Superannuation

Tax reconciliation

Statement purpose
This statement aims to calculate the taxable income or loss for the superannuation fund by adjusting the net accounting income or loss for the period with tax adjustments.

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.

Explanation of fields

As an internal check, the statement includes a variance check to ensure that the taxable income or loss on this statement matches the taxable income or loss on the
Statement of Taxable 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