Instalments
Problem
The total tax payable on the Statement of Taxable Income is incorrect. The amount of difference is the instalments recorded during the year.
Solution 1- Wrong Financial Year selected for Instalment
Check the following:
- In the Transaction List (Go to Accounting >> Transaction list) search by account 85000.
- Check each instalment made to account 85000 contains the correct financial year on the Tax Instalment Details panel. Adjust the financial year and save the instalment if you need to.
Solution 2 - Instalment Transaction Posted in wrong Financial Year
Check the following:
- In the Transaction List (Select Accounting >> Transaction List) search by account 85000.
- Open the Transaction Dates date range to a future period.
- Edit the date of any instalments to 85000 that have been posted with the incorrect date.
Income Reconciliation
Problem
The Total Tax Payable on the Statement of Taxable Income is incorrect. It also appears the Assessable income is also incorrect in the SMSF Annual Return.
Solution
Review all transactions posted to accounts 23800 (Distributions received) and 23900 (Dividends Received) to ensure the More Details Panel contains the correct Dividend, Interest and Distribution tax data.