Capital gains tax
The Capital gains tax (CGT) schedule includes summary information from the CGT worksheets (PDF, 235KB)This link will download a file and explains how the net capital gain on the tax return was calculated.
A CGT schedule must be lodged with all individual, company, trust, attribution managed investment trust (TRTAMI), super fund and self-managed super fund tax returns if the total current-year capital gains (including capital gains distributions from trusts) exceed $10,000.
Only one CGT schedule can be attached to a tax return, except TRTAMI where there is no limit (up to the maximum size of the message).
Closely held trust reporting
Trusts must report:
- beneficiaries quoted TFNs
- amounts withheld, if a beneficiary has not quoted a TFN.
This information is lodged using the Trustee details – closely held trust reporting form (CHTWTHHLD) that provides details of the trust and trustee and indicates the report that is being provided.
Beneficiary details need to be provided in the Beneficiary details schedule.
Paying withheld amounts
Trustees registered for TFN withholding for closely held trusts will be issued annually with an activity statement.
Amounts withheld are reported at label W3 Other amounts withheld. Payments can be made in the same way as for any other activity statement.
Amending a report
The Annual TFN withholding report can be lodged more than once and the latest report received is considered the current lodgment.
When lodging an amended annual report, you only complete the details of the beneficiary being amended in Section B.
Beneficiary details
The Beneficiary details schedule provides information about a trust beneficiary and is attached to the Trustee details – closely held trust reporting form (CHTWTHHLD).
The report will determine the fields of Beneficiary details (Closely held trust) (CHTWTHHLDBEN) that must be completed.
A separate schedule must be completed for each beneficiary.
Consolidated corporate groups form and schedule
Eligible wholly owned corporate groups can consolidate to form a single entity for income tax purposes.
A consolidated group operates as if it were a single entity (company) for income tax purposes with the head company (as the only recognised taxpayer) lodging a single income tax return on behalf of all the group members.
A pay as you go (PAYG) instalment rate is issued to the head company after lodgment of the first consolidated income tax return with the head company, then paying a single set of PAYG instalments (based on this rate) thereafter.
The head company's public officer (as listed in the Australian Business Register) or its registered tax agent must notify us of the decision to consolidate. This includes the date of consolidation, details of the head company and all subsidiary members.
Alternatively, the tax agent can notify us of the formation when lodging an income tax return via the practitioner lodgment service (PLS) for the income year in which the chosen date of consolidation occurs. You can refer to Notification of formation of an income tax consolidated group.
If subsidiary members join or leave the consolidated group, the head company must notify us of the changes. For more information, refer to Form for notifying members joining or leaving the group.
A consolidated group losses schedule will also need to be completed if one or more tests are met.
Notification of formation of an income tax consolidated group
The notification schedule can be used for 2 purposes:
- It can be lodged with the head company’s first tax return to provide details of the formation of the group – the schedule will also be attached to Notification of members joining and/or leaving the group to report changes in membership.
- As the initial notification of the formation of a consolidated group
- the schedule is lodged with the first tax return for the group
- submitting the notification via PLS 2 or 3 weeks before lodging the first tax return for the group will allow us to update our records and ensures correct processing of the return
- the start date of consolidation can be any date within the income year of the tax return being lodged
- the schedule cannot be used to notify consolidation in a future income year.
Form for notifying members joining or leaving the group
Once the consolidated group has been established and the initial notification lodged, the head company must report all changes in membership.
The head company must notify us of new eligible members joining or leaving the group, within 28 days of the joining or leaving time. To do this, the head company must complete Notification of members joining and/or leaving the group and Notification of formation of a consolidated group (NAT 6782).
You do not need to list the existing members of the group, only those whose membership details have changed.
If a member is exiting due to deregistration, you should ensure the subsidiary member has been formally deregistered by the Australian Securities & Investments Commission (ASIC) before lodging the form to remove the member.
There is no limit to the number of subsidiary members' joining or leaving details that can be included on the schedule. Even if all subsidiary members exit, the group will continue to exist if the head company continues to fulfil the requirements to be the head company of a consolidated group.
Consolidated groups losses schedule
For information on this schedule, see Consolidated groups losses schedule instructions.
Country-by-country reporting
Country-by-country (CBC) reporting takes effect from income years starting on or after 1 January 2016.
Find more information on Significant global entities.
Employment termination payment worksheet
An Employment termination payment worksheet (schedule) has been integrated into the individual tax return.
Family trust election, revocation or variation and interposed entity election or revocation
The Family trust election, revocation or variation (FTER) and Interposed entity election or revocation (IEE) can be lodged as either:
- a schedule to the appropriate tax return
- a stand-alone form when used for an election only.
The FTER as a stand-alone form can be used for election only. A revocation or variation must be lodged with the tax return of the trust for the year it takes effect.
Revocations or variations
Revocations and variations must be made in the income year that they take effect and must be lodged with the tax return of the trust using the above schedules.
Fringe benefits tax return
Fringe benefits tax (FBT) returns and amended returns can be lodged through the PLS.
Schedules can't be included with the FBT return.
The reporting period for FBT is from 1 April to 31 March. No other dates can apply.
A future year is a lodgment by a client or tax agent before the end of the current reporting period. A future-year FBT return cannot be more than one year into the future (current year + 1).
Refunds resulting from an FBT assessment/amendment must be received via electronic funds transfer (EFT).
Rejected direct refund request (cheque issue)
When a direct refund request is rejected, a standard notice of assessment with a refund cheque is issued.
FBT and activity statements
If paying FBT by instalments, all activity statements for the FBT year ending 31 March (including the March quarter) should be lodged before lodging their FBT return. This will enable us to update your client's FBT account.
