Individual tax return instructions supplement 2012 - Australian ...

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20 Foreign source income and foreign assets or property2Ifthe total amount of foreign tax you paid during2011–12 is greater than $1,000 you can either:n simply claim $1,000 by printing $1,000 at Oitem 20, orn work out the full amount of foreign income taxoffset that you are entitled to claim and thencomplete O item 20. You must read the Guide toforeign income tax offset rules to work this out.21RentDid you earn rental income or wasyour property available for rent?No Go to question 22.Yes Read on.Part HAt any time during 2011–12, did youown or have an interest in assetslocated outside Australia that hada total value of A$50,000 or more?Assets include real estate, shares in companies,bonds, interests in partnerships or trusts, fundsheld in accounts or by other parties, and loansto other parties.If all the assets you held overseas are covered underquestion 19, your answer to this question is No.NoYesPrint X in the NO box at P item 20. You havenow finished this question. Go to question 21.Read on.Determine the value of all your overseas assets andwhether or not you received any income from thoseassets during 2011–12. Use:n the historical cost or market value, whicheveris greatern the exchange rate at 30 June 2012 to convert thevalue of the assets to Australian dollars or, if youdisposed of the assets during the year, the exchangerate at the time of disposal.Print X in the YES box at P item 20 if the value of youroverseas assets was A$50,000 or more.You have now finished this question. Go to question 21.Do not include rental income from properties locatedoutside Australia.Answering this questionYou must read the publication Rental properties2012 (NAT 1729) to work out the amounts youinclude at this item. To get a copy of this publication,go to ato.gov.au/instructions2012You may also need the following publications:n Guide to depreciating assets 2012 (NAT 1996)n Deductions for prepaid expenses 2012 (NAT 4170)You will need details of:n all rental income earnedn interest charged on money you borrowed for therental propertyn other expenses relating to your rental propertyn any expenditure on capital works to yourrental property.If you derived rent from a jointly held property, show onlyyour share of the rent and expenses at this item.s18 INDIVIDUAL TAX RETURN INSTRUCTIONS SUPPLEMENT 2012
21 RentCompleting your tax return1You2Write3Write4Write5Write6Addmust read Rental properties 2012 to work outthe amounts you show at this item.your share of the total amount of gross rentat P item 21.your share of the interest expenses that canbe claimed as a deduction at Q.your share of the capital works deductionsthat can be claimed as a deduction at F.your share of the other rental expensesthat can be claimed as a deduction (except anylow‐value pool deduction) at U.up the amounts at Q, F and U. Take awaythe total from the amount at P.Write this amount at Net rent.If you have made a rental loss, print L in theLOSS box at Net rent.22Bonuses from lifeinsurance companiesand friendly societiesDid you receive a bonus becauseyour life insurance policy or friendlysociety insurance bond:n matured, orn was terminated, forfeited, or surrendered in fullor in part?No Go to question 23.Yes Read on.Answering this questionShow a bonus amount at this item if all the followingconditions apply:n You received the bonus amount or directed how itis to be dealt with, within 10 years from when thepolicy started.n Your life insurance policy or friendly society insurancebond matured, was partly or fully terminated, forfeited,or surrendered.n The bonus amount was in addition to the premiumsyou paid to the life insurance company or friendlysociety.Do not show:n bonus amounts received after the 10th year ofthe policyn benefits you received from a friendly society that arebonuses from income bondsn life insurance bonuses from policies that– you started before 28 August 1982– matured due to the death of the person insured– you surrendered due to an accident, illness or otherdisability of the person insured– you surrendered due to severe financial hardship, or– are retirement savings accounts.INDIVIDUAL TAX RETURN INSTRUCTIONS SUPPLEMENT 2012 s19
Page 1 and 2: Instructions for taxpayersIndividua
Page 5: 13 Partnerships and trusts4Write5Wr
Page 8 and 9: 14 Personal services income4Transfe
Page 10 and 11: 15 Net income or loss from business
Page 12: 16 Deferred ‘non‐commercial’
Page 15 and 16: 19Foreign entitiesAre you an Austra
Page 17 and 18: 20 Foreign source income and foreig
Page 19: 20 Foreign source income and foreig
Page 23 and 24: 24Other incomeDid you receive any o
Page 25 and 26: 24 Other income4Add5Addup your cate
Page 27 and 28: D13Deduction forproject poolDid you
Page 29 and 30: D15 Other deductionsDebt deductions
Page 31 and 32: T7 Superannuation contribution on b
Page 33 and 34: T8 Zone or overseas forcesTable 1:
Page 35 and 36: T8 Zone or overseas forcesT9Tasmani
Page 37: T10Dependent relativeDid you mainta
Page 40: T11Landcare and waterfacilityDo you
Page 43 and 44: T13 Entrepreneurs tax offset2 Did y
Page 45 and 46: T14 Other tax offsetsA4Completing y
Page 47 and 48: More informationWEBSITEGo to ato.go

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