Practitioner EditionPractitioner Edition: End of Year processing

11.2.4.1 Select Tax Deductible Status of Written Off Fund Formation Costs

When reviewing the DEDUCTIONS page in Taxable Income, any amount of Fund Formation Costs written off will be displayed at label L1: Other Amounts.

By default, the amount will be displayed as a Deductible Amount.

Leave as Deductible

Save deductions - deductible selected

 

If you do not wish to claim a Tax Deduction for Fund Formation Costs Written Off, you can manually enter the amount in the NON DEDUCTIBLE EXPENSES column at L1. The amount in the DEDUCTIONS column will change to 0.

Set as non-deductible

Save deductions - nondeductible selected

 


about the author:

Lorraine Cobcroft

With a background in accounting and financial management, followed by two decades writing software documentation, Lorraine joined the Mclowd team in mid-2016 and is enjoying working with a dynamic team to enhance an innovative product that has the potential to revolutionize the way Australians manage their retirement funding. Lorraine is also an accomplished business writer, ghost-writer, novelist and short-story writer and poet.

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