Overview
Trust Tax Return amendments can now be prepared and lodged in Simple Invest 360 for the 2021FY and onward.
Note: Amended Returns can only be lodged for original Tax Returns lodged in Simple Invest 360.
Instructions
| From the Main Toolbar navigate to the Compliance menu. |
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| Select Period Compliance. |
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Select the relevant financial year, and then select Tax Return.
Note: The Trust Tax Return can only be amended if it has been successfully lodged.
1. Select Create Amendment.
2. The Create Amendment Draft pop-up will display.
The Amendment Indicator will be set based on the number of amendments lodged (up to 9 amendments can be lodged per Tax Return).
Select the Amendment Type as either ATO Error or Tax Payer Error. Input the details regarding the amendment.
Choose to either 1) copy the form from the previously lodged version of the Tax Return, or 2) clear the Tax Return form and recalculate from system data.
3. Select 
. This will create an Amended Return and Schedule(s).
Use the dropdown to select between the previous versions of the tax return.
Select the trash can icon to cancel the amendment at any time, and return to the current version of the tax return.
4. Section A will be updated with the amendment details.
5. For changes to flow through the amended tax return, you will need to calculate taxable income and distribute profit for the trust again.
7. Once reviewed, you can validate and lodge the return. Refer to The Trust Tax Return for validation and lodging instructions.