• IT5 Net financial investment loss 2015

    This question is about the net loss, if any, from any financial investments you owned.

    Did you receive income from, or claim deductions for, shares or investments in managed investment schemes?

    Attention

    Warning:

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

    End of attention

    Did you receive income from, or claim deductions for:

    • shares in a company
    • an investment in a managed investment scheme, including a forestry managed investment scheme
    • rights or options for shares or managed investment schemes
    • distributions from a partnership that included income or losses from an investment listed above
    • any investment that is of a similar nature to those listed above?

    No

    Write 0 at X item IT5, then

     

    Yes

    Read on.

    The loss you show at this item is the amount by which your deductions relating to your financial investments exceed your income from those investments.

    When calculating your net financial investment loss, do not include interest from your everyday transaction accounts.

    Managed investment schemes

    The investment manager will be able to tell you whether your investment is a managed investment scheme. Managed investment schemes include:

    • cash management trusts
    • property trusts
    • Australian equity (share) trusts
    • agricultural schemes (which include horticultural, aquaculture and commercial horse breeding schemes).

    Investments that are not managed investment schemes include:

    • regulated superannuation funds
    • approved deposit funds
    • debentures issued by a body corporate
    • franchises
    • schemes operated by an Australian bank in the ordinary course of banking business (such as term deposits).

    Deductions

    Deductions you can claim for an investment include expenses you pay to:

    • borrow money to purchase an investment
    • manage your investments
    • obtain advice about changes in the mix of your investments.

    Completing your tax return

    Complete worksheet 1 below.

    If you are a partner in one or more partnerships, add up your share of all net financial investment income and deduct your share of all net losses from the partnerships' financial investments. The statement of distribution from each partnership should show these amounts. Write the total at (q).

    Worksheet 1

    Financial investment income

    Dividends from Australian shares from item 11:

    • Unfranked amount

     

    $      

    (a)

    • Franked amount

     

    $      

    (b)

    • Franking credit

     

    $      

    (c)

    Managed investment scheme income included at U item 13

    $      

    (d)

    Share of franked distributions and franking credits from managed investment scheme included at C item13

    $      

    (e)

    Dividend income or managed investment scheme income from foreign companies included at M item 20

    $      

    (f)

    Australian franking credits from a New Zealand franking company from F item 20

    $      

    (g)

    Forestry managed investment scheme income from A item 23

    $      

    (h)

    Any other assessable income from a financial investment

    $     

    (i)

    Add all amounts from (a) to (i).

    $      

    (j)

    Financial investment deductions

    Dividend deductions from Australian shares included at item D8

    $      

    (k)

    Managed investment scheme deductions included at Y item 13 and H item D8

    $      

    (l)

    Forestry managed investment scheme deductions from F item D14

    $      

    (m)

    Any other deductions attributable to a financial investment

    $      

    (n)

    Add all amounts from (k) to (n).

    $      

    (o)

    Take (o) away from (j). Show a loss as a negative.

    $      

    (p)

    Total partnerships investment net income or loss. Show a loss as a negative.

    $      

    (q)

    Add (p) and (q).

    $      

    (r)

    If the amount at (r) is negative, write this amount at X item IT5. Otherwise write 0 at X.

    Where to go next

      Last modified: 29 May 2015QC 44229