Introduction
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.
Navigation
|
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.
Note
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.
Features
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 – 2
Employer Lump Sum Payments - 3Landcare and Water Facility Tax Offset – N/A
Early Stage Venture Capital Limited Partnership Tax Offset – N/A
Early Stage Investor Tax Offset – N/A
NRAS Tax Offset – N/A
Remove items
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.
