New areas and items covered by Tax Time 2016 pre-filling service

The ATO advices that use of the pre-filling service will ensure that information provided by your clients is cross-checked with data that it already holds. This is one way to help ensure the accuracy of returns. But there are also new areas and items covered by Tax Time 2016 pre-filling service. New items covered Tax Time 2016 pre-filling service
The ATO advices that the pre-filling service for Tax Time 2016 includes the following updates:

  • removal of taxpayer gender information
  • more statement-of-distribution data reported from partnerships
  • consolidation of capital gains fields and new transfer of trust income data from managed funds
  • new foreign source investment income data
  • exploration credits reported by companies as dividends will display as tax offsets
  • removal of Medicare benefit tax statement due to the net medical expense tax offset phase-out
  • removal of account holding type and employee identifier for employee shares schemes, and new messages for some employees with overseas employment periods
  • changes to ATO interest due to simplified data capture
  • closing stock will be included in prior-year individual tax return data
  • myDeductions data that your clients upload will be accessible in your Standard Business Reporting-enabled software, through the Practitioner lodgment service
  • data availability for your ATO clients
  • improved display of information.

Practitioners are reminded by the ATO that the pre-filling service only reflects the information received by the ATO at the date a request for the data is made. It says it expects most pre-filling information to be available by early August.