– The gross interest earned on an account for the financial year will need to be divided by the total account holders in order to prevent a misreporting of interest and a larger taxable income for the taxpayer on their IITR: ÷ = Taxpayer proportion [Gross Interest] Proportion of Interest Where: Term Label [Gross Interest] Bank - Gross Interest [Proportion of Interest] Bank - Reported Number of Account Holders Important: To avoid errors in lodgment and processing we recommend the following validations be applied – The taxpayer’s proportion value amount cannot be greater than the total gross interest amount as this will cause an error that will prevent processing of the IITR. TFN – Where applicable a calculation will need to be performed for an account where the account holders did not quote their TFN to their financial institution: ÷ = Taxpayer proportion [TFN Amounts Withheld] [Reported Number of Account Holders] Where: Term Label [TFN Amounts Withheld] Bank - TFN Amounts Withheld [Proportion of Interest] Bank - Reported Number of Account Holders Important: To avoid errors in lodgment and processing we recommend the following validations be applied – The individual taxpayer’s proportion value amount of total TFN amounts withheld cannot be greater than the total gross interest amount as this will cause an error that will result in the IITR not being processed. The individual taxpayer’s proportion value amount of total TFN amounts withheld cannot be greater than 50% of their share of the total gross interest amount. Once the amount is apportioned it can be assigned to the IITR as is described SBR Pre-fill SBR PIITR Requires SBR IITR SBR IITR IITR Alias Label apportioning? Alias IITR855 Bank - N Not Financial applicable – Institution not mapped Name on IITR (informational only)
– The gross interest earned on an account for the financial year will need to be divided by the total account holders in order to prevent a misreporting of interest and a larger taxable income for the taxpayer on their IITR: Taxpayer proportion = [Gross Interest] ÷ Proportion of Interest Where: Term Label [Gross Interest] Bank - Gross Interest [Proportion of Interest] Bank - Reported Number of Account Holders Important: To avoid errors in lodgment and processing we recommend the following validations be applied – The taxpayer’s proportion value amount cannot be greater than the total gross interest amount as this will cause an error that will prevent processing of the IITR. – TFN Where applicable a calculation will need to be performed for an account where the account holders did not quote their TFN to their financial institution: Taxpayer proportion = [TFN Amounts Withheld] ÷ [Reported Number of Account Holders] Where: Term Label [TFN Amounts Withheld] Bank - TFN Amounts Withheld [Proportion of Interest] Bank - Reported Number of Account Holders Important: To avoid errors in lodgment and processing we recommend the following validations be applied – The individual taxpayer’s proportion value amount of total TFN amounts withheld cannot be greater than the total gross interest amount as this will cause an error that will result in the IITR not being processed. The individual taxpayer’s proportion value amount of total TFN amounts withheld cannot be greater than 50% of their share of the total gross interest amount. Once the amount is apportioned it can be assigned to the IITR as is described SBR Pre-fill IITR Alias SBR PIITR Label Requires apportioning? SBR IITR Alias SBR IITR IITR855 Bank - Financial Institution Name N Not applicable – not mapped on IITR (informational only)
ATO-PIITR-0005.2018-Business-Implementation-Guide.docx-v1.3.docx