The actual supervisory levy (paid $259) claim back actually is $38.15 (i.e., 15% of what paid), does it sound right?

Dear Community members

I am doing a final check for my return make it ready to Auditor (1st time do it myself). It is with regard to the claim back for supervisory levy paid from previous year. Our fund does pay income tax every year, and GST registered and do BAS each quarter.

Following is my treatment of claim back of Supervisory levy, but do have questions in mind, hope I could have some answer.hint from yours.

What I did is, in final annual report paper,

  1. the SECTION C (Expenses),
    a) I (manually) added $259 amount into L1 (Other amount column of tax deductible expense)
    b) then Adjust O (Taxable income, considering above deduction) manually

  2. in SECTION D(income tax calculation)
    a) manually fill A (Taxable income) from above O column
    b) calculate T1 (Tax on taxable income), that is A * 15 %

    c) After manually fill in K (PAYG instalments raised) — this is irrelevant for Levy,
    we have L $259 (added automatically for this current year Supervisory levy — it is irrelevant for previous year claim

    d) We now S (amount due)

My question is, every year we pay $259, actual claim back is $259*0.15 ==> $38.85, because 2-b) T1 calculation wound need to have 15% factor, is it right?

Let put what is best way to do this aside first, if do have question how to handle this better, but in next FY to have more understanding and digesting, by now just focus on above question and get it right and get my concept be validated by others if it is correct/incorrect. Thank you in advance

Yes, I do have an in previous FY from ATO refund, I did follow https://sf360.zendesk.com/hc/en-au/articles/360017536212 and where supervisory levy was entered as expense; however, this does not show on the annual report expense part generated from SF360, therefore, a manual adjust of above is required. Will improve my side to handle this in next FY.

Appreciate your input for above concept in subject, it is right/wrong? Thank you in advance

Guoping

I think you should consider attending BGL’s Simpe Fund 360 software training course.

Please don’t take my comment additional comment the wrong way…

Don’t just consider JYSUPER suggestion. Don’t do anything more until you’ve done the training, you will thank him/her once you’ve done it (I promise).

The same alarm bells JYSUPER was hearing are ringing for me too here.

A good word of advice is unless you have a Mentor, Senior, Boss, etc to ask for help & provide you with support - you will have a very difficult time & a lot of non-chargeable hours.

SMSFs is not a topic that can easily be self-taught & you probably might already be aware that Google provides quite limited assistance.

I highly recommend attending all 3 of the Simple Fund 360 training courses if you have no prior experience with SMSFs & BGL software.

One last thing that I must add is that the Simple Fund software is not really flexible & forgiving – try to record transactions correctly the first time & always look up the BGL Knowledge Base before attempting a transaction that you have never done before; even if the transaction appears simple – this will help avoid a lot of headaches down the road.

JYSuper & Freman

Thank you both of you spent time reply this and provide the direction. Yes, I will arrange time to take all 3 on-line courses.

At this stage,
a) I did spend time to learn basic double-entry bookkeeping and took some on-line training
b) I marked those “chart of accounts” which relevant to my smsf investment model (not complex one)
c) it is a low volume, around 10+ journal transactions to make per month
d) manage to complete one year tax return, got actuarial cert and pass the auditor checking, and make ATO lodgement

Will arrange time take 3-training course in full and to digest more along the way, and thank you for the advice provided and really appreciate. Thank you.

Guoping