Other amounts – deductible and non-deductible
Note: You do not need to perform this step if starting the new account from July 1. Ensure you have finalised the Year End and go directly to Completing the Conversion.
When reviewing the DEDUCTIONS page in Taxable Income, any various other expense amounts may be displayed at label L1: Other Amounts.
By default, these amounts will be displayed as a Deductible Amount.
Note: Other amounts may include Fund Formation Costs, which by default will be shown as Deductible. If you do not wish to claim a Tax Deduction for Fund Formation Costs Written Off, you can manually enter the amount in the Non-Deductible Expenses Column at L2.
If there are other amounts shown at L1 that you do not wish to claim a deduction for, you can manually enter these amounts in the NON DEDUCTIBLE EXPENSES column at L2.
The amount in the DEDUCTIONS column will change to 0 and these other amounts (including any Fund Formation Cost) will show as a Non-deductible expense in the Totals section.
If any figure appears in either L1 or L2, use the drop-down list to select the appropriate explanation.