Tax Payable and Refundable and PAYG Instalments

Tax Payable and Refundable

The program is designed to create the provisional tax entry for the Super Fund, whether it is Tax Payable or Refundable. In the following year, when it is paid or received, the entry is marked as paid or received with the relevant date.

There is no need to create a Tax Payable or Refundable entry, unless you are setting an existing Fund for the first time in your program and need to enter it via the Fund Setup functionality.

PAYG Instalments

PAYG Instalments that are paid are entered as a Current payment with the Date Paid completed in the Payment section.

Provisional PAYG instalments that are claimable in the current year but only paid in ther following year are entered as a Provisional payment and the Date Paid in the Payment section is not completed until the year has been rolled forward and the payment is actually made.

Any PAYG payments are offset against the current year gross tax, and will automatically reduce the tax payable in the current year when the year is closed off and rolled forward.

Note:  If you are using the program for the first time for an existing Super Fund, which requires an opening balance that may include a provision for tax payable or tax refundable, this entry is made in the Fund Setup with the relevant date paid or received left blank until payment or receipt is made in the current year.

Program and version

SuperFund , all versions