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Incorrect Tax Calculation when in Part... Expand / Collapse
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Posted 11/02/2016 11:48:27 PM
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Last Login: 11/02/2016 11:32:00 PM
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In the 2014 software the tax payable by the fund was correctly calculated on the net income of the fund as adjusted for the pension percentage. ie the total fund income, less the total fund expenses ie net income, less the pension percentage of NET income = the funds taxable income times 15%. then adjusted for any capital gains again less the pension percentage etc - all fine
However in the 2015 software this calculation has been changed and now produces an incorrect result as the calculation is Total fund Income less the percentage of Total fund times the pension percentage = net taxable Total income less Total fund Expenses (no adjustment for the pension percentage is applied) then the resulting figure is multiplied by the 15%.
The tax for 2015 is therefore artificially reduced as the expenses relating to the pension percentage are not reduced - it means that the Provision for tax in MYSF will not tally with the tax in the funds ATO Income Tax Return if the return is completed correctly to show expenses split between Deductions and Non Deductible Expenses (relating to Pension Mode).
This seems a very basic error - a simple check of taking the funds Subtotal - shown in the Income Tax Expense Calculation section of the P & L and manually multiplying this by 15% will show a different figure on the calculator to that shown in the MYSF tax calculation!
Post #5020
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