Issue
A Business Event for June quarter activity statement was not processed in the prior year. But since the SMSF has paid it to the ATO, the ATO has automatically included it into the prior year's tax payable/refundable calculation.
How should I treat the PAYG Instalment which was paid for Prior year's June quarter? Class doesn't allow me to backdate the Business Event since the financial year has been closed.
Resolution
In this case, the PAYG Instalment was counted towards the prior year's tax payable/refundable. The total of June PAYG Instalment plus the tax payable/refundable calculated by Class should equal the actual tax payable/refundable recorded on the Notice of Assessment from the ATO.
There is no need to process the activity statement for that June quarter.
Step 1: Match cash transactions
Match the Cash paid for June PAYG Instalment to the Cash paid to or received from the ATO.
Step 2: Create Business Events
Navigate to Fund level > Transactions > Fund Expense > Fund income Tax Payment
- Create this Business Event with Supervisory Levy
Step 3: Match off the Business Event with the Cash transaction