Support Query

A 100% pension fund with a Fund Pension Policy input (actuary 100%) is showing a $1 Taxable Income/Loss amount in the Statement of Taxable income. How to resolve?

Solution

This is a rounding issue in Simple Fund 360 and can be corrected by completing a tax adjustment of $1 to label Y Exempt Current Pension Income. 

1. Reverse the existing 30 June create entries. 
   
   
2. Select Tax Adjustments and add in a $1 tax adjustment to label Y Exempt Current Pension Income. For a Taxable Loss adjustment input -1; for a Taxable Gain adjustment input 1. Refer to Tax Adjustments for further instructions. 
   
   
3. Save and re-create entries. Review the Statement of Taxable Income and confirm a $0 Taxable income/Loss.