2017
Annual investment income reporting
(AIIR)
Presented by Third Party Data Management & Pre-fill Team, Australian Taxation Office / June 2017
Overview
 Reporting requirements
 System readiness
 Key changes
 Supporting documentation
 2017 AMMA/SDS – guidance notes for trustees
 Pre-fill
 More information
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Reporting requirements
 Available specifications:
− Electronic reporting specification (ERS) version 11.0
− Electronic reporting specification (ERS) version 10.0
− PC spreadsheet format version 5.0
− PC spreadsheet format version 4.0.2
 ATO Portals (Business/Tax Agent)
− AUSkey for both electronic and PC spreadsheet reporting
− File transfer test facility for electronic reporting only
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Reporting requirements
ERS version 11.0 or PC Spreadsheet format v5.0
You must report using v11.0 or v5.0 if you are:
 An Attribution Managed investment trust (AMIT)
 Reporting attributions received from an AMIT
 Reporting:
− Exploration credits
− Early Stage Venture Capital Limited Partnership (ESVCLP) tax offset
− Early Stage Investor tax offset
− credits for foreign resident capital gains withholding amounts
Farm Management Deposits (FMD) providers offering a loan offset account facility from 1 July 2016
must report using v11.0 only.
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Reporting requirements
Electronic specifications version 10.0.2
Reporting requirements:
 All other reporters can continue to use version 10
 No longer able to report Exploration credits at Foreign income tax offset field from 2017 onwards
 FMD reporters offering the loan offset account facility from 1 July 2016 cannot use this version.
PC spreadsheet format v4.0.2
Reporting requirements
 Must have less than 1000 investments
 FMD reporters must use the electronic reporting specifications
 Reporters can continue to use this version if not required to move to version 5.0.0
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System readiness
ATO Portals access required via the reporters AUSkey administrator:
 AUSkey – each person lodging the reports requires their own AUSkey
 Permissions for electronic reporting via the File Transfer function – Annual investment income
report
 Permissions for PC spreadsheet reporting via the Mail function – View and Action own mail
 Validation reports are for electronic reporting only
Testing facilities :
 Software developers Data Transfer Test facility is for testing of software only - now available
 Portal file transfer test function for electronic production data – now available
 PC Spreadsheet – there are no validations in ATO portals for the spreadsheet lodgments, the data
will be reviewed by our Data Quality & Integrity Team once full lodgment is received .
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Key changes
New fields and validations
Investment Body Identity Data Record:
 Investment body entity type code (7.49)
− mandatory for all reporters to complete
− Validation error VR488 – valid values are C, I, G, O, P, S or T
 Investment body entity sub-type code (7.50)
− mandatory if Investment body entity type code is for a Trust (T) only
− Validation error VR489 – valid values are AMI, IDP, NMT, NOM or TOT
− Validation warning WM291 - Field must be blank as Investment body entity type code is not set
to T.
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Key changes
New fields and validations
Investment Account Data Record:
 Type of Payment (7.70)
– New type of payment ‘AMT’ for amounts attributed from an AMIT including MIT fund payments
made to non-residents
– Validation warning WM294 – valid values are AMT, DIS, DIV, FSI, INT, IRB, TDP or UTD
 Exploration Credits (7.104)
– Valid types of payment – AMT, DIV or UTD
– Validation warning WM78 – Payment type must be AMT, DIV or UTD
 Listed investment company capital gain deduction (7.105)
– Valid types of payment – AMT, DIV or UTD
– Validation warning WM78 – Payment type must be AMT, DIV or UTD
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Key changes
New fields and validations
Supplementary Income Account Data Record:
 Supplementary income account data record is mandatory if reporting:
– attributions (Type of payment AMT)
– distributions (Type of payment UTD) including when no amounts are to be reported.
– Must have an Investment account data record
– Validation error VR476 - Records must be in the defined sequence.
 Supplementary income payment type (7.107)
– New Type of payment of AMT
– Validation error VR387 - The valid values must be AMT or UTD
– Validation error VR156 – This field must have the same value as Type of payment field in
Investment account data record
 New fields applicable to AMITs and non-AMITs:
– Gross cash distribution (7.118)
– Interest exempt from withholding (7.119)
– Non-assessable non-exempt amount (7.124)
– Other income (7.127)
– Share of Foreign Resident Capital Gains Withholding payments (7.129)
– Share of Early Stage Investor tax offset (7.130)
– Share of ESVCLP tax offset (7.131)
– Royalties (7.132)
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Key changes
New fields and validations
Supplementary Income Account Data Record:
 Applicable to AMITs only:
– AMIT cost base net amount – excess (7.125)
- Validation warning WM519 - The AMIT cost base net amount - excess field must be zero filled
when the AMIT cost base net amount - shortfall is greater than zero.
