Individual Tax Return Summary workpaper

The Individual Tax Return (ITR) Summary is where everything in the individual's tax return comes together. It combines income, deductions, losses, offsets, credits, tax withheld and PAYG instalments, and works through the full calculation:

Total Income → Total Deductions → Taxable Income → Tax → Offsets/Credits → Amount Payable/(Refundable)

Data extraction

Income

Income comes from ATO Prefills, Interest Income, Dividend Income, Trust Income, Other Client Info, Rental Property, the CGT Summary and the Sole Trader Business (ABN 1) workpaper. It is shown under these categories:

• Wages and other income

• Interest

• Dividends

• Partnership and trust

• Personal services income

• Business income

• Capital gains

• Rent

• Other income

Deductions: all D1–D15 totals come from the Deductions workpaper.

Credits and tax paid

• Franking credits from ATO Prefills, Dividend Income and Trust Income

• Foreign income tax offsets from ATO Prefills and Trust Income

• PAYG instalments from ATO Prefills

• Tax withheld from wages and other applicable income

• TFN withholding from interest and applicable trust and dividend income

Calculations

• Total Income is the sum of all income categories.

• Total Deductions is the sum of all deduction categories.

• Taxable Income = Total Income – Total Deductions, before any loss adjustments.

• Earlier-year tax losses can be applied where relevant.

• Tax on taxable income is calculated using the tax rates for the relevant financial year.

• Medicare Levy is calculated using the rules and rates in the template.

• HECS is included where relevant.

Tax offsets

The Summary supports these tax offsets:

• Seniors and pensioners

• Australian superannuation income stream

• Superannuation contributions on behalf of spouse

• Zone/overseas forces

• Medical expenses for disability/attendant/aged care

• Landcare and water facility

• Early stage venture capital limited partnership

• Early stage investor

Result

The Summary shows the final AMOUNT PAYABLE / (REFUNDABLE).

Note: The Summary updates automatically whenever a source workpaper changes. If the return includes more than one individual, each individual's Summary is calculated independently. 

How to access

•     Go to Jobs and open the relevant job.

•     Click the Workpapers icon or navigate to Job Results then Workpapers.

•     Select ITR Summary on the Workpapers Dashboard.