Once your year-end processing is fully completed and you have rolled the GL and closed the year, you can Download the SMSFAR Extract (which contains the financial data you need to complete your Fund tax return).
Go to Financial Periods on the Settings Menu to open the Financial Periods screen.
Click the Actions menu for the year you closed.
Select the Download tax file for LodgeIT option. Mclowd displays:
Click PREPARE LODGEIT EXTRACT.
Mclowd requests Lodgment Information:
You will need to enter your Auditor information. You can enter the auditor’s name, company name or ABN to activate a search. Start typing, and Mclowd will drop down a selection list. When you make a selection, Mclowd will fill in the name, auditor number, and any address and telephone details the software can access.
You also need to enter or select your Electronic Funds Transfer (EFT) account and the account to which any tax refund should be paid. You can select from the drop-down list, but if the preferred account is not registered in your Mclowd bank accounts, you can enter account details manually. Selecting to enter manually will open Account Name, BSB and Account Number fields.
When you have filled the form, click DOWNLOAD TAX DATA EXTRACT.
Your computer system will ask what you wish to do with the Mclowd_SMSFARyyyy_LodgeIT_<SuperFundName>_<date>.xml file.
Save the file to your local computer disk in a convenient location.
The file is a standard XML file that you can inspect if you choose.
You can now close Mclowd and move to http://www.lodgeit.net.au/ to complete lodgment.
It may be a legal requirement that you have an auditor sign off on your tax return. If this is necessary, you will be able to print a draft copy of your tax return to provide to your auditor for checking.
Your auditor will also require your end of year reports generated by Mclowd and may request other documents, such as statements from Managed Funds or Unit Trusts in which your fund has invested in.
Importantly, the cost of using LodgeIT is included in your Mclowd Pro or Mclowd Premium subscription. You will not be charged any additional fee.