How To Adjust Provision For Income Tax For Non-Complying Fund?
As Class only supports complying funds, there is currently no function to change the fund status to non-complying. You will need to follow this manual work around to increase Provision for Income Tax to be 45% (highest marginal tax rate) and manually adjust the Annual Return.
Edit the Provision for Income Tax for accounting purpose
Navigate to Fund Level > Periodic processing > Period updates
- Click on the relevant financial year
- For the last period update to 30 June, click on View/Rollback
- From the pop-up screen, click on Post Fund Income Tax Expense
- enter the Provision for Income Tax to be at 45%
Manually adjust the SMSF Annual Return
Navigate to Fund Level > Periodic processing > Browse tax lodgments
- Click on the relevant tax year
- Click on the Annual Return link
- Go to Section D > please select label T1
- Then override the amount of Tax on Taxable Income
Read more on Can I tag a fund as non-complying in Class?