Tax Labels for Companies – Simple Invest 360

Overview

Simple Invest 360 provides you with the ability to attach tax labels to accounts processed for the current financial year prior to preparing the year-end workflow.

This allows the accounts and the respective amounts to accurately reflect the Tax Reconciliation Report and Statement of Taxable Income Report.

The Tax Label screen will only display accounts that have a balance processed in the current financial year.
Tax Labels cannot be changed for default Income/Expense and Equity account types. However, tax labels can be changed for custom account types.

Tax Labels only apply to Companies and Trusts, for more information on Tax Labels for Trusts, click here.

Navigation

From the Main Toolbar, go to Compliance.
Select Period Compliance.

Select Tax Labels

The Tax Labels screen will display, listing current year accounts that have a balance processed within the financial year.

From here, users can attach the relevant Tax Label and Secondary Labels to the sub-account or normal account. Select from the drop-down list the most appropriate label corresponding to the Company Tax Return.

Toggle Yes under Expand All to view a full list of sub-accounts.

Note: System tax labels are fixed and un-editable

A workaround to this is to create a custom account in the Chart of Accounts.

List of Tax Labels

Account Types	Tax Labels
Investment, Asset and Asset – Bank	Current Assets Non-Current Assets
Income	Gross Interest Other Gross Income Other Assessable Income Other Australian Income Other Non-Assessable Income Other Sales of Goods and Services Other Rental Income Gross Rent and Other Leasing and Hiring Income Gross Payments where ABN not Quoted Gross Payments subject to Foreign Resident Withholding Assessable Government Industry Payments Forestry Managed Investment Scheme Income Fringe Benefit Employee Contributions Exempt Income
Expense	Accounting Expenditure Subject to R&D Amortisation Expenses Bad Debts Capital works Expenditure Contractor, Sub-Contractor and Commission Expenses Cost of Sales Deduction for Environmental Protection Expenses Foreign Resident Withholding Expenses Forestry Managed Investment Scheme Deductions Interest Expenses Landcare Operations Deduction Lease Expenses Motor Vehicle Expenses Non-Deductible Exempt Income Expenditure Office Charges Offshore Banking Unit Adjustment Other Expenses Other Non-deductible Expenses Rental Expenses - Advertising for Tenants Rental Expenses - Body Corporate Fees Rental Expenses - Borrowing Expenses Rental Expenses - Capital Allowance Rental Expenses - Cleaning Rental Expenses - Council Rates Rental Expenses - Gardening/Lawn Mowing Rental Expenses - Insurance Rental Expenses - Interest on Loans Rental Expenses - Land tax Rental Expenses - Legal Fees Rental Expenses - Pest control Rental Expenses - Property Agent Fees/Commissions Rental Expenses - Repairs and Maintenance Rental Expenses - Stationery, Telephone and Postage Rental Expenses - Sundry Rental Expenses Rental Expenses - Travel Expenses Rental Expenses - Water Charges Repairs and Maintenance Royalty Expenses Section 46FA Deductions for Flow-On Dividends Skills and Training Boost Staff Expenses Superannuation Expenses Technology Investment Boost

List of Secondary Tax Labels

The Secondary Tax Label that can be selected is conditioned on the account code and the chosen tax label from the previous list.

Account Types	Tax Labels
Income	Primary Non-Assessable Overseas
Expense	Primary Non-Deductible Overseas

Equity, Allocation, and Unallocated Accounts

Tax Labels do not apply for Equity, Allocation and Unallocated/Clearing account types.

In this case, under Tax Labels, N/A will display.

Example

From within the Tax Label screen, the Secondary Label is set to Non-deductible.

This corresponds to the Non-deductible expenses portion of the Annual Tax Return.