When you move to SECTION B: INCOME, Mclowd displays an Income Tax Worksheet.
Review all the figures presented on the income page, comparing with your records to verify that the figures match the expected values at all relevant labels.
NOTE: You may need to make adjustments to the calculated figures depending on the structure of your Fund, particular events and special considerations regarding investments and returns, and circumstances of individual members. Check each field carefully.
For example, if your Fund has members in Pension Phase (tax exempt) as well as members in Accumulation Phase (taxed), or if there were changes to member tax status during the year (for example, due to moving from Accumulation Phase to Pension Phase of vice versa), you may need to calculate the portion of Fund income that is tax exempt, and enter this at Label Y: Exempt current pension income.
Click SAVE INCOME
Mclowd displays a message advising that the Taxable Income values were successfully saved.
You can optionally print this page, export to PDF or an Excel spreadsheet.