- 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:
- Run a Tax Finalisation
- Lodge the Tax Return through Class
- Lodge the Tax Return Outside of Class
- Rollback a Tax Finalisation
Tax Finalisation
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
Lodge the Tax Return through Class
Navigate to fund level > Periodic Processing > Period Updates
- Click View Tax Return
- Click Annual Return
- Review the data (in Sections A through to K) for accuracy and completeness and when you are done
- Click Approve
- You will be taken to the next schedule. Repeat these steps for the CGT Schedule and Losses Schedule until they are also approved
- Click the Validate button
- Any validation issues on the screen will display. If you encounter validation issues you have two options for addressing them.
- In the tax return itself, (Should only be used to update the Audit date and ACR) or
- In Class by going to the area e.g. contact, fund details etc.. This is always the prefered method as you will likely only need to update the information. If you only update the information in the tax return you will likely need to repeat this process every year.
If updating information in Class you will need to roll back the Tax Finalisation and last Period Update for the information to update in the Tax return. Re-approve the return and schedules and then click the Validate button again once all validation issues have been addressed.
- If you have multiple Tax Agents - ensure you have selected the correct Tax Agent using the drop-down menu
- Click Submit. The annual return will be sent to the Tax Agent Administration screen under the name of the Tax Agent.
Discard and Regenerate button will only be available when you create the tax return for the first time
If the return was submitted to / rejected by the Tax Agent, the Resubmit Return button will be available. Once you click on it, it will ask you to confirm whether you want to use the Previous Submission or Revert to the Latest Tax Finalisation (Default).
Once the return has lodged successfully, the button will be called Amend Return. Once you click on it, it will ask you to confirm whether you want to use the Previous Submission or Revert to the Latest Tax Finalisation (default).
Once Amend Return is clicked, the button will change into Discard Amendment. Discard Amendment will delete this copy of the return and revert back to the last return.
Lodge the Tax Return outside of Class
Once you have run Tax Finalisation click View Tax Return to prepare the annual return for an SMSF.
If you are not using Class to lodge the Tax Return, check the Manual Lodgment tick box and click Save
You can also export the annual return generated in Class if you use MYOB or Xero to lodge your returns.
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
What's Next?
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.