• Part A - Summary of 2004 tax return (supplementary section) items

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    Warning:

    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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    1. The references in Part A are to the 2004 Tax return for individuals (supplementary section).

     

    1. Label 12U - Non-primary production income
      This item excludes net capital gains and foreign income. It includes the unitholder's share of franked dividends as well as the share of franking credits (formerly called imputation credits). The standard format also assumes that there are no primary production activities carried out by the managed fund.

     

    1. Label 12Y - other deductions relating to distributions
      This is to be used for deductible expenses incurred by unitholders outside of the net income calculation as per section 95 of the 1936 Act. Ordinarily, deductible expenses would be netted off against the relevant class of income in the trust estate.

     

    1. Label 12Q- Franking credits
      This shows the unitholder's share of franking credits from franked dividends. Include cents.

     

    1. Label 12R - Credit for TFN amounts withheld
      This shows the unitholder'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. Include cents.

     

    1. 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 under another legal disability.

     

    1. 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, Guide to capital gains tax 2003-04 or the Personal investors guide to capital gains tax 2003-04, or provide details in their own explanatory material.

     

    1. Item 18- Foreign entities
      Part A of the standard format assumes that there is no attributed foreign income of the trust so that 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.

     

    1. Label 19E - Assessable foreign source income
      Label 19M - Other net foreign source income

      Part A of the trust distribution statement should show the amounts for these labels to be the same. If the unitholder has foreign income deductions, they should follow the instructions in the 2004 TaxPack supplement.
    Last modified: 09 Dec 2005QC 17612