When a new tax return is created, we'll roll over a list of fields from the previous year. This means you have less data entry to do in the tax return.
There are 2 ways to create a tax return in Practice Compliance. You can either
Move a tax return from MYOB AE/AO: The data from the previous year's tax return in AE/AO return will roll over.
Create a return in Practice Compliance: The data from the previous year's tax return in Practice Compliance will roll over
Individual return
Individual details
Most of the Company details are integrated from the Contacts information instead of the prior year tax return to keep the data up to date.
- Name
- Is an Australian resident
- Date of birth
- Addresses
- TFN/ABN
- Agent details (Name, ABN, Number)
- Agent address and phone number
- Agent bank details (BSB, Account number, name)
- Contact Name
Tax return labels | Roll over from previous year in Practice Compliance | Roll over from AE/AO to Practice Compliance |
|---|---|---|
Income | - Occupation code | |
Tax offsets | T1 Seniors | |
Income tests | - IT8 - Number of dependent children | |
Spouse details | - Name | |
Business items | - P2 Industry Code & Description of main business | - P2 Description of main business activity |
Schedules | ||
Deductions schedule | - D2 Work related travel expenses - description | - D2 Work related travel expenses |
Depreciation schedule | 1. The asset information from the Tax depreciation worksheet from the previous year will roll over into the Assets tab. | 1. The assets from AE/AO will roll into the Assets tab. Follow the steps to import them |
Distribution received - partnership schedule | - Partnership name | |
Distribution received - trust schedule | - Name of distributing trust | |
Rental property details schedule | - Name Of Property | - Name Of Property |
Workpapers | ||
Borrowing expenses workpaper | - Loan description | |
Business - non primary production workpaper | - Business activity | |
Business - primary production workpaper | - Business activity | |
Motor vehicle expenses workpaper | - Make and model of vehicle | - Make and model of vehicle |
Work related self education expenses workpaper | - Self Education reason | - Self Education reason |
Company return
Company details
Most of the Company details are integrated from the Contacts information instead of the prior year tax return to keep the data up to date.
- Organisation Name
- Business address
- Postal address
- Phone number
- Contact name
- TFN/ABN
- Agent details (Name, ABN, Number)
- Agent address and phone number
- Agent bank details (BSB, Account number, name)
Tax return labels | Roll over from the previous year in Practice Compliance | Roll over from AE/AO to Practice Compliance |
|---|---|---|
Income | Company information - Item 1 Ultimate holding company name and ABN or Country Code - Item 2 Industry code and description of main business activity - Item 3 Resident status - Item 4 Interposed entity election test - Item 8 Opening stock?? | Company information - Item 1 Ultimate holding company name and ABN - Item 3 Resident status - Item 4 Interposed entity election status earliest income year specified |
Business items | - P2 Industry Code & Description of main business | - P2 Description of main business activity |
Schedules | ||
Distribution received - partnership | - Name | |
Interest and Dividend Schedule | - Individual name | |
Losses schedule | - Item 1 Tax losses carried forward to later income years | |
Motor vehicle expenses | - Make and model of vehicle | |
Non-individual PAYG payment summary schedule | - Payer's name | |
Trust income schedule | - Name | |
Worksheets | ||
Dividend income worksheet | - Company name | |
Franking account worksheet | Closing balance | |
Interest income worksheet | - Financial institution name |
Trust return
Trust details
Most of the Trust details are integrated from Contacts information in Practice Compliance
- Organisation Name
- Business address
- Postal address
- Phone number
-Contact name
- TFN/ABN
- Agent details (Name, ABN, Number)
- Agent address and phone number
- Agent bank details (BSB, Account number, name)
Tax return labels | Roll over from previous year in Practice Compliance | Roll over from AE/AO to Practice Compliance |
|---|---|---|
Front cover | - Full name of the trustee to whom notices should be sent – Individual Name | - Full name of the trustee to whom notices should be sent – Individual Name |
Income | - Item 1 Industry code and description of the main business activity - Item 2 Status if business | - Item 1 Industry code and description of the main business activity - Item 2 Status if business - Item 2 Z2 Consolidated subsidiary member - Item 2 G1 Significant global entity - Item 2 G2 CBC Reporting entity |
Business items | - Item 37 Business name of main business | - Item 37 Business name of main business - Item 38 Business address of main business |
Schedules | ||
Distribution received - partnership | - Name | |
Interest and Dividend Schedule | - Individual name | |
Losses schedule | - Item A 1 Tax losses carried forward to later income years | - Item A 1 Tax losses carried forward to later income years |
Motor vehicle expenses | - Make and model of vehicle | - Make and model of vehicle |
Non-individual PAYG payment summary schedule | - Trading name | - Trading name |
Rental property schedule | - Street name Line 1 and 2 | - Street name Line 1 and 2 |
Statement of Distribution | - Individual beneficiaries - name, TFN, date of birth, address - Non-individual beneficiaries - name, TFN, address - Assessment calculation code | |
Worksheets | ||
Borrowing expenses workpaper | - Loan description | |
Business - non primary production worksheet | - Business activity | |
Business - primary production worksheet | - Business activity | |
Dividend received worksheet | - Company name | - Company name |
Interest received worksheet | - Financial institution name | - Financial institution name |
Franking account worksheet | Closing balance | |
Interest income worksheet | - Financial institution name |
Partnership return
Partnership details
Most of the Partnership details are integrated from Contacts information in Practice Compliance
- TFN
- Name of Partnership
- ABN
- Current postal address
- Electronic funds transfer (EFT)
- Tax agent details
Tax return labels | Roll over from previous year in Practice Compliance | Roll over from AE/AO to Practice Compliance |
|---|---|---|
Front cover | - Full name of the trustee to whom notices should be sent – Individual Name | - Full name of the trustee to whom notices should be sent – Individual Name |
Income | - Item 1 Industry code & Description of the main business activity - Item 2 Z2 Consolidated subsidiary member - Item 18 Deduction description | - Item 1 Industry code & Description of the main business activity |
Business items | - Item 37 Business name of main business - Item 38 Business address of main business - Item 39 Opening stock | - Item 37 Business name of main business - Item 38 Business address of main business |
Distributions | Individual partner Non-individual partner | |
Schedules | ||
Losses schedule | - Item A 1 Tax losses carried forward to later income years - Item A 2 Net capital losses carried forward to later income years | - Item A 1 Tax losses carried forward to later income years - Item A 2 Net capital losses carried forward to later income years |
Motor vehicle expenses | - Make and model of vehicle | - Make and model of vehicle |
Non-individual PAYG payment summary schedule | - Trading name | - Trading name |
Rental property schedule | - Street name Line 1 and 2 | - Street name Line 1 and 2 |
Worksheets | ||
Borrowing expenses workpaper | - Loan description | |
Business - non primary production worksheet | - Business activity | |
Business - primary production worksheet | - Business activity | |
Dividend received worksheet | Company name | Company name |
Interest received worksheet | - Financial institution name | - Financial institution name |
Franking account worksheet | Closing balance | |
Interest income worksheet | - Financial institution name |