CGT Schedule not matching Tax Return

Overview

This issue occurs when the following steps are completed:

1. A fund is processed with multiple create entries segments, including at least one segment requiring a specific Tax Exempt percentage (typically related to Deemed Segregation).
2. Create Entries is completed for this segment prior to inputting the correct Actuary Percentage.
3. The correct Actuary Percentage is added in the Fund Pension Policy screen.
4. Create Entries is completed to the end of the financial year, generating the Tax Return.
    

This issue occurs because the CGT Schedule for individual segments is calculated immediately when creating entries, not when the final create entries is completed for the financial year.

If the correct Fund Pension Policy is entered after create entries is processed for this specific segment:

• The CGT Schedule will display incorrect figures 
  (calculated using an incorrect / lack of Fund Pension Policy).
• The Tax Return will display correctly (calculated using correct Fund Pension Policy).

Because of these different Fund Pension Policies applied, the CGT Schedule and Tax Return will not match.

Solution

To fix this incorrect figure on the CGT Schedule, you will need to reverse and recreate entries for all effected segments.

From the Main Toolbar, go to Compliance.
Select Period compliance from the list.

1. To remove the Create Entries, select Reverse Entries.

2. Repeat Step 1 for segments previously processed with the incorrect Actuary Percentage.
   (If unsure, reverse all segments for the financial year)
    
3. Create entries to apply the correct Actuary Percentage to each segment.
   It is recommended to replicate the segment dates identically to how it existed prior to Step 1, meaning the Start and End date for each segment matches what was previously recorded.
    
4. Review the CGT Schedule and Tax Return to ensure the figures now match.