Taxable Income Calculation is a new screen designed for trusts to reconcile income for distribution. From this screen, users can update certain items in the calculation of taxable income not processed via transaction entries.
|Navigate to Compliance from the Main Toolbar|
|Select Period Compliance|
Click on Calculate Taxable Income
The screen will present a breakdown of the taxable income calculation from transaction entries, with relevant tax labels attached.
Users will not be able to change the Start Date/End Date as it is an annual calculation only. The period will default to the Current Financial Year.
Users can add items for adjustments.
Step 1. Click on from a section.
Step 2. Select an item from the drop-down lists.
Step 3. Update the amount.
Step 4. Select Save & Continue once completed.
To remove an item added, select the cross icon beside the item.
To remove all items added, select Refresh to return to the original status.
Items available to be added
|Under Less Section|
|Forestry Managed Investment Scheme Deduction - 17D|
|Non-Taxable Capital Gains Items - N/A|
|Adjustment for Accrued Expenses - N/A|
|Under Add Section|
|Tax Withheld where ABN not Quoted - 6T|
|Credit for Tax Withheld - Foreign Resident - 6U|
|Credit for Interest on Early Payments - 7W|
|Forestry Managed Investment Scheme Income - 10Q|
|Adjustment for Accrued Revenue - N/A|
|Under Tax Adjustments Section|
|Landcare and Water Facility Tax Offset - 28G|
|National Rental Affordability Tax Offsets - 52F|
|Exploration Credits Distributed - 53G|
|Early-stage Venture Capital Limited Partnership Tax Offset - 54H|
|Early Stage Investor Tax Offset - 54I|
Select Reserve Account
A list of Reserve Account can be selected. Users can create new accounts from 58201 - 58299 code range as Reserve Account for selection.
Figures entered in the Reserve Section will affect the Income Available for Distribution.
The net amount of the Reserve Adjustment will be calculated and included as part of the Current year Accounting Profit/Loss and Share of Net Income Of Trust (W) label in the Tax components Section under the Distribute Profit (the second stage in the Year-end Workflow) tab.
Export to PDF or Excel
Export the Statement of Taxable Income by selecting Export to PDF or Export to Excel.