Issue
Tax is not being calculated correctly for a non-resident SMSF.
Cause
By default, Class will calculate 15% tax for Australian SMSFs. The tax calculation for non-resident/non-compliant funds is not supported on Class.
Resolution
To resolve this issue the following workaround can be used:
Step 1: Calculate the correct tax payable outside Class.
Step 2: Update Tax payable in Class.
Step 1: Calculate the correct tax payable outside Class.
Step 2: Update Tax payable in Class.
- Refer to the User Guide View and Amend Income Tax Expenses
- Finalise Tax for the Financial Year
- Update tax in 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.