Feral supervisory levies

Let me first say that 360 is brilliant - as a retired veterinarian I had two complex trading funds finalised by the 4th, audited by the 10th, AUSkey uploaded by the 12th and assessed and refunded by the 19th of July.
Normally I would trust the audit and post the AR. However in 360 each of my quarterly GST refunds and prior years tax refund trips in five ‘feral’ supervisory levees when posted correctly to 85000.
This creates a negative entry of PAYG instalments raised at ‘K’ in the AR which mercifully was exposed when lodging electronically but would have been rejected if mailed to the ATO.
BGL say the work around is to post it to a previous year but if you post it to the previous year it still automatically loads the SL which is usually much more than the GST refund. Posting to older years is ok or manually kill off the $259.
This used to be fixed neatly in good old Desktop where from memory the tax could be adjusted at option K when creating entries. (I say memory because it is vaguely galling not to be allowed back into Desktop for historical comparisons:( )
BGL say the supervisory levy is added automatically “for convenience” but to me it is a glitch that should be changed as there is a button there you can tap conveniently!
To me it is daft to automatically add an SL to a tax refund of our franking credits for those of you not GST registered - ah but don’t worry - Bill Shorten has got an idea for that :frowning:
Just a thought…

Hi Josuto, congratulations on administering your own fund! Hopefully you have already had guidance on your question, but I thought I’d offer some of my insight into the processing of Tax Entries: -
Firstly acknowledging that I have always used the Accountant’s version of Simplefund, so our subscription allows the edit of the data entered so that no SL is activated for selected 85000 entries. On the transactions concerned, you may want to recheck the additional info button on the actual transactions entered - on our version, we can remove the contents in the “Tax Instalment Details” field “SMSF Supervisory Levy” regardless of the year it applies to.
I too have had instances where the change in programming approach to transactions has been difficult to absorb!
Cheers,

Rosalie

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Hi Rosalie,
Ta for your input.
My veggie version of 360 allows me all sorts of editing.
Nah, I was just having a shot at them for adding SL by default ‘for convenience’ when they have a perfectly good ‘click to fill’ button right beside the SL box.
Besides it seemed a bit silly to add an SL automatically to a prior years refund that had already suffered the indignation of a SL!
Let alone adding it to quarterly GST refunds where the SL vastly exceeds the refund!
Otherwise love the program as I can match easily on the run without using contract note data and can always fall back on my beloved csv inputs if I’m away a long time…
Cheers
Peter

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