How to Enter a Distribution & Tax Statement – Simple Fund 360 Knowledge Centre

On annual tax statements

You can now upload the annual tax statements directly into Simple Fund 360 and Simple Invest 360, and SmartDocs will read the statement and enter the tax data for you to review first. For more information, click here.

Entering Trust Distributions into Simple Fund 360

Cash Transactions - you can post directly to the 23800 accounts either through Smart Matching using data feeds or the Transaction List. Entering Tax Components is optional.
Annual Tax Statements - Tax Component data can either be entered as a $0 journal or into an existing Cash Distribution.
The SMSF Annual Return and tax calculations will only read the data entered in the More Details panel. Cash Amounts do not affect the Tax Return. See below for examples

The SMSF Annual Return will only use information from the tax data fields on the More Details panel. Failure to enter in tax data may result in an incorrect tax calculation

How to enter a Cash Distribution Received in Simple Fund 360

Distributions are recorded from the Transaction List or through the Transaction Matching Screen. Select the income account 23800/INVESTCODE, this will prompt Simple Fund 360 to display the More Details Panel to enter the Distribution Details.

From the Main Toolbar, go to Accounting.
Select Transaction list

From the Transaction List screen, select New Transaction. From the drop-down list, select Bank Statement.
Input the date of the transaction.
Under the Account heading, select the bank account from the Select an account box. Click on the next Select an account box. Begin typing and select account 23800/INVESTCODE.
Input the distribution amount received. Simple Fund 360 will post a corresponding entry to the bank.
If Applicable, input the Tax statement information by selecting the More Details Panel. For a detailed example on entering annual tax statement information, refer to the How to enter Annual Tax Statements section below.
Discount Method Option
From the More Details panel, you can choose the discount method used by the system (1/3 or 50% method) for distributed capital gains. Based on the option selected, the discounted distributed capital gains can be viewed in the Investment Income Report and Distribution Reconciliation Report.
- By default, the panel will display 1/3 as the discount option. To change this to 50%, select the switch;
- The purpose of this discount option is solely for the reconciliation of the Distribution Reconciliation Report and client tax statements which generally use the 50% discount rate.
- This discount rate option is not applicable for The SMSF Annual Return(which is always 1/3 for SMSFs);
After you have entered all the information, select Post to save.

AMMA tax statement vs annual tax statement

In the past, the annual tax statement provided cash distribution amounts and you were generally taxed based on the amount of cash distribution you received from the fund.

The AMMA tax statement provides attribution, cash distribution and cost base adjustment information. The amounts that you will be assessed on and which are required to complete the SMSF Annual Return are based on the attributed amounts.

Annual/AMMA Tax Statements - Where to enter in More Details panel

For AMMA statements which the cash are different to the Attribution Column e.g Vanguard, enter Figures from the Attribution Column
Ensure the Net Cash Distribution figure on your Annual Statement matches the figure in SF360
If adding AMIT cost base net increase/decrease, do not enter non-assessable amounts as there will be duplication to cost base adjustment.

Before you start ensure the Net Cash Distribution on the Managed Fund Statement matches the Cash Received in SF360. i.e the 23800/xxxxx ledger balance matches the net cash in the statement 3c6896ca40978e190e2f475522f5ddb8f1f072dfabf79991ce1da1f5b859d2c0.png

The following provides mapping as to where to enter information from a Tax Statement into the More Details Panel

Australian Income / Non-Primary Production Income (A)

SF360 More Details Panel	Income Component on Annual Tax Statement	Additional Information
Dividends - Franked	Dividends - Franked Franked Dividends Franked distributions Dividends Franked distribution from trusts Tax Return Label 13C
Franking Credits	Franking Credits Imputed Credits Share of franking credit from franked dividends Tax Return Label 13Q
Dividends - Unfranked	Dividends: unfranked amount declared to be CFI Dividends: unfranked amount not declared to be CFI Dividends - Unfranked Unfranked Dividends Unfranked Distributions Unfranked CFI Distributions Tax Return label 11S Conduit Foreign Income (CFI)
Gross Interest	Gross Interest Interest Domestic Interest Interest - subject to non-resident WHT Interest - not subject to non-resident WHT
Other Income	Other Income Australian non-primary production income Non-primary production income Share of non-primary production income Tax Return labels 11U, 13U NCMI – Non-primary production Excluded from NCMI –Non-primary production NCMI – Primary production Excluded from NCMI – Primary Production Other Australian Rent and Other Income
Less Other Allowable Trust Distributions	Other Allowable Trust Distributions Other Deductions Other deductions relating to Distributions Other deductions relating to non-primary production distributions Tax Return Label 13Y

