How do I process a tax deduction for anti-detriment amount paid?
Solution
An anti-detriment payment is an additional amount included in a lump sum benefit paid to eligible beneficiaries in accordance with Section 295-485 of the ITAA 1997.
Refer to the ATO's website for further information on anti-detriment payments.
In Simple Fund 360, you can record this as a lump sum payment to Account 46000/MEMBERCODE. For more detailed instructions, refer to How to Enter Rollover or Lump Sum Payments.
An anti-detriment deduction can be recorded as a tax adjustment through the Compliance | Period Compliance | Tax Adjustment screen. For more detailed instructions, refer to Tax Adjustments.