Some rental properties are registered for the NRAS which entitles them to a tax offset. This article explains how to process this in Class.
Class does not automatically process this offset so you will need to follow this manual workaround:
Step 1: Edit Provision for Income Tax
Edit Provision for Income Tax
Navigate to Fund Level > Periodic Processing > Period Updates
- Select the relevant Financial Year
- Click on View/Rollback to the period update run to 30 June
- From the pop-up screen, click on Post Fund Income Tax Expense
- Manually adjust the Provision for Income Tax to account for the tax offset.
- Click on Save
- Click on Finalise Tax
|Provision for income tax||Example||NRAS||Amount after adjustment|
|Positive (Credit Balance)||10,000||500||9,500|
|Negative (Debit Balance)||(10,000)||500||(10,500)|
Add offset manually into the Annual Return
Navigate to Fund Level > Periodic Processing > Browse Tax Lodgments
- Click on the relevant tax year
- Click on the Annual Return link
- Go to Section D
- Enter the offset into E3
- Click on Save.