How do I change Income to Non-Assessable?
Transactions to the below Default Income accounts where the Tax Label is set as Other Australian Income and the Secondary Tax Label set as Non-Assessable will not be calculated as assessable in the tax return.
- 25200 - Income in Advance
- 26500 - Other Investment Income
Note: Tax Labels only apply to Trusts and Companies. For more information, see:
Whilst not all income accounts can be made Non-Assessable, tax labels can be changed for custom account types.
You can add new income accounts as Other Accounts in the Chart of Accounts. Income accounts appear in the 20000 account ranges.
When posting to Custom income accounts, select Other Non-Assessable Income as the Tax Label.