TFN, imputed and foreign credits are not included (grossed up) in income amounts appearing on the operating statement and other investment income reports?
If you were using Simple Fund Desktop, please note that in Simple Fund 360, the following grossing up options are not available:
- Add imputed credits?
- Add foreign credits?
- Add TFN credits?
Simple Fund 360 will not add/gross up imputation, TFN or foreign credits to income accounts. These amounts will be offset against the Income Tax Expense account (48500) of the fund.
The Financial Reports in Simple Fund 360 are based on the XYZ Model Financial Accounts which do Not require the gross-up.
Note: This will cause a discrepancy in comparative amounts for the first processed financial year in Simple Fund 360. A note can be added as an APES footer (Badges).