Australian Tax Year Reviews

​

Open a year review

The Australian tax year reviews flow provides separate workspaces for the financial years ending in 2025, 2026 and 2027. Open the new flow from Australian tax, choose the legal entity, then select its financial year. Each entity has its own year list. Within a workpaper, the entity name and financial year stay visible. Changing Financial year keeps the same entity; changing Tax entity keeps the same year and opens that entity’s workpaper. All financial years returns to the selected entity’s year list. The compact workpaper uses coloured totals, section headings and status badges to make the figures easier to scan. Cards have subtle, even borders. Green highlights calculated or confirmed items, blue separates supporting information, and amber draws attention to review items. Read the accompanying labels to check each item’s status. On smaller screens, scroll the tab strip and wide schedules sideways to see all columns. Investment decisions, assessments, notes, review status and saved history stay with the selected entity and year. They are not copied when you switch. Save changes before navigating away, or confirm that you want to discard unsaved changes. An older workpaper link opens the same entity and year in this flow. A year with no saved workpaper starts with independent defaults. Prior-year exemptions, confirmations and capital losses do not carry forward automatically. Review and enter any opening losses from that entity’s supporting records. The year ending in 2026 covers 01/07/2025 to 30/06/2026. The same convention applies to the other years. Keep records, assumptions and assessments with the entity and year to which they relate. This flow is separate from the existing Australian Tax Workspace. Each year shows its own rule version, source references, changes from the previous year and review coverage. A research preview has not received a professional release approval. Its figures remain provisional. You can prepare a draft or make it ready for review, but you cannot mark it Reviewed until the year’s rules have been released and the workpaper’s checks are complete.

​

Confirm the profile and adjustments

In Year profile and adjustments, check the taxpayer type and tax residency for the whole financial year. Part-year residency, trusts and other special circumstances need an adviser’s calculation. Check franking credit eligibility against the supporting tax records. Company users can record adviser confirmation of eligibility for the lower company rate. Changing the taxpayer type or residency clears investment confirmations so their treatment can be reviewed again. Enter any other assessable income, deductible expenses, opening capital losses and confirmed withholding credits missing from the investment records. Avoid counting the same amount twice. Capital losses are reviewed separately from ordinary income losses. The following amounts require adviser confirmation:

• Foreign tax offset: the amount that can be claimed, which may differ from foreign tax paid.
• Medicare levy and surcharge: the combined confirmed amount, including zero where none applies. A blank field means it has not been confirmed.
• Federal tax or refund: an adviser’s amount after offsets, levies and additional federal obligations, but before PAYG credits. This replaces the federal calculation. Enter a negative amount for a refund.

Add the adviser’s workpaper or assessment reference in Evidence for adjustments and eligibility. Use Year review notes to record decisions, unresolved questions and separate schedules.

​

Review tax credits

The Summary tab shows Tax credits and offsets directly below the headline tax amounts. It separates:

• Foreign income tax offset, including foreign tax supported by the schedule and the adviser-confirmed amount.
• Franking credits, including eligible credits in the income schedule and whether eligibility still needs review.
• Low income tax offset, using this year’s income and taxpayer profile.
• PAYG and withholding credits, entered from confirmed payment records.

Select Review tax credits, or open the Tax credits tab, to check eligibility, enter amounts and record the supporting evidence. These are the same credit inputs shown on Summary; editing either view updates the same entity and year. A blank foreign offset means Not confirmed, which is different from entering zero. The credit total shows what is deducted separately in the federal balance. When an adviser’s federal amount replaces the calculation, the calculated offsets are shown for reference and are not deducted again. Only the entered PAYG and withholding credits are deducted from the adviser’s amount. If the federal balance is awaiting review, the credit deduction total also shows Awaiting review. Credit and withholding records lists the tax entries on this year’s investment transactions, with their recorded currency, Australian dollar equivalent and source reference. Entries remain visible even when a credit is ineligible, excluded or awaiting confirmation. Missing conversions are shown explicitly. These source amounts are not additional claims; reconcile records that may describe the same tax before entering a credit. The Income and CGT schedule also shows eligible franking credits and supported foreign tax beside each transaction.

​

Review each investment

In Investment tax treatments, investments are listed alphabetically. Search by name, then open an investment to review its income and capital gains treatment. Use Show more to see further investments. The settings apply to all supported transactions for that investment in the selected year. Different treatments within one year need a separate review. For property, select Property investment and its state or territory. Record a Primary residence claim only where it is relevant. This flag alone does not establish an exemption. Choose the capital gains treatment separately:

• A full main residence exemption.
• A partial main residence exemption, with the taxable percentage calculated by your adviser.
• Standard capital gains treatment.
• Another evidenced exemption.
• Adviser review where the treatment is unresolved.

Residence dates, absences, rental or business use, ownership, valuations and tax residency can affect the result. Retain the supporting records. The workspace does not decide those conditions automatically.

​

Keep income treatment separate

A home may qualify for capital gains relief while its rental income remains assessable. Choose the income treatment independently: assessable, exempt, non-assessable non-exempt, a capital receipt requiring review, or adviser review. Use the description on the tax statement and your adviser’s explanation. Tax-deferred distributions and capital receipts can affect the investment’s cost base or create a capital gain even when they are not ordinary income. Complete the Reason for this treatment and Supporting evidence before confirming an investment. References can include tax statements, valuations, residence-period records and adviser workpapers. Keep the original documents with the year’s records. Changing a field clears the confirmation; confirm the new decision after checking it.

