The fund's tax payments are appearing in Section C of the tax return.
As per ATO instructions, Tax payments will be populated in the tax return as a non-deductible expense.
Please refer to the ATO website for more information
Label L2 will consist of:
- Transactions posted to account 85000 (Income Tax) including instalments made for the prior financial year and amount due with the prior financial year selected in the Tax Instalment More Details Panel; (Note payment for current financial year will NOT be included)
- Current year tax adjustments recorded to Label L2;
- Current year amounts with the tax label Other - Non Deductible Expenses.
BGL have received confirmation from the ATO that prior year's supervisory levy is not included.
Reconciliation of L2 can be undertaken using the Tax Reconciliation Report.