Validation Error
This validation error happens when the fund did not make any pension payments during the year, but did earn other taxable income. In this situation, the taxable income or loss must be calculated by taking the fund’s total income, minus any exempt current pension income and all deductions.
How to resolve this Validation Error
- Navigate to The SMSF Annual Return.
- Review Section A Fund Information, Question 10 in the Tax Return.
- If Question 10 was Answered as "No Go to Section B: Income." Change the response to "Yes".
- After changing the answer, the Exempt Currurent Pension Income amount will be entered for you. Please review the which segregated method was used.
- Finally, save and validate the Tax Return.