I have an income that I want to specifically make non-taxable. How do I do this?
Transactions to Income accounts where the "SMSF tax label" of these accounts are set as Not Applicable - Permanent Difference will not be calculated as taxable for individual entities.
To change a tax return label of an account:
|From the Main Toolbar, go to Accounting.||
|Select Chart of accounts from the list.||
1. Use the search bar to locate the income account
2. Once the account is selected, from the edit screen, select More Details >>.
3. The current workaround is to select "SMSF" as the entity in order to input the tax label for Individual entities.
3. Under the Tax Label field, select Not Applicable - Permanent Difference from the drop-down list.
5. Select Save.