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  • Guidance notes

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

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    Part A: Summary of Tax return for individuals (supplementary section) 2008 items

    Part A: Summary of Tax return for individuals (supplementary section) 2008 items

    1

    The references in Part A are to the Tax return for individuals (supplementary section) 2008

    2

    U item 13 - Non-primary production income
    Unit holders include their share of franked dividends and their share of franking credits at this item. Net capital gains and foreign income are not shown here.

    The standard format assumes that there are no primary production activities carried out by the managed fund. 

    3

    Y item 13 - Other deductions relating to distributions
    At this item unit holders show the total of deductible expenses they incurred during the income year.

    Deductions allowable to the trustees that are taken into account in the net income calculation under section 95 of the ITAA 1936 are not shown at this item. Ordinarily, deductible expenses would be netted off against the relevant class of income in the trust estate.) 

    4

    Q item 13 - Franking credits
    Unit holders show their share of franking credits from franked dividends at this item. Include cents. 

    5

    R item 13 - Credit for TFN amounts withheld
    At this item unit holders show their share of any credit for TFN 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. Include cents. 

    6

    S item 13 - Credit for tax paid by trustee
    At this item unit holders show their share of any credit for tax paid or payable by the trustee, including cents, for example, tax paid or payable when the trustee has been assessed under subsection 98(1) of the ITAA 1936 in respect of beneficiaries under a legal disability (includes beneficiaries under the age of 18). 

    7

    H item 18 - Total current year capital gain
    A item 18 - Net capital gain.
    The components of these items are set out in Part C. Unit holders will need to gross up their cash distribution by the amount of any tax paid on capital gains (for example, foreign tax on foreign net capital gains). It is important to note that an individual unit holder 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 our publications Guide to capital gains tax 2008 (NAT 4151) or Personal investors guide to capital gains tax 2008 (NAT 4152), or provide details in their own explanatory material. 

    8

    Item 19 - Foreign entities
    Part A of the standard format assumes that there is no attributed foreign income of the trust such that the information requested at item 19 of the Tax return for individuals (supplementary section) 2008 is not applicable to the managed fund investment. If this is not the case, this information should be provided to unit holders. 

    9

    E item 20 - Assessable foreign source income
    M item 20 - Other net foreign source income
    We would expect that Part A of the trust distribution statement would show the amounts for these items to be the same. If the unit holder has foreign income deductions they should follow the instructions in TaxPack 2008 supplement (NAT 2677).

    Last modified: 22 May 2008QC 20598