Article Objective: To assist users in navigating the Active Platform with generating a tax report to help compile the income tax return information for the entity in a binder. Context: Taxonomy is the categorisation of accounts into specific sections of the tax return, i.e. for the Accounts Receivable account, the taxonomy is: asset, current asset, trade debtors. This means this figure will populate into the asset, current asset and trade debtors line in the tax return worksheet. Please refer to the Glossary for definitions of key terms used in this article. |
Generating a tax report
Select the relevant dataset, navigate to the Reports screen and click on the Tax Report tab.
This will simply show the account number, account name, taxonomy and balance of each account. If you have selected to categorise certain accounts as primary production or non-taxable, they will also populate in here. See the knowledge article: Accounts - overview for more information on how to do this.
Using the tax return worksheet
When in the binder, click Accept on the 'Company Tax Return' worksheet. The name of this worksheet will vary depending on whether you are completing work for a company, trust or partnership.
Once accepted, the worksheet will populate and open, as below.
A list of the most common form fields for a company tax return for income, expenses and financial information are as follows:
| Label | Name |
|---|---|
| 6 - Income | |
| B | Gross payments subject to foreign resident withholding (excluding capital gains) |
| A | Gross payments where ABN not quoted |
| C | Other sales of goods and services |
| D | Gross distribution from partnerships |
| E | Gross distribution from trusts |
| X | Forestry managed investment scheme income |
| F | Gross interest |
| G | Gross rent and other leasing and hiring income |
| H | Total dividends |
| I | Fringe benefit employee contributions |
| Q | Assessable government industry payments |
| J | Unrealised gains on revaluation of assets to fair value |
| R | Other gross income |
| S | Calculation of total income |
| 6 - Expenses | |
| B | Foreign resident withholding expenses (excluding capital gains) |
| A | Cost of sales |
| C | Contractor, sub-contractor and commission expenses |
| D | Superannuation expenses |
| E | Bad debts |
| F | Lease expenses within Australia |
| I | Lease expenses overseas |
| H | Rent expenses |
| V | Interest expenses within Australia |
| J | Interest expenses overseas |
| U | Royalty expenses overseas |
| W | Royalty expenses within Australia |
| X | Depreciation expenses |
| Y | Motor vehicle expenses |
| Z | Repairs and maintenance |
| G | Unrealised losses on revaluation of assets to fair value |
| S | All other expenses |
| Q | Calculation of total expenses |
| T | Calculation of total profit or loss |
| 8 - Financial and Other Information | |
| A | Opening stock |
| S | Purchases and other costs |
| B | Closing stock |
| C | Trade debtors |
| D | All current assets |
| E | Total assets |
| F | Trade creditors |
| G | All current liabilities |
| H | Total liabilities |
| J | Total debt |
| J | Franked dividends paid |
| K | Unfranked dividends paid |
| P | Opening franking account balance |
| M | Closing franking account balance |
| N | Loans to shareholders and their associates |
| D | Total salary and wage expenses |
| Q | Payments to associated persons |
Note: There are some additional labels in the above sections, as well as additional sections in the worksheet such as capital allowances, losses information, etc. which are able to be filled out too. In most cases, depending on which worksheets you have added and completed in your binder, they will automatically prefill. For example, if you were to add and complete a losses worksheet, these figures would pre-populate into their respective lines in the losses information section of the tax return worksheet.