Practitioner Edition

11.4 Year End Processing: Distribute Tax

The Allocation of tax to member accounts is performed in two steps.

First, Mclowd allocates the tax on contributions made to each member account. Tax is calculated according to the contribution type specified when the contribution was posted.

Secondly, Mclowd allocates the Income Tax payable by the Fund to taxable member accounts. Income tax allocation is calculated by using the Member Weighted Balances.

NEXT: ALLOCATE CONTRIBUTIONS TAX

 


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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