Capital Gains

These amounts will go into the Net Capital Gain calculation for the fund

SF360 More Details Panel	Field on Annual Tax Statement	Additional Information
Discounted Capital Gain (Before Discount)	Discounted Capital Gain(s) Discounted Capital Gains TAP Discounted Capital Gains TAP - NCMI Discounted Capital Gains TAP - Excluded from NCMI Discounted Capital Gain NTAP Discounted Capital Gain NTAP - NCMI Discounted Capital Gain NTAP - Excluded from NCMI	The amount entered should be before discount. e.g If Fund Manager displays net amount in statement and has applied 50% discount multiply amount in statement by 2
Discount toggle	Select whether Fund manager has applied 50% or 1/3 discount on statement	The purpose of this discount option is solely for the reconciliation in the Investment Income Report and Distribution Reconciliation Report and tax statements which generally use the 50% discount rate. This discount rate on the toggle WILL NOT be used in the SMSF Annual Return. The SMSF Annual Return and Net Capital Gain calculations will always use the 33.33% discount.
Capital Gain Tax (CGT) Concession Amount	CGT concessional amount CGT concession CGT concession amount AMIT CGT Gross Up Amount Other capital gains distribution Non-assessable amounts (CGT)	Enter the amount in full. This field does not impact CGT Calculation in SF360. AMMA statement - Other capital gains distribution is shown in the Cash distribution column to represent the total amount of cash distributed in relation to all capital gains, other than amounts already shown in the Cash distribution columns under Capital gains. This need not be equal to the AMIT CGT gross up amount.
Capital Gain - Indexation Method	Capital gains – indexation method Indexed capital Gains
Capital Gain - Other Method	Capital gains – other method Non-Discounted Capital Gains Non-discounted TAP Non-discounted NTAP Non-Discounted Capital Gains TAP Non-Discounted Capital Gains NTAP Capital Gains Other Method - TAP Capital Gains Other Method - TAP - NCMI Capital Gains Other Method TAP - Excluded from NCMI Capital Gains Other Method - NTAP Capital Gains Other Method NTAP - NCMI Capital Gains Other Method NTAP - Excluded from NCMI Capital Gains other - TAP Capital Gains other - NTAP	In order to enter 'TAP' or 'NTAP' in the Taxable Components, 'Resident SMSF' must be 'No' in the Fund Details*.
Foreign Discounted Capital Gains (Before Discount)	Foreign Discounted Capital Gains	The amount entered should be before discount. e.g If Fund Manager displays net amount in statement and has applied 50% discount multiply amount in statement by 2
Foreign Capital Gains - Indexation Method	Foreign Capital Gains - Indexation
Foreign Capital Gains - Other Method	Foreign Capital Gains - Other Foreign non-Discounted Capital Gains

Foreign Income

SF360 More Details Panel	Field on Annual Tax Statement	Additional Information
Assessable Foreign Source Income	Foreign income Assessable foreign source income Foreign interest income Foreign modified passive income Passive Foreign Income Tax return label 20E) CFC Income Controlled Foreign Company Income Foreign Dividends	The Net Amount (after tax) should be entered in.
Other Net Foreign Source Income	Other net foreign source income Net foreign rent Foreign - other assessable income Transferor trust income Foreign Other Tax return label 20M	The Net Amount (after tax) should be entered in.
Foreign Income Tax Paid Offset / Credits	Foreign Income Tax Offset Tax return label 20O Foreign Dividends Tax Credit Foreign Interest Tax Credit passive Foreign Tax Credit
Australian Franking Credits from a New Zealand Company	Australian franking credits from a New Zealand company Tax return label 20F

