Support Query
When viewing the Statement of Taxable Income, I have found an amount of income tax instalments that should not be input. I have viewed the Transaction List but am unable to find the instalment amount(s). What is the best way to locate these amounts?
Solution
Instalments are paid to account 85000 through the More Details Panel when either inputting transactions through the Transaction List or matching them through the Transaction Matching screen when using bank feeds (click here for more information). If a payment to this account has been made, Simple Fund 360 will treat this payment as an instalment.
These instalments can be reconciled using the Tax Reconciliation Report in the Reports screen under the Financial Reports section (click here for instructions on how to prepare).
Under Label K - PAYG Instalments Raised the report will detail the date the instalments were made, and the amount. Use these instalment dates to locate them in the Transaction List using the Transaction Filter.
These instalment amounts are an example only.
If you find a PAYG payment has been incorrectly allocated the wrong Financial year you will need to :
- Edit the incorrect Transactions and allocate the payments to the correct Financial Year
- Create Entries again to update SMSF Annual Return and Tax Reports