​

Record state and territory assessments

In State and territory assessments, select Add assessment and enter the state, tax, period, date, amount and assessment or adviser reference. Complete the row before saving. Remove an entry if it was added in error. These are reviewed amounts from notices or separate workpapers. The workspace does not calculate state taxes from portfolio values. States and territories use different ownership dates, aggregation rules and exemptions, and a federal main residence claim does not settle state land tax. Review all relevant jurisdictions, including property outside the entity’s home state. Confirm the state review even where no assessment amounts apply. Editing assessments clears that confirmation. Federal balances and state assessments remain separate obligations.

​

Read the year summary sheet

Open Year summary sheet within the workpaper. It identifies the entity, financial period, rule version and release status, then presents the year’s rules and changes side by side. Each rule shows its explanation, change from the previous year, effective dates, coverage status and source links. Rules that continue unchanged are included. You do not need to open each rule to read its changes. The State and territory summary brings together each jurisdiction’s assessment period, year changes and matters to review for the entity. The coverage information distinguishes matters calculated in the workspace, matters needing adviser review and matters outside its scope. Open Full source references and checked dates for the supporting reference details. A source date records when the rule was checked; it is not the same as a professional release approval. Year rules may need updating following later or retrospective legislation. A reviewed workpaper does not approve the year’s tax rules for general use.

​

Resolve outstanding checks

Open Checks to work through the outstanding items without leaving the workpaper. Select a check to open its relevant fields. The check remains open until the required information is complete and the calculation has been updated; adding a note alone does not resolve it.

• Profile, eligibility and treatment checks: confirm the relevant profile, credit or investment decision and its supporting evidence.
• Missing transaction amounts: enter a workpaper correction for the gross income, Australian dollar conversion or realised gain, as appropriate. Check the original amount, explain the change and record the statement or adviser schedule supporting it. Enter zero only when the records confirm zero.
• Calculations needing separate advice: use Complete-year adviser reconciliation to record a complete year schedule. Enter the adviser’s taxable income, net capital gain, capital losses carried forward and federal tax or refund before PAYG, along with the preparer’s name, evidence reference and an explanation for each check covered by the schedule.

Select Apply correction or Apply adviser schedule when the entries are complete, then Save draft to retain them in a revision. Unapplied edits prevent saving and prompt you before you leave the check. Use Discard changes to return to the recorded entries. The list updates as checks are resolved; you can search by check, investment or transaction reference. A workpaper correction changes this entity and year’s calculation while keeping the original transaction visible. It does not edit the investment ledger. If the source record itself needs fixing, correct it in the appropriate investment record and reload the workpaper. An applied adviser year reconciliation replaces those year totals and the federal amount. The transaction schedule remains supporting detail and may not add up to the adviser’s replacement totals. The adviser’s federal amount must already include offsets, levies and other federal obligations. PAYG and withholding credits are deducted separately once. Review the tax credit labels to distinguish reference amounts from credits deducted in the balance. The adviser schedule can resolve supported review questions, such as a separate parcel or tax-component reconciliation. It cannot dismiss missing transaction amounts, invalid inputs or inconsistent evidence. Complete those checks in their own fields. A resolved check records the explanation and evidence; it does not constitute independent approval of the tax treatment. Review saved corrections and the adviser schedule in Checks. Edit or remove a correction or remove the adviser reconciliation to reopen its underlying checks where they still apply. Save a new revision after making the change; earlier revisions retain their original decisions and results. Changes to the source records or year rules make existing corrections and adviser reconciliation require review again. Changes to calculation inputs can also make the adviser schedule out of date. The previous entries stay visible for comparison but are not applied until updated for the current workpaper. Confirm the year’s coverage and state reviews after reconciling the records. This flow supports an investment review. It does not prepare or lodge a complete tax return automatically.

​

Save revisions and keep the audit record

Save a Draft while preparing the workpaper. Use Ready for review when the required checks are complete. Owners and admins can record a Reviewed revision once the year’s rules are released and the workpaper’s review requirements are met. The Mark reviewed action remains unavailable for research previews. Each save creates a new revision with the inputs, source records, rule version and results used at that point. Earlier revisions remain available in the history. If the records change, review the updated figures and save a new revision so the change can be traced. Use Export to Excel to download the latest saved workpaper as an Excel workbook. Save a draft first to enable the export. The workbook contains separate sheets for the summary, tax credits, income and capital gains, investments, adjustments, state assessments, checks, corrections and adviser reconciliation. It also includes the saved year’s rules and changes, state coverage, source references, original transactions, tax entries and audit details. In Audit history, each saved revision offers an Excel workbook, a CSV schedule and an Audit record. Use these links to download an earlier version. The audit record uses JSON format and retains the complete saved record. Exports always use the selected saved revision; unsaved changes are not included. Editing the Excel file does not recalculate the tax figures or update your workpaper. Make changes in the workpaper and save a new revision for a fresh export. The workbook preserves the original source amounts alongside corrections, adviser totals, preparer details, evidence and check explanations. Decisions requiring further review are labelled as not applied. Keep the workbook and audit record with the original statements, valuations and notices. This workpaper is not final tax advice. Speak to your tax adviser to confirm the figures, eligibility and obligations before relying on them or lodging a return. This reminder appears in the workpaper and on every Excel sheet. A saved or reviewed workpaper still needs advice that considers your circumstances. Saved history and evidence references support traceability. They do not establish that a tax decision is correct or that the underlying records cannot be changed. Keep the audit download with the adviser’s review and source documents for the entity and year.