Overview
The Tax/PAYG Estimate Report has been added to assist you in recording an estimation of tax payable or refundable for the Financial Year. The report will provide a snapshot of the fund's taxable information for the Financial year that has passed.
The PAYG Estimate values will be influenced by the GDP Adjustment, which is calculated by the ATO formula.
Kindly be advised, that in order to prepare the Tax Estimation Report Entries must be created before.
How to Prepare
| From the Main Toolbar, go to Reports. |
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| Select Reports. |
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- On the left-hand side of the Reports screen, search for the Report.
- Select the green arrow to add the report to the Report Pack List.
- Select either Download PDF, Download Word or Download Excel.
You can also add this report to a Report Pack. See Reports for instructions.
4. Selecting the Settings icon in the Report Pack will give the user the option to prepare a Tax Estimate in addition to PAYG estimate or only prepare a PAYG estimate
Reconciling the Report
|
Report Line Item |
Data Source in the SMSF Return |
| Income |
Total Assessable Income |
| Deductions |
Total Deductions |
|
Taxable Income |
Total (Income-Deductions) |
|
Tax on Taxable Income |
Tax on Taxable Income |
|
Tax on no-TFN quoted contributions |
Tax on no-TFN quoted contributions |
|
Gross Tax Payable |
Total (Tax on Taxable Income + Tax on no-TFN quoted contributions) |
|
Credits Section |
The Credits Section will list each label from the offsets/credits in Section D where amounts are greater than zero. |
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Tax Payable |
Gross Tax Payable less Credits |
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Interest Charge |
Section 102AAM interest charge |
|
Supervisory Levy |
Supervisory levy |
|
PAYG Installments |
PAYG installments raised |
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Amount Due or Refundable
|
Total (Gross Tax Payable - Credits Section + Interest Charge + Supervisory Levy - PAYG Installments) |
|
Report Line Item |
Data Source in the SMSF Return |
|
Taxable Income as per XXXX Return |
Taxable Income Amount from the Income Tax Estimate |
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Add GDP Adjustment |
The GDP Adjustment will be based on the FY. Since the first year of the Income Tax Estimate is 2022, The first year of the PAYG estimate is 2023. |
|
GDP adjusted taxable income |
Taxable Income + GDP Adjustment |
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Tax Payable on GDP adjusted taxable income |
GDP adjusted taxable income X Fund tax rate |
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Less Refundable Credits |
Less Refundable Credits from Income Tax Estimate |
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Adjusted tax payable on GDP adjusted taxable income after credits/offsets |
Tax Payable on GDP adjusted taxable income less refundable credits. |
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Estimate of 2022-2023 PAYG Installments |
Adjusted Tax payable on GDP adjusted taxable income after credits/offsets rounded down to nearest whole number, divided by 4. |