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 you click the NEXT – CAPITAL GAINS or the CAPITAL GAINS button on the Tax Calculation Steps Button Menu, Mclowd™will display the capital gains worksheet (as shown below) to enable you to review the taxable capital gains for the period.
If you had any prior year capital losses to be offset, these should have been entered in the Fund Setup process.
If they were not entered, go back to the FUND SETUP option and select PRIOR YEAR LOSSES to enter these.
They will then display at row G in the Capital Gains worksheet.
The text in the title bar will reflect the period you are currently processing (financial year or interim period). The below is for example purposes only.
Mclowd™will Display a message confirming the data has been saved.
The taxable capital gains figure will be saved against Line A. Net Capital Gains on Section B: Income.
