I want to write off the balance of the Income Tax Payable account, how can I do that?
The income tax payable amount accrued for this fund is different from the actual ATO Tax Paid/(Refunded).
Navigate to Fund Level >Transactions > Fund Expenses > Fund Income Tax Payment
- Enter a relevant date (doesn't need to be the same date as the income tax paid or refund received)
- Enter the value in the Over/(Under) Tax Allocated to write off the difference - this amount will not appear on the Match Transactions screen.
- Remove the SMSF Supervisory Levy
- Click on Submit