How to process LIC Deduction for a Custom Holding Account, referred to by some administrators as a one-line wrap account.
Navigate to Fund Level > Transactions > Fund Income > Dividend - Cash
- Enter the One-Line Wrap Account as the Investment Account
- Enter the LIC Deduction
- Click Submit
- The LIC amount only creates a tax deduction.
- There are no matchable accounting entries created using this processing method, therefore nothing will be created in the Match Transactions screen.
Always check the Statement of Taxable Income and SMSF Annual Return to confirm the deduction was appropriately claimed.