complete item 3 below)

Modified

Part D – 3

Moved from Part E – 3 ' Complete this section if aggregated turnover is less than $20 million'

Modified

Part D – 3a

Moved from Part E -– 3a 'Entity name, Tax file number (TFN), Annual turnover to Reporting entity, Annual turnover'

Modified

Part D – 3b

Moved from Part E – 3b Connected and/or affiliated entity name, Tax file number (TFN), Annual turnover

Modified

Part D – c, d, e and f

Moved from Part E – 3 c, d, e and f

Modified

Part D – AT

Moved from Part E – Aggregated Turnover and added guidance note below amount field '(a + b + c + d + e - f)'

New

Part E – 1R

Additional information

Tax rate

Modified

Part E – 2

Moved from Part E – 4 'Refundable R&D tax offset' and moved guidance notes below Z1 and U

Modified

Part E – 3

Moved from Part E – 5 ' Non-refundable R&D tax offset' and moved guidance notes below Z2 and A

New

Part E – 3V

R&D entity total expenses

New

Part E – 3W

R&D intensity

New

Part E – 3 Tier 1 – A1

Notional deductions applied

New

Part E – 3 Tier 1 – A2

Offset amount

New

Part E – 3 Tier 2 – B1

Notional deductions applied

New

Part E – 3 Tier 2 – B2

Offset amount

New

Part E – 3 Excess amount – C1

Notional deductions applied

New

Part E – 3 Excess amount – C2

Offset amount