The Tax application calculates this amount from the amounts entered at labels H1, H2, H3, H4, H5, H7 and H8, displayed on the left of the Calculation Statement (Company) tab.
Show at label H1 only the calculated interest amount of 50 cents or more for early payment. Do not show actual payments.
Click label V to open the Interest on early payments worksheet (epi).
A list of the EPI rates is available from Maintenance > Tax Rates > EPI Rates
Show at label H2 the total of tax withheld from payments made to the company that were subject to foreign resident withholding (excluding capital gains). This includes any share of credits received by the company from a partnership or trust.
Click label H2 to open the Foreign resident withholding (excluding capital gains) dialog that provides access to worksheets that integrates to this label:
If an amount of tax withheld is shown at label H2, ensure you show the corresponding gross payment at income label B, Item 6 or the corresponding gross distribution from a partnership or trust at Income, labels D or E, Item 6.
Show at label H3 the total tax withheld from payments made to the company that were subject to withholding where an ABN was not quoted.
This amount equals the sum of the amounts shown in the relevant tax withheld boxes on the Non-individual PAYG payment summary schedule.
Click label H3 to open the Payment summary schedule (PS).
The Non-Individual Payment Summary is not deleted using Preparation > Delete schedules. To clear the payment Summary and values integrated to the return, open the schedule and delete the details from it. If you wish to retain the text, then delete the values from the $ amount fields only.
Do not include any share of tax withheld from a partnership or trust distribution where an ABN was not quoted. This is shown at label H7 Other credits.
If an amount of tax withheld is reported at label H3, declare the corresponding gross payment at Income, label A Gross payments where ABN not quoted, item 6.
Show at label H4 any amounts withheld from investment income by an investment body because the company did not provide a TFN or ABN and which have not been refunded already to the company.
Click label H4 to open the TFN Credits (refer to Tax Withheld from interest/investments (TFN)) dialog providing access to worksheets that integrate to this label:
Show at label H5 the total amounts withheld from payments where a TFN has not been provided to a trustee of a closely held trust.
If amounts have been withheld from distributions to the company under these rules, the company is required to receive a payment summary in the approved form from the trustee.
Click label H5 to open the TFN withheld from closely held trusts dialog providing access to worksheets that integrate to this label:
For more information regarding the TFN withholding rules for closely held trusts refer to the ATO website.
Click label H7 to open the Other Credits (Form C) dialog that provides access to worksheets that integrate to this label:
Show at label H7:
The company's share of credit from a partnership or trust for tax withheld where an ABN was not quoted.
The company’s share of credit for tax paid by a trustee on net income.
For RSA providers - Interest on no-TFN tax offset:
If you make a claim for the interest on the overpayment you must prepare an ‘Other Attachments’ schedule showing the amount of the interest on no-TFN tax offset that is included at label H7
Use the MYOB worksheet Interest on No-TFN offset (ito) which combines the calculation of the No-TFN Tax Offset and the interest on the no-TFN Tax Offset. MYOB Tax will integrate the amount calculated for the offset to label H7 Other credits.
Do not include at label H7:
those credits included at item 20 label J Foreign income tax offsets. You should not include any amounts that relate to PAYG instalments raised. Include these at label K PAYG instalments raised.
Show at label H8 the total amount of tax withheld from payments to the company that were subject to foreign resident capital gains withholding in Australia. Include at H8 the Company's share of foreign resident capital gains withholding credits distributed to the Company from its share of net income from a partnership or a trust or from any other source.
You should only claim at H8 a credit equal to the amount of foreign resident capital gains withholding paid by a purchaser to the ATO on your behalf. The ATO would have issued you with confirmation of this amount.
Do not include credits for amounts withheld from foreign resident withholding (excluding capital gains) at H8. Include these at H2 Credit for tax withheld - foreign resident withholding (excluding capital gains).