– AMIT cost base net amount – shortfall (7.126)
- Validation warning WM520 - The AMIT cost base net amount – shortfall field must be zero
filled when the AMIT cost base net amount - excess is greater than zero.
– Name of AMIT class (7.128)
- Multi class AMITs
- Complete if more than one class of membership interests
- Separate Investment account data record and Supplementary income account data record
followed by Investor data record(s) for each class
- Separate classes can be reported in the same AIIR report.
- Validation warning WM544 - If the Payment type is not AMT, this field must be blank filled.
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Key changes
New fields and validations
Farm Management Deposit Account Data Record:
 Interest offset account (7.151)
− Mandatory for FMD providers
− Indicate Y if at any time during the year the interest was used as an offset account
− Amount of interest not offset should be reported at Interest (7.76) field
− Validation error VR593 - The valid values for this field are 'Y' or 'N'
Investor Data Record
 Gender (7.192)
− Validation warning WM268 - The Gender field must contain one of the following values 'M' , 'F' ,
'U' or 'X‘
File Total Data Record
 Mandatory for all reporters:
− Count of SLDR records in the file (7.211)
− Count of DSALESEC record s in the file (7.215)
− Report zero at these fields
− Validation warning WM537 - The Count of Security Level Data Records (SLDR) must equal the
total of all SLDR records in this file
− Validation warning WM538 - The Count of Sale of securities data record (DSALESEC) records
must equal the total of all DSALESEC records in this file.
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Key changes
New validation errors
Error
Message
VR387
The valid values must be 'AMT' or 'UTD'
VR476
Records must be in the defined sequence.
VR481
The Financial year field must be on or after 2017.
VR487
The valid values for this field are 'Y', 'N', or 'U'
VR488
The valid values for this field are 'C', 'I', ‘G’, ‘O’, ‘P’, ‘S’ or 'T'
VR489
If the investment body entity type code field is ‘T’ then must be ‘AMI’, ‘IDP’,
‘NMT’, ‘NOM’ or ‘TOT’
VR592
Sales of securities information must not be reported before 1/7/2018.
VR593
The valid values for this field are 'Y' or 'N'
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Key changes
New validation warnings
Warning
Message
WM268
The Gender field must contain one of the following values 'M' , 'F' , 'U' or 'X'
WM291
Field must be blank as Investment body entity type code is not set to 'T'.
WM294
Field must contain either – AMT, DIS, DIV, FSI, INT, IRB, TDP or UTD.
WM519
WM520
WM537
WM538
WM544
The AMIT cost base net amount – excess field must be zero filled when the
AMIT cost base net amount – shortfall is greater than zero.
The AMIT cost base net amount – shortfall field must be zero filled when the
AMIT cost base net amount – excess is greater than zero.
The Count of SLDR records in this field must equal the total of all SLDR
records in this file.
The Count of DSALESEC records in this field must equal the total of all
DSALESEC records in this file.
If the Payment type is not ‘AMT’, this field must be blank filled.
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Supporting documentation
AIIR Companion guide
 Version 3.0 of the AIIR companion guide supports AIIR ERS v11.0 and PC spreadsheet v5.0
− New chapter for AMITs
− Covers 2017 reporting of AIIR ERS v11.0 and V5.0 of the PC spreadsheet
 expected to be published in June.
 We will advise reporters through the AIIR news and updates bulletin when this becomes available.
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2017 AMMA/SDS – guidance notes for trustees
 The 2017 Attribution managed investment trust members annual (AMMA) statement and Standard
distribution statement (SDS) – guidance notes for trustees is expected to be published by early
June.
 The statements align with v11of the AIIR ERS or v5 of the PC spreadsheet format
 An AIIR News and Updates bulletin will be issued as soon as the guidance notes are available on
our website.
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Pre-fill
Importance of timeliness and data quality
 Timeliness – the earlier the ATO receives the AIIR the earlier the data is pre-filled in MyTax or the
Tax Agent Portal for individual taxpayers to lodge their income tax return.
 Data quality – the quality of the data provided determines how much we are able to make available
for individual taxpayers
 ATO website Pre-fill availability webpage will display when the data is available for individual
taxpayers providing a more contemporary client experience.
– https://www.ato.gov.au/individuals/lodging-your-tax-return/in-detail/pre-fill-availability/
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More information
Specifications:
 The reporting specifications are available on the Software developers website:
http://softwaredevelopers.ato.gov.au/electronicreportingspecificationssummary
Contact us:
 Reporting and lodgment enquiries - email [email protected]
 AUSkey - phone 1300 AUSKEY (1300 287 539)
 ATO Portals support - phone 13 28 66
 Any questions regarding this webinar – email [email protected]