Practitioner EditionPractitioner Edition: End of Year processing

11.3.1.2 Year End Processing: Calculate Tax – Trust Distributions Example 1

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:

Trust Distributions Example 1
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.

NEXT: TRUST DISTRIBUTIONS: EXAMPLE 2

BACK TO TRUST DISTRIBUTIONS


about the author:

Lorraine Cobcroft

With a background in accounting and financial management, followed by two decades writing software documentation, Lorraine joined the Mclowd team in mid-2016 and is enjoying working with a dynamic team to enhance an innovative product that has the potential to revolutionize the way Australians manage their retirement funding. Lorraine is also an accomplished business writer, ghost-writer, novelist and short-story writer and poet.

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