Superannuation

Other income and expenses

Statement Purpose
The purpose of the statement is to let users analyze the accounting amounts for other income and expenses and if necessary, adjust for any non-temporary and temporary adjustments. The statement also links the other income received from trust distributions.
The statement also lets the user determine deductible expenses after applying exempt current pension income (ECPI) percentage and capitalised any expenses determined in
Calculation setup
.

Data Flow

Accounting segment -
 The amounts in the accounting segment for both the
Other income
 and
expenses
 sections are linked from the
Income statement
.
Non-temporary differences segment -
 The total non-temporary differences are linked to the
Tax income reconciliation
 statement.
Temporary differences segment -
 The total temporary differences for both opening and closing are linked to the
Tax income reconciliation
 statement. For the line items that aren't protected the closing balances will roll forward to next year.
Expenses – capitalised domestic/foreign –
 Any expenses identified in
Calculation setup
 will be reversed and the totals of these columns are linked to the
Net capital gains calculation
 statement.
Non-temporary ECPI addback -
 The amount of non-deductible adjustment is calculated by multiplying the percentage of ECPI addback is linked to the
Calculation Setup’s
 ECPI for expenses.
The categories totals and subtotals within the tax segment for the other income section flow to the statements listed in the following:
  • The domestic other income links through to the
    Statement of taxable income
    .
  • The total foreign tax amount is linked through to the
    Foreign sourced income
     statement.

Explanation of Fields

Tax segment: The segment is calculated (other than the line items listed in the next section) as being the total of the accounting income plus any non-temporary differences plus any temporary differences plus any adjustment to ECPI addback that have been entered.

Signage

The signage settings are as follows:
  • Increases to the assessable
    other income
     amount are entered as positive amounts.
  • Decreases to the assessable
    other income
     amount are entered as negative amounts.
  • Increases to the deductible
    expenses
     amount are entered as negative amounts.
  • Decreases to the deductible
    expenses
    amount are entered as positive amounts.

This article applies to:

  • Product: ONESOURCE Corporate Tax