In this example, processing a Tax Statement from Ausbil Emerging Leaders Fund, the summary figures on Page 1 are not helpful.
You will need to reference the more detailed information on Page 2.
In the example shown (Ausbil), the statement shows:
To calculate the total Australian Income Net of Tax to insert in Mclowd’s Column A, you will need to add Total Non-primary Production Income ($148.43) and Franked Distributions ($279.57).
- Enter the total Australian Income amount calculated ($428) in Column A.
- Enter the Tax Paid Offset amount ($151.12) in Mclowd at Column B (Imputed Credits)
- Enter the Distributed Capital Gain ($448.02) in Mclowd’s Column I.
- Enter Assessable Foreign Source Income ($33.83) in Mclowd’s Column D
- Enter the Tax Deferred Amount ($13.38) in Mclowd’s Column G
- Mclowd correctly displays the total of $923.23 in column K
- Mclowd calculates an amount of $579.12 in Gross Trust Distributions and displays this in Column L.
- Finally, enter the Foreign Tax Credit amount ($3.17) in Mclowd’s Column M.
This completes the entries for this investment.
Save the totals.