Fund return

See Fund income tax return instructions on the ATO website.

Data entry

The fund return (EF) is presented on a set of tab cards:

• • Section A: SMSF Fund details
  • Section B: Income - Item 11
  • Section C: Deductions and non-deductible expenses
  • Section D: Tax Calculation Statement
  • Section E: Losses - Item 14
  • Section J: Other InformationSection J: Other Information
  • Section K: Trustee or Director's Declaration

Processes for the fund

When you select F4 a formal estimate of the fund’s tax liability for the current and subsequent year is prepared. You can Preview or Print this estimate.

Additionally, you can prepare a PAYG income tax instalment worksheet from Preparation > Schedule > xPF - PAYGI (Instalment estimate) for an audit trail of how we arrived at the result.

If the current year return has been completed you can pre-fill the worksheet with those values. If not lodged or the ATO has not yet issued the first quarterly instalment notice, you can use the values from either of the two immediate prior years. However, you must use the values from most recently lodged of those two prior year returns.

You can also manually key values or alter pre-filled values where that value is editable. This is helpful for calculating what-if scenarios.

Other processes performed include:

• Printing Returns

• Lodging returns using the practitioner lodgment service (PLS)

• Assessment Details

• Amending Lodged Returns

• Customising Return Properties