The fund is winding up and I need to remove the ATO Levy from the Annual Return.
The Supervisory Levy is a fee charged by the ATO on each SMSF. The ATO Levy is a pre-paid expense.
If a fund has been wound up in the current financial year, it does not need to pay the ATO Levy for the following financial year therefor, the ATO Levy needs to be adjusted in the Annual Return.
Class will automatically add the ATO Levy adjustment in the Label M in Section D in the Annual Return.
If Class does not automatically add the ATO Levy adjustment in the Label M in Section D in the Annual Return, enter the End Date in the Fund Details and reprocess the period update for the relevant financial year.
Navigate to the Fund level > Fund > Fund Details
- Click on Edit button
- From the pop-up screen, enter the wind up date into the End Date field
Navigate to the Fund level > Periodic Processing > Period Update
- Select the relevant Financial Year
- Re-process the last period update