TFN Credits and the Tax Provision

TFN Credits and the Tax Provision

The TFN credit does not roll over in the tax provision, as it is taken into account when the originating transaction is entered. In this example the TFN credit is entered when the Managed Fund distribution is recorded, and the TFN Credit is created in HandiLedger at the same time.

Therefore the closing tax provision will be altered by this amount by this amount, when the year is closed off and the tax provision is posted to HandiLedger.

Note: The TFN credit is an advance payment of tax, not part of the tax calculation.

Program and version

SuperFund, all versions