The standard format does not purport to deal with all possible scenarios a fund manager may encounter. Where a fund's circumstances are outside those shown on the standard format, additional information or requirements need to be considered.
The format is predicated on the standard information needs of a resident individual unitholder in a unit trust operated by the funds management industry. It is assumed that the unitholder is a resident for the whole of the income year.
Fund managers should apply relevant provisions of the income tax law in preparing the tax information in the distribution statement, in particular Division 6 of Part III of the Income Tax Assessment Act 1936 (ITAA 1936).
The 2004 Standard distribution statement is current at 16 June 2004. It is issued at this time to enable fund managers to implement the necessary systems changes before 30 June 2004 in time for 2004 income year reporting. If subsequent changes are necessary, the Tax Office will discuss these with industry bodies.