ECPI applies only if the Fund has accounts in pension mode for part or all of the financial year. If Accumulation Only is selected in the Tax Profile field, the ECPI Calculation Method field will correctly display Not Applicable.
ECPI Values must be correctly calculated off-line pending planned upgrades to Mclowd to automate ECPI calculations.
Enter the ECPI Amount in the ECPI $ field.
Select the Deductions Apportionment Method. The options presented are:
- Not applicable
- Proportional (expense x assessable income/total income)
- Manually Allocate Deductions
If you choose Manually Allocate Deductions, Mclowd enables manual entry in the Eligible Deductions field.
You will need to calculate Deductions and enter the total amount in this field, or access the Deductions Screen to individually assign expenses as Deductible or Non-Deductible.