- Period Update: This process allocates all of the profits or losses to the members etc
- Tax Finalisation: Prepares a fund tax return for the financial year
- Close Financial year: This will close the financial year so that no transactions can be added, edited or deleted for the period
This article will teach you about how to:
Navigate to Fund Level > Periodic Processing > Period Updates
The Tax Finalisation completes the tax calculation, applies the rounding and the foreign tax credits.
- Select the Financial Year
- Click Finalise Tax button
Rollback a Tax Finalisation
Navigate to fund level > Periodic Processing > Period Updates
You can easily rollback a Tax Finalisation by following these steps:
- If the year has already been closed off Reopen Financial Year
- Click on Rollback Tax Finalisation
We will teach you how to Lodge an Annual Return
If you have an SMSF that is winding up and you wish to lodge the tax return before it is available in Class take a look at this article.