Form I RSD Options

Retain alpha details

Selecting this option rolls over all text entered in returns or schedules and worksheets, for example: Payment summary details. Financial institution details entered for Interest and Dividends, all Rental property details any other text entered.

Retain numeric values

This would not be a recommended option to select as it will roll the same amounts that were entered in the 2016 return into the newly rolled over 2017 return. This could lead to errors if an amount from the previous year that was not applicable in the current year was overlooked when reviewing the return.

Update Depreciation and Capital Works deductions

Unless you want to enter all your depreciating asset details each year, leave this option ticked. During the Year End and RSD routines, Tax moves Closing adjustable values to Opening adjustable values and automatically calculates depreciation for the current year.

Carry forward capital and foreign losses

This option should be left ticked so that Capital Losses, Foreign Losses and Excess foreign tax credits are carried forward to the new tax year in their respective categories and classes.

Schedule W defaults (Form I only)

You should give particular consideration to the Schedule W (ATO Work Related Deductions schedule) options and consider accepting the default of removing it and just using the Tax worksheets unless you have been advised by the ATO that you must lodge this schedule for all clients with work related deductions exceeding $300.

If the Practice has more than one ELS lodging Agent and that Agent has been instructed by the ATO to lodge the Schedule W for all taxpayers with work related deductions greater than $300, click the Agent Maintenance button and make the selection for Schedule W rollover for the particular Agent.

Agent Maintenance

This links to the Agents index. Where the practice has more than one Tax Agent and that Tax Agent's details have been attached to certain returns in the Return Properties > Staff tab, the RSD program will search for any special requirements for individual Agents in regard to the coming year. Refer to Agents.