The Calculate Taxable Income screen enables Individuals to reconcile taxable income. 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 once completed.
Items available to be added
Work-related Travel Expenses – D2
Work-related Clothing, Laundry and Dry Cleaning – D3
Work-related Self Education Expenses – D4
Other Work-related Expenses – D5
Low Value Pool Deduction – D6
Interest Deductions – D7
Gifts or Donations – D9
Salary or Wages – 1
Allowance, Earning, Tips, Director’s Fees – 2Employer Lump Sum Payments - 3
Landcare and Water Facility Tax Offset – N/A
Early Stage Venture Capital Limited Partnership Tax Offset – N/A
Early Stage Investor Tax Offset – N/ANRAS Tax Offset – N/A
To remove an item added, select the cross icon beside the item.
To remove all items added, select to return to the original status.
Select Reserve Account
A list of Reserve Account can be selected. Users can create new accounts from 58060 - 58099 code range as Reserve Account for selection.
Figures entered in the Reserve Section will affect the Income Available for Allocation.
Export to PDF or Excel
Export the Statement of Taxable Income by selecting Export to PDF or Export to Excel.