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Guidance notes
Last updated 20 June 2007
Part A. Summary of Tax return for individuals (supplementary section) 2007 items.
The references in Part A are to the Tax return for individuals (supplementary section) 2007.
U Item 12 - 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.
Y Item 12 - 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.)
Q Item 12 - Franking credits Unit holders show their share of franking credits from franked dividends at this item. Include cents.
R Item 12 - Credit for TFN amounts withheld At this item unit holders show their share of any 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. Include cents.
S Item 12 - 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).
H Item 17 - Total current year capital gain A Item 17 - 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 2007 or the Personal investors guide to capital gains tax 2007 or provide details in their own explanatory material.
Item 18 - 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 18 of the Tax return for individuals (supplementary section) 2007 is not applicable to the managed fund investment. If this is not the case this information should be provided to unit holders.
E Item 19 - Assessable foreign source income M Item 19 - 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 2007 Supplement.
