Query
I have a super fund that was established on 15/1/13 (the 2013 financial year); however there was no investment in the fund until July 2015 (the 2016 financial year). As a result, we submitted a non-lodgement advice for the year ended 30/6/13.
I am now completing the accounts for 30/6/16 and notice that the supervisory levy in the annual return is not correct. I thought that levy would need to be adjusted this year considering this is the first annual return for the fund? I cannot seem to manually make this adjustment.
Solution
Simple Fund 360 does not contain a section to indicate that a non-lodgment advice was submitted for the prior year.
Follow these steps to ensure the levy is appearing correctly:
| From the Main Toolbar, go to Fund. |
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Select Fund details from the list. |
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2. Adjust the Fund Formation Date to 1 July (in this example, the date will appear as 1/7/2015). Click Save.
3. Simple Fund 360 will pick up the fund as a newly registered fund in the tax return and calculate the levy accordingly.
4. Once you have prepared the tax return, you can adjust the formation date back (in Fund Details).