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Other income - Category 1 worksheet (oiy)

You must use this worksheet to enter any Other income received from ATO Category 1 sources for label Y.

Enter the total income amount for the income type and code. To dissect that amount press Alt+S at the oiy income item to open a grid.

For PLS lodgment, each expense must be categorised as either relating to:

  • Financial investment, or
  • Rental income.

The label Y amount entered is passed to the first of the Orange columns: Unrelated to fin inv or Rental.

If it is related to either of Financial investment or Rental, then enter the amount that is related in one or both of the other two columns.

The amount in the Unrelated column will reduce by the amount entered in the other two columns.

If you do not dissect the amount then it will be lodged as Unrelated to both Financial investment or Rental properties. The ATO cross matches certain types of income with their internal records.

See Item 24 Other income on the ATO website for further information.

Code A Lump sum payments in arrears not shown at item 7 relate to LSIAs of an earlier income year or years. This amount would be shown at E on your PAYG payment summary - individual or at box E on your PAYG payment summary -foreign employment.

You may be entitled to a refund if you received a superannuation income stream lump sum in arrears.

MYOB Tax does not currently support the calculation of this offset. The ATO will calculate this offset on assessment and,for that to occur, you must attach an Other Attachments schedule giving the amount of the payment in arrears for each income year involved.

If you have received a PAYG payment summary - foreign employment showing an amount at Lump sum E on which foreign tax has been paid you will also need to include the amount at label U item 20. You will not be taxed twice on this amount. If you have calculated the income in arrears rebate amount and would like to see it included in the MYOB tax Estimate, a special field is provided in the Return Properties > Estimate > Income in Arrears to enter the amount of the rebate.

Tax Pre-fill

As this schedule can be pre-filled directly from ATO records, you should see Pre-fill manager for the latest ATO PLS which provides a great deal more information than the previous pre-fill functionality.

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