IHTM31190 - Raising assessments: Money (including deposits)

Click on the Money button in the assessment window to open the separate Money window. In this window you can adjust the assessment to take account of

• money on deposit
• repayments being offset ( IHTM31681) from another assessment group
• interest supplement ( IHTM31665) on within-COMPASS offset repayments ( IHTM31683)
• Income Tax and Capital Gains Tax repayments ( IHTM31515)

Deposits

To add a deposit click the New button.

For each deposit you are applying against the assessment, write the

• deposit number
• the Effective Date of Payment shown on the copy receipt, and
• amount

If you have more than one deposit repeat the process. Then click on the OK button.

You may have an assessment where you need to give credit for a larger amount of the deposit than you are actually applying. This can happen on instalment assessments where box 2 interest is charged. In these cases, enter the full amount of the deposit for which you want to give credit. COMPASS will ensure that for instalment assessments only the amount needed to satisfy the assessment is applied at the end of the assessment whilst calculating the interest taking account of the whole deposit.

CTDs

Enter CTDs ( IHTM31771) as deposits, using the Certificate number as the deposit number.

IT and CGT rebates

Where you need to make allowance for IT or CGT repayments ( IHTM31515), enter the amount in the separate category box.

Ensure that the amount entered here does not exceed the total tax due on this assessment. If the rebate covers more than one assessment group, you will need to give credit at each assessment group up to the total amount of the rebate.

You should use the Notes box to show that the interest charge has been reduced because of an IT or CGT repayment. Pressing the Notes button will bring up the Notes ( IHTM31191) window.