Users can set up their own tailored Income and Expense types which will be accessible to all brands in their business. 

Override or View an Income/Expense type

Users can view and override the Income Tax and GST settings of a community scoped Income and Expense types using this screen, please note however that there are some Income/Expense types that cannot be edited.  These can be identified by the absence of an Override or Edit button.

Navigate to Business Level > Settings > Fund Expense 

1. Select a fee type from the list (E.g. Accountancy Fee)
   
   
2. Click the Override button
   
   
3. Name - Override the current name
4. GST Category - You may select from Creditable Acquisition (100% GST claimable/payable); Non-Creditable Acquisition (0% GST claimable/payable); or Reduced Credit Acquisition (75% GST claimable/payable)
5. Tax Deductible/Assessable - Select whether the expense is tax deductible or the income is assessable
6. Tax Return Label - Select from the drop-down list the most appropriate label corresponding to the SMSF Annual Return
7. Pension Apportionment Method - Select from Apportioned by Actuarial Percentage (automatically applies to Income and Investment Expenses); Apportioned by Expense Percentage (automatically applies to Fund Expenses); or Not Apportioned (automatically applies to certain Income/Expense types such as Insurance Premium, Supervisory Levy) 
   
   
8. Click Save

Set up a new income type

Navigate to Business Level > Settings > Fund Income 

1. Select the Classification Type
2. Select the Category Type
3. Click Add New Income Expense Type
   
   
   
   
4. Enter a Name
5. Enter a unique Code
6. Select the GST Category
7. Select Tax Assessable - Yes or No
8. Select the Tax Return Label
9. Click Save
   
   
   

For income, you can choose labels under Section B > Income from Labels B to U. Labels A (Net Capital Gain) and Y (Exempt Current Pension Income) are calculated automatically by Class

Set up a new expense type

Navigate to Business Level > Settings > Fund Expense 

1. Select the Classification Type
2. Select the Category Type
3. Click Add New Income Expense Type
   
   
   
   
4. Enter a Name
5. Enter a unique Code
6. Select the GST Category
7. Select Tax Deductible - Yes or No
8. Select the Tax Return Label
9. Click Save
   
   
   

For deductible expenses, you can choose labels under Section C > Deductions from A1 to U1

For non-deductible expenses, you can choose labels under Section C > Non-Deductible Expenses from A2 to U2