Payg Instalment Raised Difference between Statement of Taxable Income and SMSF Returns

Jerome Plata

• 26 June 2025 00:15

PAYG instalment should be 1,032 only but the statement of taxable income income reported it as 2,272.79 (including another 1,032 PAYGi which was varid on 31 March 2024 and interest on overpayment of 208.79)

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  Norman Michael

  • 26 June 2025 01:55

  Hi Jerome,

  Thanks for your question!

  The difference you're seeing is likely caused by the financial year selected when recording transactions to the 85000 – Income Tax Payable account.

  Instalments are recorded to this account via the More Details panel in the Transaction List. If the financial year selected in the More Details panel matches the current financial year, Simple Fund 360 will treat the payment as an instalment and include it in the SMSF Annual Return.

  To help you reconcile and correct the amounts, please refer to the article below:

  Reconcile PAYG instalments/payments

  If you need further assistance, feel free to log a support ticket and our team will be happy to help investigate further.

  Kind Regards,

  Norman

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