The next step in the process is necessary if your Fund is invested in Unit Trusts, Managed Funds, or other entities that pay Trust Distributions and provide an end of year Distributions summary statement. Completing the Trust Distributions table enables Mclowd™ to correctly calculate your tax obligations and imputation credit entitlements on the returns on your Fund's investments in these entities.
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 table below is 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.
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.
Mclowd™partners offer a low-cost service to Trustees who need assistance with this process. You can find a professional to assist in the
, which you can access from the Settings Menu.
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. Some entities provide detailed notes to assist interpretation of statements. You may find helpful notes on entity websites (e.g. AMP Capital provides a detailed explanation at http://www.ampcapital.com.au/AMPCapitalAU/media/contents/Documents/NMFMTaxStatementGuide_110613.pdf.
Some working examples are provided in this manual.
Be sure to complete a row in the Trust Distributions Table for each entity listed in the drop-down list that appears when you click the down arrow.
Mclowd™requires you to insert figures in columns A through J and in column M. Please refer below for details of data required in each column.
Column Label |
Data to Enter |
|---|---|
A |
Australian Taxable Income net of tax (Note that your statement may itemise income from various sources, requiring you to add the amounts) Annual Tax Statements may indicate Tax Return Label 11S, 11T, 13C, 13U, 13R, or 13Y next to amounts that should be included here. |
B |
Imputed credits (may be labelled ‘’Franking Credits’’ on statements) Annual Tax Statements may indicate Tax Return Label 11U or 13Q next to amounts that should be included here |
C |
TFN credits (credits for tax deducted where tax file number was not held on file) Annual Tax Statements may indicate Tax Return Label 13R next to amounts that should be included here. |
D |
Foreign income net of tax - Annual Tax Statements may indicate Tax Return Label 20E, 20M or 20R next to amounts that should be included here |
E |
Tax free income Annual Tax Statements generally clearly indicate tax free income, if any, but do not provide a corresponding Tax Return Label but do not provide a corresponding Tax Return Label. The exception is where a CGT concessional amount is shown on a statement. In this case, refer to formula inUnderstand Capital Gains Data. |
F |
Tax exempt income Annual Tax Statements generally clearly indicate tax exempt income, if any, but do not provide a corresponding Tax Return Label |
G |
Tax deferred income. Annual Tax Statements generally clearly indicate tax exempt income, if any, but do not provide a corresponding Tax Return Label |
H |
Indexed capital gains - *see Understanding Capital Gains Data |
I |
Discounted capital gains - *see Understanding Capital Gains Data. Annual Tax Statements should indicate Tax Return Label 18H for grossed up gains and 18A for net capital gains. Any figure labelled 18A needs to be grossed up (multiplied by 2) |
J |
Other capital gains - * See Understanding Capital Gains Data |
M |
Foreign Tax Credits Annual Tax Statements may indicate Tax Return Label 20 O next to amounts that should be included here |
Mclowd™ will add and display totals in columns K (Total Income – cash distributions) and L (gross distributions).
