In this example, we show how to process a Tax Statement from Ausbil Emerging Leaders Managed Fund.
The summary figures on Page 1 of their statement are not helpful.
You will need to reference the more detailed information on Page 2.
Yellow markers indicate the corresponding column in the Mclowd™ Trust Distributions Table. See below the diagram for more detail.
1)Total Non-primary Production Income (A) and Franked Distributions (X) must be added to compute Total Income ($428) for Mclowd™ Column A.
2)Tax Paid Offset Amount is referred to in Mclowd™ as Imputed Credits. Enter $151.12 in Column B.
3)Distributed Capital Gains (B) of $448.02 should be entered in Mclowd™ column I.
4)Assessable Foreign Source Income (C) of $33.83 should be entered in Mclowd™ column D.
5)Tax Deferred Amount (D) of $13.38 should be entered in Mclowd™ column G
6)Mclowd™ calculates a total and displays in Column K. Check that it matches the Cash Distribution figure of $923.23.
7)Mclowd™ calculates a Gross Distribution Amount of $579.12 ($428 total income + $151.12 Imputed Credits) and displays in column L.
8)Tax paid on Foreign Income (X column 2) of $3.17 should be entered in Mclowd™ column M
This completes the entries for this investment.
