Year End

11.2.1 Year End Processing: Calculate Tax – Trust Distributions

On this screen, you will need to record the tax components of any trust income received during the year from your listed / unlisted trusts and managed funds.

This information can be obtained from the annual tax statements provided by the various entities in which your Fund held investments during the year.

Every cash distribution and distribution reinvestment recorded in Mclowd’s Income Tab, must have a corresponding entry on the Trust Distribution screen in order for that income to be taxed correctly.

Click the TRUST DISTRIBUTIONS button to begin. Mclowd displays:

Trust Distributions Table

Correctly completing the Trust Distributions Table ensures that the correct tax is applied to income from Managed Funds, Unit Trusts, etc. and all tax credits are correctly claimed, ensuring your fund pays the correct amount of tax on the income received from these investments.

NOTE:  As the format of statements supplied by different funds and trusts varies, it may be difficult to correctly interpret the data and match information to the columns in Mclowd. Mclowd developers have endeavoured to label columns to make the process as intuitive as possible, but trustees may need professional assistance to ensure this form is correctly completed.

Be aware that errors or omissions in completing this table may result in an incorrect calculation of your Fund’s tax liability, causing you to overpay or to understate your Fund’s taxable income.

The examples given provide a broad guide only, to assist Mclowd users to understand how tax is calculated on Trust Distributions and to verify that they are reporting all income and claiming tax credits appropriately.

Mclowd requires you to insert figures in columns A through J and in column M. The information required is as follows:

A Australian Taxable Income net of tax (note that your statement may itemise income from various sources, requiring you to add the amounts)
B Imputed credits
C TFN credits (credits for tax deducted where tax file number was not held on file)
D Foreign income net of tax
E Tax free income
F Tax exempt income
G Tax deferred income
H Indexed capital gains
I Discounted capital gains
J Other capital gains
M Foreign Tax Credits

Mclowd will add and display totals in columns K (Total Income – cash distributions) and I (gross distributions).

To complete the Trust Distributions Table, you will need to click ADD ROW to add a row for each investment that makes Trust distributions to your Fund. Use a separate row for each statement.

Click the arrow to the right of the first column in the added row and select an Investment.

Trust Distributions select investment

Trust distributions investment selected

Look carefully at the statement provided to you by the Fund or Trust. You may need to scan down or check additional pages for correct detailed figures.

Four working examples are provided to illustrate how the Trust Table should be completed. For further assistance, contact the Mclowd support team.





Continue inserting data into the Trust Distributions Table until details of income from all Trusts, Managed Funds etc. are complete. Mclowd will calculate the Total Distribution for each column and display it at the bottom of the Table.

When you are content that all data has been correctly entered into the Trust Distributions Table and the totals are correctly displayed, click the SAVE button at lower left of the screen.

Mclowd will display the message “You have successfully saved Trust Distribution values’’ and provide buttons for you to optionally Export to Excel, Print the table, or Download as PDF.

Trust distributions saved

Click the BACK TO TAX HOME button on the left of the screen to return to the button menu and select the next option, or click the NEXT – CAPITAL GAINS button at lower right (below the Table) to progress to the next step.


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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