The Supervisory Levy is an expense that is deductible in the year the Superfund's tax return is assessed or deductible in the year the tax return is related to.
Example: The screenshot below shows the calculation of tax per the Tax reconciliation report in Superfund.
The Tax Reconciliation report includes the $259.00 in its calculation, however, only the Income Tax Payable (Refundable) amount is posted provided for on rollover. See Tax Payments & Refunds window below.
Note: The Tax Reconciliation report includes the $259.00 supervisory levy so that it is comparable to the ATO assessment when it comes through.
The Supervisory Levy can be raised as a creditor in need.
From the Transactions menu, point to Expenses and click General.
In the General Expenses window, click New.
Complete the relevant details and click Save, Close.
