Support Query

The fund has a GST refundable amount and an income tax payable amount. In the Assets section of Section H of The SMSF Annual Return these figures are offsetting against each other (showing as one NET amount) and not showing individually as Assets and Liabilities. Why is this?

Solution

Simple Fund 360 will NET the following items:

• GST Refundable/Payable
• Income Tax Refundable/Payable
• Deferred Tax Asset/Liability
• Sundry Debtors/Creditors

If the NET figure is positive, the sub-total will be included under Label O (Other Assets); If the NET figure is negative, it will be included under Label Y (Other Liabilities).