Income details schedule
From 1 July 2020, the Income details schedule must be completed for most income labels on individual tax returns.
The amount of information you need to enter manually will depend on your software and the amount of your client’s pre-filled information.
Your client’s pre-fill data will provide income and expense information we have from various organisations.
If any of their pre-fill data is not available when you are preparing their tax return, ask your client to provide specific and relevant information to ensure you have accounted for all sources of income and any allowable deductions or rebates.
International dealings schedule
The International dealings schedule can be lodged electronically with a company, partnership, trust or attribution managed investment trust (AMIT) tax return form.
Only one International dealings schedule can be attached to a tax return.
You can get more information on International dealings schedule instructions.
Losses schedule for unconsolidated entities
The Losses schedule gathers more detailed information about losses available to be claimed in subsequent years by company, super fund and trust entities.
Multi-property rental schedule
From 1 July 2020, the Multi-property rental schedule must be lodged for all individual tax returns when any rental labels are completed.
You can include the details of all properties on one Multi-property rental schedule.
Rental schedules will still be required for partnership and trust tax returns.
Non-resident foreign income schedule
The Non-resident foreign income schedule reports foreign income of non-residents with a Higher Education Loan Program (HELP) or Trade Support Loan (TSL) debt.
PAYG payment summary
A payee receives a PAYG payment summary from the payer or withholder.
You must complete the Individual PAYG payment summary schedule for 2018–19 and earlier tax returns, if your client received a payment summary from any of the following:
- voluntary agreements
- withholding if an ABN has not been quoted
- labour hire or other specified payments
- payments to foreign residents
- personal services income.
Note: The Individual PAYG payment summary schedule does not apply to 2019–2020 and later returns, as this information should now be included in the Income details schedule.
Company, trust and partnership returns
To enable declaration of income and claiming of credits the following items are included on company, partnership and trust returns:
- withholding, if an ABN has not been quoted
- payments to foreign residents.
Rental schedules
The Rental schedule must be lodged for the following returns, when any of the rental labels are completed:
- partnership tax returns
- trust tax returns
- 2018–19 and earlier individual tax returns.
If your client owns more than one rental property, a separate rental schedule must be prepared for each property.
Note: The Multi-property rental schedule must be lodged for all 2019–20 and later individual tax returns when rental details must be completed.
Reportable tax position (RTP) schedule
The RTP schedule must be included in an entity's company tax return, where they have answered 'yes' to question 25 on the company tax return.
The schedule captures 3 types of disclosures:
- RTP Category A – tax uncertainty reflected in the taxpayer’s company tax return
- RTP Category B – uncertain tax position recognised or contingent liability (asset) disclosed in the taxpayer's financial statements
- RTP Category C – specific arrangements of concern or self-assessed risk ratings for arrangements covered by practical compliance guidelines.
Who needs to complete the RTP schedule
A taxpayer will need to complete an RTP schedule, if any of the following apply:
- We have notified them in writing.
- They are lodging a company tax return for the entire year and their total business income is either
- $250 million or more in the current year
- $25 million or more in the current year and they are part of a public or foreign owned economic group whose total business income is $250 million or more in the current year or the immediate prior year.
If a taxpayer meets the criteria to lodge the schedule, they must do so even if they have no disclosures to make.
Research and development (R&D) tax incentive schedule
Any research and development tax incentive claims, including amendments, must be accompanied by a Research and development tax incentive schedule (R&D schedule).
Only one schedule can be submitted with each company tax return.
If you make a request for an amendment
If your client requests an amendment that includes changes to their R&D claim, you must complete an R&D schedule showing the amended figures and lodge with an amended company tax return form.
Superannuation lump sum worksheet
The superannuation lump sum worksheet for individuals is no longer required, as it has been integrated into the individual tax return service in the PLS.
Tax returns
You can lodge the following tax returns via the PLS:
- individual, including the short form for franking credit refund
- company
- superannuation fund
- self-managed super fund
- partnership
- trust
- attribution managed investment trust.
You will receive an acknowledgement of lodgment, when the return has been successfully submitted. The format may vary depending on the software you are using.
We aim to finalise the majority of electronically lodged current year tax returns within 12 business days of receipt. However, some returns may take longer to finalise depending on the situation associated with the lodgment.
Taxpayer's surname, date of birth and gender (only required for some forms) must match our records to allow lodgment of the Individual tax return to progress.
Notification of change of name for individual taxpayers
Notification of a name change can no longer be made through the lodgment of the individual tax return. The individual must contact us to verify their identity.
Client names on individual tax returns lodged through the PLS must match our records.
If a change of name has not been verified and updated in our records before lodging the tax return, the notice of assessment will display the taxpayer’s prior name as held by us.
EFT direct refund
Only Australian financial institutions can be used. Details must be entered when a credit (refund) is due for:
- individual returns, including franking tax credits
- trust returns
- company returns
- super fund returns
- SMSF returns.
Rejected direct refund request
When a direct refund request is rejected, a standard notice of assessment with a refund cheque is issued.
Refund of franking credit
If you're only claiming a refund of franking credits (RFC) and your client does not need to lodge a full individual tax return, use the Individual tax return form. However, only complete the labels for the claim being made.
Labels you may need to complete are:
- dividends – unfranked amount
- dividends – franked amount
- dividends – franking credit
- tax file number (TFN) amounts withheld from dividends.
A taxpayer may also claim a refund of franking credits, if they have had amounts withheld from their dividends because they did not provide a TFN.
If an individual tax return needs to be submitted after the lodgment of an application for refund of franking credits, then it needs to be submitted as an amendment.
Lodgment of the individual tax return as an original after the application of RFC will result in a rejected lodgment.