The Realised Capital Gains report does not match the Statement of Taxable Income, resulting in a substantial figure under SMSF Annual Return Rounding. How to fix it?
When there is a substantial discrepancy between the Realised Capital Gains report and the Statement of Taxable Income, users may need to check if the CGT status of assets has been rightly selected. Failure to properly mark investments as "Assets subject to CGT" can result in a difference.
To update/view the CGT status, head to the Chart of Accounts.
|Navigate to Accounting from the main toolbar
|Select Chart of Accounts
1. Use the search bar to select a particular asset account.
2. Click on the account and select More Details
3. Check the status of Assets subject to CGT. Ensure the option is properly selected to have the assets included in the calculation.
4. Under Accounting from the Main toolbar, select Transaction List. Click to open up the asset-related transactions and resave it by selecting Save.
Please further refer to SMSF Annual Rounding Reconciliation for other scenarios.