IITR.730088 involving Label 19 & Label 20 in individual AE tax return
For an individual client's 2020 FY tax return, I have to disclose an amount of CFC income under Label 19 "Foreign Entities", Label K "CFC income". In the 2020 FY tax return, this leads me to the "Foreign entities" schedule > "Foreign income" schedule (new changes to 2020 FY tax return). To the best of my knowledge and following the 2020 FY individual tax return instructions concerning Label 19, I have completed all the necessary disclosures relating to the CFC income. There are no cents disclosed (everything is in whole numbers). The individual client also has an amount of foreign interest income, which I have disclosed under Label 20 M through the "Foreign income" schedule. There are no cents disclosed. The same amount input at Label 20 M is now reflected at Label 20 E. The client has no other foreign income to disclose. However, when trying to validate, MYOB AE Tax shows error IITR.730088 which warns that "Assessable foreign source income amount is incorrect". The detail says that "The Assessable foreign source income amount must equal the sum of the following amounts provided in the attached Income Details schedule: all Foreign income gross amounts; all Foreign pension or annuity gross amounts; all Foreign rental income gross amounts; all Foreign financial investment gross amounts; all Other foreign income gross amounts; all Your share of assessale foreign income from managed fund amounts where there is more than one account holder; and all Total assessable foreign income from managed fund amounts where there is a single account holder". Item links: 20. I have a suspicion that because in 2020 FY, the CFC income is now disclosed in the "Foreign income" schedule alongside other foreign income, this is what triggers the error. Could anyone please advise how I can resolve this? Thanks! Edit: Sorry if cross-posting is not allowed; my first post was under "Other MYOB software" and then I realised it was more appropriate to post in "MYOB AO/AE".Solved1.2KViews0likes2Comments