Tax Deferred Components for Income

This article serves as a guide as to how users can record tax deferred components for income using Mclowd.

During the financial year, you enter trust or Managed Fund income as and when received.  The tax deferred components will appear on the Tax Statement issued by the relevant trust or managed fund.

You may enter tax deferred components for income year-end by following the step-by-steps process for Year End Processing using this link (from within the application itself):

https://mclowd.com/knowledge-base/year-end-processing-simplified-method/.

To complete the Year End Process and enter any tax deferred amounts, please choose Periods from the Menu and then Financial Years

On the Financial Years screen, for the relevant year, choose Year End Process

On the Year End Process screen, you will see a number of Steps to complete in chronological order.  You need to complete Step 1: Market Revaluation

At Step 2 : Trust Distributions please choose Review and Edit Trust Distributions and then choose EDIT

Under Investment Name, please choose the relevant Unit Trust or Managed Fund and then enter the data from the Tax Statement including Tax Deferred which is highlighted below.