Introduction
The Calculate Taxable Income screen enables Companies to reconcile taxable income. From this screen, users can update certain items in the calculation of taxable income not processed via transaction entries.
Navigation
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Navigate to Compliance from the Main toolbar |
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Select Period Compliance |
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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
Section 46FA Deductions for Flow-on Dividends - 7C
Deduction for Decline in Value of Depreciating Assets - 7F
Forestry Managed Investment Scheme Deduction - 7U
Immediate Deduction for Capital Expenditure - 7E
Deduction for Project Pool - 7H
Section 40-880 Deduction - 7Z
Landcare Operations and Deduction for Decline in Value of Water Facility, Fencing Assets and Fodder Storage Assets - 7N
Deduction for Environmental Protection Expenses - 7O
Offshore Banking Unit Adjustment - 7P
Exempt Income - 7V
TOFA Deductions from Financial Arrangements not included in item 6 - 7W
Other Deduction Expenses - 7X
Tax Losses Transferred in (from or to a Foreign Bank Branch or a PE of a Foreign Financial Entity) - 7S
Non-deductible Exempt Income Expenditure - 7U
TOFA Income from Financial Arrangements not included in item 6 - 7E
Other Assessable Income - 7B
Accounting Expenditure in item 6 Subject to R&D Tax Incentive - 7D
Early Stage Venture Capital Limited Partnership Tax Offset - N/A
Early Stage Venture Capital Limited Partnership Tax Offset Carried Forward from Previous Year - N/A
Early Stage Investor Tax Offset - N/A
Early Stage Investor Tax Offset Carried Forward from Previous Year - N/A
Non-refundable R&D Tax Offset - N/A
Non-refundable R&D Tax Offsets Carried Forward from Previous Year - N/A
R&D Tax Offset - N/A
NRAS Tax Offset - N/A
Franking Deficit Tax OFfset - F
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 58601 - 58689 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.
