NANE income can arise from a variety of sources such as natural disaster grants, water infrastructure improvement payments, or as per recent events, COVID-19 business support payments.
These can be processed in Simple Fund 360 by creating a new income account for the specific purpose of recording non-assessable, non-exempt income.
- ATO - What to exclude from your business's assessable income
- ATO - Eligible COVID-19 business grants and support programs
Create a new income account that records NANE income.
For instructions on creating a new account for these purposes, see: How to add an Other account to the Chart of Accounts.
- Record the income that is received into the fund in a Transaction.
As an example, the following payment is received to the Bank Account. This results in the following transaction:
Account Debit ($) Credit ($) 60400/Bank X,XXX 20100/NANE Income X,XXX
This posts the income with tax implications based on how the account is set up in Step 1.
For information on how to input any other Tax Adjustments that may be required, see Tax Adjustments.
Note: BGL do not provide accounting or taxation advice. These instructions are designed to act as a guide for Simple Fund 360 users. It is not designed to be accounting or tax advice and should not be taken as a strict guideline. Other methods that are more suitable may be used instead of these steps.