In this article, you will learn how to process a fund expense. We have the following expense types:
| Administration Expense | Regulatory Fee |
|---|---|
| Accountancy fee | ATO/APRA AR Lodgment fee |
| Actuarial fee | Fine |
| Adviser fee | General Interest Charge |
| Auditor fee | Penalty Interest Paid |
| Establishment fee | Regulatory fee |
| Financial Plan - Initial | SMSF Supervisory Levy |
| Financial Plan - Review | |
| Fund administration fee | |
| General Expense | |
| Investment Management fee | |
| Legal fee | |
| Management Expense (Non-Investment) | |
| Non-Deductible Expense | |
| Postage Printing and Stationery | |
| Sundry | |
| Tax Agent fee | |
| Trustee fee |
Navigate to fund level > Transactions > Fund Expenses
- Select Expense Type from the drop-down
- Enter Fee Date the date fee is to be recorded
- Enter Gross Amount
- Enter GST Amount if applicable (click the Calc button to automatically calculate GST amount)
- Displays any Claimable GST Amount claimed on this transaction (automatically populates)
- The Net Expense Amount amount of the expense (automatically populates)
- Enter Description (default is the expense type name)
- The option to Allocate Expense to the fund as a whole or to a specific member account (this can be changed by clicking on override)
- The Tax Deductible option to include or exclude this expense as an allowable deduction (this can be changed by clicking on override)
- GST Category Displays as Non-Creditable Acquisition, Creditable Acquisition or Reduced Credit Acquisition
- Fund GST Registered Indicates whether the fund is registered for GST or not