Question: How to calculate the total debt for Section J?

Answer: Calculation of total debt is based on client’s data from financials. It includes Current and Non-current loans and Non-current assets term receivables.

 "Adding the opening and closing balances of the total debt of the company for the income year, and dividing this sum by two." - Its as per the ATO guidelines / formula. Below link for reference. -,-Write%20at%20J&text=Calculate%20the%20average%20total%20debt,dividing%20this%20sum%20by%20two


- J Total Debt  is the average of the debts over 2years, it is auto calculated.

- User cannot manually adjust this section-Item J if you have imported the financials.


Q: Negative amount in item "J" Total Debt

A: If it is a "negative" amount, You have to change it via the accounting system ie 'QuickBooks Online', from liability to assets since it is a negative amount. Once done, kindly reimport the financials.