This article discusses where you can find the calculation of deferred tax liability in Class.
There may be cases where you need to review, or provide a workpaper for, the calculation of deferred tax liability. You can view a reconciliation statement to show the calculations made to arrive at the tax deferred liability.
Navigate to fund level > Periodic Processing > Period Update
- Click on the Financial Year
- Click on View/Rollback (under Period Updates)
- Click on Deferred Tax Reconciliation Statement
- This will display the deferred tax reconciliation statement as shown
- Option to Print is available
- The provision is calculated by applying the applicable fund tax rate to the taxable amount of unrealised capital gains as at the period end date
- This calculation will also take into account the impact of carried forward capital losses and exempt pension income amounts where relevant
- It is important to note that this calculation reflects the Fund Policies set in the Fund Defaults screen, as well as the Unrealised Capital Gains Report