Rental income or loss holding dialog (item 50)
What is a holding dialog?
It's a storage record containing integration points from other worksheets. It has a spare field where you can enter an amount that doesn't have an ATO label in the return.
Where do I find it?
The holding dialog is at item 50: label H—Net rental income or loss. It collects the amounts of rental and share of rental income or loss entered in the partnership return and associated worksheets.
Why does the ATO need it?
The ATO cross-matches these amounts with the partner's lodged individual tax return lodged. Income tests are used to calculate adjusted taxable income (ATI). The ATI is used to test the eligibility to certain tax offsets such as:
- HELP loan repayments, including such payments as:
- Student Financial Supplement Scheme (SFSS)
- Student Start-up loan (SSL)
- ABSTUDY Student Start-up loan (ABSSL)
- an individual's super co-contributions
- Medicare levy surcharge.
The Department of Human Services (DHS) uses them to work out whether you are entitled to Family tax Benefits FTB Parts A or B.
MYOB uses them to calculate your client's tax liability when the F4 estimate is prepared.
When you distribute the partnership's income or loss using F8 or clicking Distribute, we'll filter amounts calculated through to the relevant worksheets and labels in the main return.
Click Distributions received to view or edit the dip worksheet.
You can't edit the Net foreign rental income/loss or the Net Rental income/loss fields. If you need to change them, go to:
- Item 23: Label V—Foreign income. See Foreign income worksheet (for), the sum of all transactions with the code F.
- Item 9: Net rent calculated in the Rental Property schedule (rep). When lodged or printed, this worksheet converts to the ATO Rental Schedule (BR) format. See Rental_Property_Schedule_B_and_BR.pdf
