How can I process the interest charged by the ATO on the Income Tax Account or the Integrated Client Account?
The way to process the interest charged by the ATO depends on whether or not the interest is a deductible expense.
Interest is Deductible
Navigate to Transaction > Fund Expenses > Fund Income Tax Payment
- Select the corresponding financial year
- Select the payment date
- Remove the SMSF Supervisory Levy
- Enter the Interest Paid (or Received) amount
Interest is not deductible
Navigate to Fund Level > Transaction > Fund Expense > Fund General Expense > Non-Deductible Expense
- Process the business event
Refer to our User Guide on Fund Expenses for detailed instructions.