Statement of taxable income
Statement Purpose
This statement displays taxable income of the superannuation at the group level into the components required for the purpose of disclosure in the Fund tax return. The taxable income or loss on this statement should agree to the taxable income or loss on the
Tax reconciliation
.Data flow: The statement is populated entirely via links from backup statements. You can view the data of entities within the group and the total group aggregated amount in this statement. Any group-level adjustments should be made in individual corresponding workpapers linked to this statement.
Explanation of Fields
Statement of taxable income
Each item in the Statement of taxable income must be allocated an
ITR code
for the purposes of flowing through to the disclosure items on the Super Fund Tax Return. Most of the line items have a fixed ITR code.The ITR code is a combination of the Form question number and label, example: Code
8R
corresponds to Question 8 label R.Additional Items
Items under this section are the list of non-refundable tax offsets which will populate the
Super Fund Tax Return
to determine the final tax payable or refundable.Movement variance
The column highlights any differences between the adjusted aggregated group total and the calculated taxable income at a group level.
Signage
The signage settings are as follows:
- Income amounts are linked as positive amounts.
- Expense and loss amounts are linked as negative amounts.