ATO announces what’s new in pre-filling
The ATO has published what pre-fill information is available for this Tax Time. It says the pre-filling service can cross-check information with data held by the ATO. This will help ensure the accuracy of returns.
The pre-filling service 2017 includes the following updates and new data:
- reportable fringe benefits and working holiday maker data from payment summaries
- work-related expense messages indicating if you made higher than expected claims last year (only available in our tax pratitioner portal)
- primary and non-primary production closing stock amounts (only available in the portal) and private health insurance tax claim codes (only available in our portal) from prior-year tax returns
- message for some government payment types
- investment company capital gain deductions from dividend income
- share of early stage investor tax offset, foreign resident capital gains withholding and exploration credits from managed fund distributions
- net rental property loss and share of early stage investor offset from partnership distributions income
- address and contract information from property transfers
- interest offset account indicator for net farm management deposits or repayments
- removal of type of policy from Medicare levy surcharge
- repayable amounts for student start-up loans
- additional data from the myDeductions app uploaded by you (again only available in the tax practitioner portal).
Remember, the pre-filling service only reflects the information received by the ATO at the date you request the data. The ATO reminds taxpayers that it expects most pre-filling information to be available by mid-August.
Harper Group Pty Ltd Chartered Accountants Frankston Ph 9770 1547
Disclaimer: All information provided in this article is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information.