Abacus Group distribution
Just wondering if anyone has processed the Distribution Tax components for ABG for FY23-24.
The Annual tax statement is correct, where the Net Distribution = the 2 distributions (paid 29/2/24 and 30/8/2024) for the FY. However, I have not been able to reconcile the Net Distribution through 'Distribution Tax Automation'. This is unusual since I have no problem with all the other 11 assets that required me to reconcile the distribution via 'Distribution Tax Automation'.
P.S. I've consulted BGL technical support. Helpful but could not get it to reconcile. I consulted my auditor and his suggestion also ended up with a variance.
-
Without seeing the components it's going to be impossible to suggest anything but generic things like,
- Has the Accrual JNL for the 30/8/24 distro been posted (I've had instances where this looks correct in the automation screen but the actual JNL itself ends up with a different number which ultimately screws up the taxable amount - caused by next point down)
- If there is DRP enabled for the distros then ensure that the DRP transactions actually have the DRP flag ticked (unticked will cause errors on the EOY tax components reconciliation)
- Does the discrepancy match any number on the paper/PDF Tax Statements (or ÷2 or x2 on any)
- Very occasionally I've found mistakes on the actual EOY Tax Statement
- Check trial balance does the 238 account agree with the Cash Distribution total shown on the Tax Statement
0
Please sign in to leave a comment.
Comments
1 comment