Practitioner EditionPractitioner Edition: End of Year processing

11.3.5 Year End Processing: Tax Calculation – Income Tax

When you move to Mclowd’s Income Tax screen, the calculated taxable income (if any) is displayed at A, and tax calculated at the rate shown in Applicable Tax Rate is displayed at field T1.

Section D Income Tax


NOTE:

For contributions where no-TFN has been quoted, please set the Applicable Tax Rate in the second row of T1 (Tax Rate for no TFN-quoted Contributions) to 47.5%.


Check the values shown in all fields and amend if required.

Click SAVE INCOME TAX.

Mclowd displays a confirmation message and offers options to EXPORT TO EXCEL, PRINT or DOWNLOAD AS PDF.

Income Tax Saved


NOTE:  At times during the Year End processing, Mclowd may display a message telling you saved values differ from those calculated from data entered elsewhere:

Income tax error

You can expose the calculated value by hovering over a highlighted field, or click the RESET button to reset the entire form to calculated values automatically.


Click BACK TO TAX HOME to move to the next step or the NEXT -SECTION E: LOSSES button at bottom right of the screen to move to the next step.

NEXT: 11.3.6 SECTION E: TAX LOSSES


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.

Leave a Reply