Other Non-Assessable Amounts

SF360 More Details Panel	Field on Annual Tax Statement	Additional Information
Tax-Exempted Amounts	Tax exempted amounts Non-assessable non-exempt amount net exempt income Other non-attributable amounts	CGT concessional amount should not be entered here
Tax-Free Amounts	Tax free amounts
Tax-Deferred Amounts	Tax deferred amounts Return of capital

Other

SF360 More Details Panel	Field on Annual Tax Statement	Additional Information
AMIT Cost Base Net Increase Amount / Shortfall	AMIT cost base net amount – shortfall (increase) AMIT cost base net amount - excess (reduce cost base) AMIT cost base net increase amount	Attribution Managed Investment Trust ('AMIT') Cost Base Adjustments
AMIT Cost Base Net Decrease Amount / Excess	AMIT cost base net amount – excess (decrease) AMIT cost base net amount - shortfall (increase cost base) AMIT cost base net decrease amount	Attribution Managed Investment Trust ('AMIT') Cost Base Adjustments
Less TFN Amounts Withheld	TFN Amount Withheld Tax Return Labels 11V, 11R and 13R TFN Withholding Credit TFN Tax TFN Amounts Deducted Credit for TFN amounts withheld Share of credit for TFN amounts withheld from interest, dividends and unit trust distributions
Less Other Expenses

Also refer to How to enter NCMI components in Distribution Tax Statement Section in this article.

Also, refer to How to enter NCMI components in Distribution Tax Statement Section in this article.

Examples - How to enter the Annual Tax Statements

How to enter an Accrued Distribution in Simple Fund 360

See Accrued Income for more information.

Record Tax-Deferred when inputting Opening Balances

Two options are available:

When inputting comparative amounts for the Operating Statement, record the investment's history of tax-deferred amounts in the 23800/INVESTCODE comparative entry.
Record a $0 Journal transaction at the date of the financial statements to account 23800/INVESTCODE (Credit entry). The Debit entry will be a $0 entry to account 49000 (Profit and Loss clearing account).

How to input negative tax-deferred/exempt/free amounts

Negative amounts cannot be recorded into the Distribution More Details Panel at this stage. To record a negative tax-deferred amount, a cost base adjustment will need to be recorded as a separate transaction (journal transaction type):

DR: Investment account for the deferred amount. Input a 0 in the Units field to record the Cost Base Adjustment.

CR: Investment account for the deferred amount. Leave the units field blank.

Select Post.

This journal will increase the cost base of the investment.

Reconciliation of Trust Distributions at Label 11M

A report can be generated in Simple Fund 360 to reconcile Label M. Check out the Distribution Reconciliation Report.

Important

Create Entries to the 30/06/20XX will need to be performed to finalise the Tax Return. Label M will be calculated only by the taxable income entered in the More Details Panel against the income account 23800/InvestmentCode. Simple Fund 360 will treat the cash amount in the General Ledger as accounting income. This is in contrast to the Simple Fund Desktop approach, which treats the cash amount in the General Ledger as taxable income.

The sum of the following fields can be used to assist in reconciling Section B, Label 11M of the Tax Return (select the image to expand it):

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Field	Cash Distribution	Tax Paid Offset / Credits Franking Credits	Taxable Amount
Dividends - Franked	100	50	150
Dividends - Unfranked	20		20
Gross Interest	200		200
Other Income	30		30
Less Other Allowable Trust Deductions	(100)		(100)
Non-Primary Production Income (A)	250	50	300

The Taxable Amount will appear in Section B, Label 11M of the return.

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How to enter NCMI components in Distribution Tax Statement

Components of Distribution	Individual Tax Return	SMSF Tax return label	SF 360 Distribution More Details Input
NCMI – Non-primary production	13U	11M	Other Income
Excluded from NCMI –Non-primary production	13U	11M	Other Income
NCMI – Primary production	13L	11M	Other Income
Excluded from NCMI – Primary Production	13L	11M	Other Income
NCMI capital gains	18A	11A	Capital Gain Discount Index Other
Excluded from NCMI capital gains	18A	11A	Capital Gain Discount Index Other

Please refer to ATO Guidance for further details.

Please note BGL does not provide tax and accounting advice.