V600 - V699 2024

Company type indicates either corporate unit trust or public trading trust which does not require residency type (Item 3 label C) or status of your business to be present (Item 3 label E) - check residency type and status of your business. Ensure to use the Tax Office ANZSIC code 62400 if the company type is either corporate unit trust or public trading trust.

EC

Residency is required (Item 3 label C) unless the company is a corporate unit trust or public trading trust.

EC

The Credit Union operation has incorrect Tax on taxable or net income. Check the rate calculation.

EC

The Company is not an entity that has been identified as being allowed to have a tax rate of less than 30%. Check the rate calculation.

EC

The tax on taxable or net income figure is excessive in the calculation statement.

EC

The company is a credit union and a small business entity and tax on taxable or net income is not equal to 41.25% of any excess over $49,999 on Taxable or net income (label A).

EC

Company is a credit union and is not a small business entity and tax on taxable or net income is not equal to 45% of any excess over $49,999 on Taxable or net income (label A).

EC

In the calculation statement the amount of payment/refund must be equal to total of tax payable (T5), plus Section 102AAM interest charge (G) less all credit labels (H1, H2, H3, H4, H5, H7, and H8), tax offset refunds (I) and PAYG instalments raised (K). Where the calculated figure is positive payment is required; if it is zero no payment is required; and if it is negative a refund is due.

EC

The taxable income/loss figure at Item 7 Label T must be equal to the sum of all income items less the sum of all expense items plus extraordinary revenue/expenses, total capital gains, non-deductible exempt income expenditure, other assessable income and
non-deductible expenses items less other expense items.

EC

An amount is present at depreciation deducted (Item 7 Label F) and there is no amount at depreciation expenses (Item 6 Label X) or an amount is present at depreciation expenses (Item 6 Label X) and there is not amount at depreciation deducted (Item 7 Label F) and the tax payer is not claiming any small business entity simplified depreciating assets deductions.

EC

An amount is present at total salary and wage expenses at (Item 8 Label D) without an action code. Please check and input the relevant salary and wage expense action code.

EC

A salary and wage expense action code is present and the amount of salary and wage expense is either missing or equal to zero at Item 8 Label D.

EC

Total salary and wage expenses at Item 8 Label D cannot exceed the total of expense items at Item 6 Labels B, A, C, D, E, F, I, H, V, J, W, U, X, Y, Z, G and S.

EC

Trading account items are present (Item 6 Label C, Item 8 Labels A, S, B) without cost of sales (Item 6 Label A). Include cost of sales to clear error.

EC

Depreciation expenses at Item 6 Label X cannot exceed R&D accounting expenditure Item 7 Label D plus non-deductible expenses at Item 7 Label W for a taxpayer not claiming any small entity simplified depreciating assets deductions.

EC

On the front cover an ACN/ARBN is present at previous name without a company name present. Enter the correct Australian company name at previous name.

EC

On the front cover a previous company name is present without a valid Australian company number (ACN) or Australian registered body number (ARBN).

EC

Ultimate holding company ABN or overseas location code is present without an ultimate holding company name.

EC

Either ultimate holding company ABN or location code is required. Both items cannot be present.

EC

Immediate holding company ABN is present at Item 1 on the front cover without an immediate holding company name.

EC

The amount of Foreign income tax offset claimed must be less than or equal to the sum of Net foreign income and all Attributed foreign income.

EC

There is an amount at the Foreign income tax offset and no amounts at Net foreign income or Attributed foreign income are present.

EC

At Item 7 losses recouped (Label R) or losses transferred in (from or to: a foreign bank branch or a PE of a foreign financial entity) (Label S) cannot add to or create a taxable loss (Label T). Adjust losses recouped or losses transferred in until the taxable income/loss figure is zero.

EC

^JID < ((^ALY * 0.15) - 1) and ^AGK = 05

The tax on taxable or net income is less than 15% of taxable or net income and the company type is a pooled development fund.

EC

When there is an amount regarding loans to shareholders and their associates, the loan type action code must also be indicated.

EC

When there is a loan type action code, there must be an amount present at loans to shareholders and their associates.

EC