|From the Main Toolbar, go to Compliance.|
|Select Period compliance from the list.|
|Select Tax Adjustment.|
This feature provides you with the ability to process tax only adjustments that do not require journal entries prior to completing the Create Entries process. Clients can input an amount and select a tax label to record a tax only adjustment.
Tax Adjustments should only be made for the final create entries for the year.
Select your tax label to adjust and record the positive or negative amount.
List of tax adjustments available:
- Gross Rent/Other Leasing and Hiring Income (B)
- Capital Works Expenditure (D1)
- Capital Works Expenditure (D2)
- Other Income (S)
- Early stage venture capital limited partnership tax offset (D1)
- Early stage venture capital limited partnership tax offset carried forward (D2)
- Early stage investor tax offset (D3)
- Early stage investor tax offset carried forward (D4)
- Credit for Foreign Resident Withholding Gains (H8)
- Decline in value of depreciating assets (E1)
- Decline in value of depreciating assets (E2)
- Exempt Current Pension Income (Section B Label Y)
- Insurance Premiums - Members (F1)
- Management/Administration Expenses (J1)
- National Rental Affordability Scheme Tax Offset (E3)
- Exploration Credit Tax Offset (E4)
- Other Expenses (L1)
- Other Expenses (L2)
- SMSF Auditor Fee (H1)
- Investment Expenses (I1)
- Investment Expenses (I2)
- Notional Gains (CGT Sch 8F/G)
Only the tax adjustments that apply to the financial year the fund is in will display.
Select + Add another tax adjustment to input an additional adjustment(s).
Negative Tax Adjustments
Negative amounts can be input as tax adjustments in Simple Fund 360 if required.