Issue

Some rental properties are registered for the NRAS which entitles them to a tax offset. This article explains how to process this in Class.

Resolution

Class does not automatically process this offset so you will need to follow this manual workaround:

Step 1: Edit Provision for Income Tax

Step 2: Add offset manually into the Annual Return

Edit Provision for Income Tax

Navigate to Fund Level > Periodic Processing > Period Updates

1. Select the relevant Financial Year
2. Click on View/Rollback to the period update run to 30 June
3. From the pop-up screen, click on Post Fund Income Tax Expense
4. Manually adjust the Provision for Income Tax to account for the tax offset.
5. Click on Save
6. Click on Finalise Tax

Add offset manually into the Annual Return

Navigate to Fund Level > Periodic Processing > Browse Tax Lodgments

1. Click on the relevant tax year
2. Click on the Annual Return link
3. Go to Section D
4. Enter the offset into E3
5. Click on Save.