Capital Gains Tax started on the 20/09/1985
Indexation Method is before the 21/09/1999
Cost of Owning Asset can only be used before 21/08/1991
CPI Table = Sold year / Purchased year
$300 limit does not include claims for
- Car D1
- Overtime meals D5
- Award Transport payments D2
- Travel Allowance Expenses D2
D1 – To claim fuel receipts a log book must be kept for 12 weeks every 5 years
or capped at 5000km
D2 – Need all receipts and be able to demonstrate taxable use percentage
Medicare Levy – M1Y – Exclude any child whom maintenance is being paid
Medicare Levy Surcharge IT8 – Include any child whom maintenance is being paid
Full Time Defense Force gets full 2% levy @M1V or half if married to non full time defense forcer.
Adjusted RFBA = Exempt = x 0.53
Foreign Pension or annuity with UPP = Item 20 D = also complete D11
All capital gains foreign or otherwise goes at Item 18
Foreign Interest Paid is entered at D15
Item 24
Lump Sum E = Category 1
Balancing Adjustment on Assets = Category 1
Professional Income = Category 4
Jury Income = Category 4
Xero Tax
Cannot include a depreciation worksheet for PSI – this need to be manually calculated and entered at Item P1 or P10
You can create a depreciation schedule for D5 first and then click on Transfer and select ‘unlink depreciation item)
Item P8 on Business Schedule (can be negative number)
You need to split the amount at label Z into the following 3 fields.
This is then transferred to Item 15
