Superannuation

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 the
    Income 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 are
    positive
     amounts.
  • Decreases to taxable income are
    negative
     amounts.

This article applies to:

  • Product: ONESOURCE Corporate Tax