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