Other income - Category 2 worksheet (oix)

This worksheet provides an entry for each type of income applicable at label V. Refer to Item 24 - Other Income, Label V.

A new field has been added to the ovi worksheet called Tax office Pre-fill report data. Pressing [Enter] on this field will open a new worksheet to collect the amounts from the ATO Pre-fill Report.

Values entered will be integrated to the relevant labels in the return.

Income amount: Enter the total income amount for the relevant code in column Y. To record more than one amount making up the total click [Alt+S] to open a grid to further dissect the total amount.

The total of the amounts entered in the columns Other - Unrelated to financial investment and Related to financial investment will equal the total in column V.

Click this link for information on type of income on Item 24 Other income on the ATO website.

The income type:

• E - Income from activities as a special professional (Abnormal income)

Author of a literary, dramatic, musical or artistic work, inventor, performing artist, production associate or active sportsperson, excluding amounts you have already included at items 1, 2, 13, 14 or 15. Taxable professional income should also be included at label Z as you may be entitled to a concessional rate of tax if you have certain amount of professional income. You will not be taxed twice on these amounts
Include this income at label V, if this income has not already been included at any of the following items:

• items 1, 2 - as salary and wages type income, or

• item 13 - Partnerships and Trusts income, or

• item 14 - Personal services income, or

• item 15 - Net income or loss from business, then it must be included at Label Z.
  
  

As the taxpayer may be entitled to a concessional rate of tax - and for Averaging to be correctly applied in the estimate - you will also have to enter the eligible professional income amount at label Z. Label Z is an information only label and the taxpayer will not be taxed twice on these amounts.

Averaging:

1. open the Return Properties Estimate tab.

2. click the Div405averaging button.

• Enter the number of years for averaging and the eligible professional income for those years, or

• to turn off averaging this year, because applying it would be disadvantageous, tick the checkbox in the Estimate Tab in Return Properties for this taxpayer.

Refer to the publication Super contributions - too much super can mean extra tax on the ATO website.

Tax Pre-fill

This schedule can be pre-filled using the Pre-fill Manager. The Pre-fill Manager enables you to download pre-fill reports for clients using the Practitioner Lodgment Service (PLS). You can view these reports in PDF format, and populate the pre-fill information into the client's Tax return. For more information on pre-filling, see Pre-fill Manager.

Tax Pre-fill is dependant on available ATO data. Validate the Tax return by pressing [F3] for a list of the imported values and any errors before lodgment.