HandiHints: Issue 1 (2010 Tax Season)

July 2010

HandiTax: Item IT 6 and low value pool deductions

Item IT 6 forms part of the Income Test items. This item relates to the net loss, if any, from any rental property owned.

A component of the net rental loss is the sum of the low-value pool deductions relating to rental properties from item D6 and / or item P8.

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HandiTax: Warnings and Income Tax Returns

Warning messages, are intended to alert you that corrective action may be required, as the data entered or not entered into the income tax return may not be correct.

Warning messages, unlike validation errors do not prevent lodgement of the income tax return as they are only indicative of a potential issue

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Time+Billing: Job Reconciliation and WIP Reconciliation Report

The Job Reconciliation Report allows you to reconcile each client's job, to see how much work on the job is still billable.

The WIP Reconciliation Report shows you the Total WIP up to a certain date that you have done for a client.

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HandiTax: ATO PreFill Report Functionality

The ATO allows you request a Pre-Filling report containing your client's income details from their Tax Agent Portal view. The report can be viewed online or downloaded to your computer.

As with prior years we expect to have the ATO Pre Fill functionality early in August 2010, in line with the expectation that it will take some time for the ATO to gather and have sufficient information to make the prefill useful.

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