Tax reconciliation detail
Statement purpose
The purpose of this statement is to calculate the taxable or attributed income or loss for each income category of the super fund by applying tax adjustments to the categories.
Data flow
The statement is populated predominantly via links from backup statements.
- The net accounting income or loss for the period is linked from theIncome Statement.
- Adjustments to the net accounting income or loss for the period are linked from backup statements.
The investment status (capital or revenue) question within the
Calculation Setup
statement determines where the corresponding line items are calculated.For example, if gains or losses on futures are considered revenue for tax purposes, any amount will remain in either the
Other Australian Income
section or the Other Foreign Income
section.However, if selected as capital, they’ll be reclassified to the
NTAP capital gains accounting amount
.Explanation of fields
As an internal check, the statement includes a variance check to ensure that the taxable or attributed income or loss on this statement matches the taxable or attributed income or loss on the
Statement of Taxable
or Attributed Income.
There should be no variance in this cell.Signage
The signage settings are as follows:
- Increases to taxable income arepositiveamounts.
- Decreases to taxable income arenegativeamounts.