Item 24 - Other Income

Other Income type: Select the appropriate code from the list.

Tax provides the Other income - Category 1 worksheet (oiy) at label Y listing the applicable the types income. The worksheet has dissection grids behind each expense. Press [Alt+S] at the first open column (label Y amount ^CZD) to open the grid. Refer to Other income - Category 1 worksheet (oiy) and Tax withheld - lump sum payments in arrears worksheet (poi).

Tax provides the Other income – Category 2 worksheet (oix) at label X listing the applicable types of income. Press [Alt+S] at label X to open the worksheet. Refer to Other income - Category 2 worksheet (oix).

Tax provides the Other income - Category 3 worksheet (oiv) at label V listing the applicable types of income. The worksheet has dissection grids behind each expense. Press [Alt+S] at the first open column (label V amount ^CZF) to open the grid. Refer to Other income - Category 3 worksheet (oiv).

In order that the ATO and MYOB Tax can calculate averaging for the year, the Taxable Professional Income (TPI) must be entered at label Z and you must complete the Averaging details in the Return properties > Estimate Tab for the taxpayer. For details of this tab refer to Div 405 Averaging.

The amount to be entered at Taxable professional income at label Z is calculated as the amount remaining after deducting from the assessable professional income the total of deductions that reasonably relate to this income.

Do NOT deduct from the amount at label Z any apportionable deductions - for example gifts to charity that have been shown at item D9 as both the ATO and Tax will perform that calculation during the preparation of the Assessment/Estimate of tax payable.

When you enter the Eligible income amount at label Z, the following dissection dialog is opened:

The amount you have entered defaults to the ‘Other income’ field. If the income is from Salary or Wages, then the relevant amount should be keyed in that field - likewise for the other types of income.

If averaging is not required this year, open Return Properties > Estimate > Division 405 Averaging and tick the checkbox ‘Averaging NOT required this year for Eligible professional income’.