Primary Production Businesses can be added to Simple Invest 360 in a similar way to any other investment account.
Tax labels have been added to keep a record of primary production income and expenses. However, there aren't any pre-set specific offset or credit calculations included that may be needed for this type of investment.
- Before the Tax Labels can be set up, the Primary Production Business needs to be added to the Chart of Accounts and income/expense transactions for this investment need to be recorded.
Once completed, proceed to set up the Tax Labels:
From the Main Toolbar, go to Compliance.
Select Period Compliance.
- Select Tax Labels
- Search for the investment using the Search Bar in the top-right corner:
- All accounts related to the Primary Production Business with a Current Year Balance will now display:
- Select the desired Tax Labels. The Secondary Label "Primary" will only be available when relevant Tax Labels are selected in the first column:
- Click Save.
More details in relation to setting up tax labels for a primary production business, can be found in the article: Tax Labels for Trusts.