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21 Oct 13 Ensure the IT5 and IT6 income tests labels are completed correctly

The ATO has warned tax practitioners to ensure that the IT5 and IT6 income tests labels are completed correctly.

The ATO says that it has reviewed a small sample of 2012-13 individual returns lodged since 1 July 2013 and found some possible errors:

  • Other deduction (D15) expenses such as income protection insurance incorrectly attributed to the Financial investments sub-label rather than Other
  • General business losses incorrectly attributed to the Financial investments sub-label rather than Other.
  • Low value pool deductions incorrectly attributed to the Financial investments sub-label rather than Other.


For more information, go here


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