Tax Payments appearing in Section C L2 Other amounts - Non deductible

The fund’s tax payments are appearing in Section C of the tax return.

Solution
As per ATO instructions, Tax payments will be populated in the tax return as a non-deductible expense.

Please refer to the ATO website for more information

image

Label L2 will consist of:

  • Transactions posted to account 85000 (Income Tax) including instalments and amount due with the prior financial year selected in the Tax Instalment More Details Panel;
  • Current year tax adjustments recorded to Label L2;
  • Current year amounts with the tax label Other - Non Deductible Expenses.

BGL have received confirmation from the ATO that prior year’s supervisory levy is not included.