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IT5 Financial investment income and deductions (fil)

With the introduction of the Reforms to Income Tests (RIT), with effect from 1 July 2010, financial investment losses are added back to taxable income when calculating adjusted income for certain income tests under the Reforms to Income Tests rules (RIT).

Income section

Deductions section

This worksheet is provided to minimise data entry and to calculate the Net financial investment loss that is to be included at item IT5 label X which will be used in the Income Tests applied to the relevant income test requirements as described fully in Appendix 7.

Tax will default values from items entered at specific items in the return. However, there are certain values that Tax cannot reliably calculate and this will require intervention by the preparer to check and complete some information. That intervention will be advised at the time of [F3] validation.

As it is not possible for Tax to discern how much of the amount entered at Item 13U relates to Managed Investment Fund income distributions or deductions included at 13Y, these fields will need to be completed by the preparer.

Only where the result is a loss will a value be integrated to IT5 label X.

To assist with the integrating of certain items to this worksheet, changes have been made to both the Distribution from Partnerships worksheet (dip) and Distribution received from Trusts worksheet (dit) and the foreign income worksheet (for).

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