Item 24 - Other Income

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

You can use ATO pre-fill to use known amounts from the ATO records. See Pre-fill manager for details on using the PLS ATO pre-fill report.

The Other income Other Income - Category 1, 2 and 4 (oix) worksheet includes

Category 1 Income
Category 2 Income
Category 4 Income
Bonuses from life insurance companies and friendly societies
Forestry Managed Investment Scheme

Label Y - Category 1 income

Tax provides the Other Income - Category 1, 2 and 4 (oix) at label Y.

The worksheet has dissection grids behind each type of valid other income item. Press Alt+S at the first column (label Y amount) to open the grid.

You must use this worksheet in order to complete label Y

Income items must be further dissected into amounts relating to financial investment or rental income. These orange-coloured fields are mandatory for PLS lodgment.

Label X - Category 2 income (ATO interest)

Tax provides the Other Income - Category 1, 2 and 4 (oix) at label X listing the applicable types of income. Press Alt+S at label X to open the worksheet.

Label R - Category 3 income (FHSS)

See First home super saver scheme

If you requested a release of an amount under the FHSS scheme during 2018–19, you must include in your 2019 tax return:

any such FHSS amount
the tax withheld amount.

Use the Other income - Category 3 worksheet (oir) to complete this item.

You'll have received a payment summary from the ATO showing the assessable FHSS amount and the tax withheld.

If you requested the release of an FHSS amount during 2019–20, even if you did not receive the amount until after 30 June 2020, you must still include it in your 2020 tax return.

ATO Pre-fill

If you use ATO-pre-fill then the amounts will be pre-populated. See Pre-fill manager.

Label V - Category 4 income

Tax provides the Other Income - Category 1, 2 and 4 (oix) at label V .

You must use this worksheet in order to complete label Y

The worksheet has dissection grids behind each type of valid other income item. Press Alt+S at the first open column (label V amount) to open ta dissection grid.

Income items must be further dissected into amounts relating to financial investment or rental income. These orange-coloured fields are mandatory for PLS lodgment.

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

Labels E, Z and S - LSIA, Professional inc and FHSS

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

E - Tax withheld - lump sum in arrears

These payments relate to an earlier income year or years and would normally be shown at E on your PAYG payment summary – individual non-business, or at E on your PAYG payment summary – foreign employment.

Z - Taxable Professional Income

MYOB Tax (and the ATO) need the eligible Taxable professional income (PFI) to calculate any averaging offset. The Estimate Tab in the Return properties for the client store and control the 4 years of PFI from year-to-year. See Div 405 Averaging for further information.

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 their Assessment/Estimate of tax payable.

When you enter the Eligible income amount at label Z, the dissection dialog is opened and the amount you entered has defaulted to the Other income field.

To assist with the correct calculation of the income for averaging, you need to dissect that amount. 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.

Eligible income from the previous 4 years is stored and managed in the Return properties > Estimate tab. The 5th year's PFI is calculated from the current year amounts entered in the return.

If it is not to the taxpayer's advantage to average this year, then tick the checkbox ‘Averaging NOT required this year for Eligible professional income’.

Label S - Tax withheld - Assessable FHSS released amount

See First home super saver scheme

If you requested a release of an amount under the FHSS scheme during 2018–19, you must include in your 2019 tax return:

any such FHSS amount
the tax withheld amount.

You'll have received a payment summary from the ATO showing the assessable FHSS amount and the tax withheld.

If you requested the release of an FHSS amount during 2018–19, even if you did not receive the amount until after 30 June 2019, you must still include it in your 2019 tax return.

If you use ATO-pre-fill then the amounts will be pre-populated. See Pre-fill manager.