Tax Tips
Managed Funds
If you have Investments in Managed Funds you will receive a Tax Report Summary sometime in September outling exactly how to treat your Trust Distribution for tax purposes.
Your Tax Report Summary should break your income up into the following areas:
- Interest Income
- Dividends Received (including Franked amounts, Unfranked amounts, and any Franking Credits attached)
- Trust Distributions (including any share of Franking Credits attached)
- Foreign Source Income (broken up into Interest, Modified Passive, 'Other' and any Foreign Tax Credits)
- Any TFN withholding credits on the above income
- Any deductions relatin to the above income
- Capital Gains (broken up into Indexed amounts, Discounted amounts and 'other' amounts)
- Capital Gains tax deferered amounts
- Capital Losses incurred either from you selling units in the fund, or the fund manager incurring them on your behalf
Each Fund Manager will publish their own Guidelines on how to treat your Trust Distribution. It is advisable to have these available when preparing your tax return as each Fund Manager interprets things differently. Tax logic has seen most Fund Managers Annual Tax Summary Reports and we know how to interpret them.
