Overview
Recent Improvements
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Supervisory Levy Automation: The supervisory levy field in the More Details Panel is no longer pre-filled upon selecting a financial year. It will now auto-populate only when:
- The entry to account 85000 is a credit.
- The selected financial year is one year prior to the transaction's date.
- "Click to Fill" Feature: A new option below the Supervisory Levy field allows users to automatically populate the levy based on the selected financial year.
- Tax Return Display: PAYG instalments now appear in Section C, Label L2 of the SMSF tax return.
Transition from Simple Fund Desktop
In Simple Fund Desktop, PAYG instalments were posted to account 850/004. In Simple Fund 360, use account 85000 – Income Tax Payable instead.
Recording PAYG Instalments
| From the Main Toolbar, go to Accounting. |
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| Select Transaction list |
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| Select New Transaction. |
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| Select Bank Statement. |  |
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Input Transaction Details:
- Enter the payment date and a reference number.
- Optionally, add a description
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Select Accounts
- Under Account, choose the relevant bank account.
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In the second account box, type 85000 and select Income Tax Payable from the dropdown
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Record details in the More Details section
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Input the instalment amount as a debit, and the Tax Payment/Instalment Details panel will appear below.
For a current year tax instalment, select the current financial year.
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Input the instalment amount as a debit, and the Tax Payment/Instalment Details panel will appear below.
- Select Post to add the instalment payment.
The instalment will appear in the Statement of Taxable Income and the Tax return as PAYG instalments raised for the current year
BAS/IAS lodgement is available.
The Transaction Matching screen can be used to automatically allocate PAYG Instalment payments.
(paying June instalment in July on a Cash Basis )
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Follow the standard entry steps above.
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In the Tax Payment/Instalment Details panel, select the prior financial year.
For an instalment payment, remove the amount that appears in the SMSF Supervisory Levy field. -
Select Post to add the instalment payment.
Displaying Instalments in a Prior Period's Tax Reports
Please note that for this instalment to be included in the prior year's Tax Reports, you are required to reverse and recreate entries in the prior period.
If done correctly, this instalment will appear in the prior year's Statement of Taxable Income report and in the prior year's Tax return as PAYG instalments raised. Section D:
(paying June instalment in July on an Accrual Basis )
I want to enter in June 2025 PAYG instalment into the fund, and want it to be included in the calculation of total tax raised for the 2025 year (even though the June 2025 instalment will not be paid from the bank account until July 2026)
1. Enter General Journal for June Instalment
e.g.
Dr Account 85000
Cr Sundry Creditors (another appropriate liability account)
STEPS
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Create a General Journal Entry:
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Date the transaction as 30 June 2016.
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Debit 85000 – Income Tax Payable.
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Credit Sundry Creditors or another appropriate liability account.
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Update Tax Instalment Details:
In the More Details Panel, ensure the financial year is set to 2025 - Enter a Credit journal to a Liability account such as Sundry Creditors or Create your own liability account.
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Select Post to add the instalment payment. This instalment will appear in the prior year's Statement of Taxable Income report and in the prior year's Tax return as PAYG instalments raised.
Section D
2. In July, Payment is made to the Liability Account
When the payment is made in July, record it as a separate transaction, debiting Sundry Creditors and crediting the bank account.
e.g
Dr. Sundry/ Accounts Payable Account
Cr. 60400 - Bank