This article details how to process an ATO tax refund or a tax payment event on Class.

This event is used to process both a tax refund as well as a tax payment. A tax refund cannot be processed in Class against an income category, as this would result in a negative expense. 

Features of this screen

• The supervisory levy will default to the previous open Financial Year
• Changing the Financial Year from the drop-down list will also change the supervisory levy
• Depending on the fund status (newly registered or wound up), there will be a field called SMSF Supervisory Levy Adjustment, this will automatically adjust the levy to be the correct amount for the financial year

For an SMSF

Navigate to fund level > Transactions > Fund Expenses > Fund Income tax payment

1. Enter the date of payment/refund of the Income Tax
2. Defaults to previous open Financial Year
3. Tax Paid/(Refunded) Amount of tax paid or refunded (For amounts refunded enter with a negative sign in front of the figure)
4. Over/(Under) Tax Allocated (this amount will not affect cash balance to be matched off)
5. Enter any general-interest charges paid or (received)
6. Displays automatically (compulsory Supervisory Levy to be paid by all SMSFs)
7. Depends on the fund status (newly registered or wound up), this field will adjust the Supervisory Levy to the correct amount.
8. Displays automatically (Total Paid, if negative it will be Total Received)
9. Total Tax Allocated of tax allocated, including any under or over allocated tax amounts
10. Enter a description (Default is 'Fund Income Tax Payment')
    
    
    

The event also displays a table of historical supervisory levies by year 

For a Trust

The screen for a Trust is similar however it does not contain the levy fields or tables.

Navigate to fund level > Transactions > Fund Expenses > Fund Income tax payment

1. Enter the date of payment/refund of the Income Tax
2. Defaults to previous open Financial Year
3. Tax Paid/(Refunded) Amount of tax paid or refunded (For amounts refunded enter with a negative sign in front of the figure)
4. Over/(Under) Tax Allocated (this amount will not affect cash balance to be matched off)
5. Enter any general-interest charges paid or (received)
6. Enter a description (Default is 'Fund Income Tax Payment')