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.
NOTE: For contributions where no-TFN has been quoted, please set the Applicable Tax Rate to 47.5%.
Check the values shown in all fields and amend if required.
Mclowd displays a confirmation message and offers options to EXPORT TO EXCEL, PRINT or DOWNLOAD AS PDF.
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.
NOTE: At times during the Year End processing, Mclowd may display the following message:
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.