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  • Guidance notes



    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    Part A Summary of 2003 tax return (supplementary section) items

    1. The references in part A are to the 2003 tax return for individuals (supplementary section).
    2. Label 12U - Non-primary production income

      This item excludes net capital gains and foreign income. It includes the unit-holder's share of franked dividends, as well as the share of imputation/franking credits. The standard format also assumes that there is no primary production activities carried out by the managed fund.
    3. Label 12Y - other deductions relating to distributions

      This is to be used for deductible expenses incurred by unit-holders outside of the net income calculation per section 95 of the ITAA 1936. Ordinarily, deductible expenses would be netted off against the relevant class of income in the trust estate.
    4. Label 12Q - Imputation credits

      This shows the unit-holder's share of imputation/franking credits from franked dividends. Include cents.
    5. Label 12R - Credit for TFN amounts withheld

      This shows the unit-holder's share of credit for tax file number amounts withheld from interest, dividends, and unit trust distributions paid or payable in accordance with sections 12-140 and 12-145 of Schedule 1 to the Taxation Administration Act 1953. Cents should be included.
    6. Label 12S - Credit for tax paid by trustee

      This includes the tax paid or payable by the trustee, including cents. For example, where the trustee is assessable under subsection 98(1) of the ITAA 1936 in respect of beneficiaries under the age of 18 years or other legal disability.
    7. Label 17H - Total current year capital gains

      Label 17A - Net capital gain

      The components of these items are set out in part C. It is important to note that an individual investor who has capital losses will not simply be able to transfer the net capital gain amount from part A to their tax return. Fund managers may wish to refer investors in these circumstances to the Tax Office publications 2003 Guide to capital gains tax or the 2003 Personal investors guide to capital gains tax, or provide details in their own explanatory material.
    8. Item 18 - Foreign entities

      Part A of the standard format assumes there is no attributed foreign income of the trust, so the information requested at item 18 of the tax return supplement is not applicable to the managed fund investment. If this is not the case, this information should be provided to unit-holders.
    9. Label 19E - Assessable foreign source income

      Label 19M - Other net foreign source income

      We would expect that part A of the trust distribution statement would show the amounts for these labels to be the same. If the unit-holder has foreign income deductions, they should follow the instructions in 2003 TaxPack supplement.
    Last modified: 20 Feb 2020QC 17181