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.
Example 1 - How to enter the Annual Tax Statements (generic)
In this task, learn how to record the Annual Tax Statement into Simple Fund 360.
The following task and annual tax statement are for training examples only. Other alternatives may be used when coding the tax distribution information.
This example will assume that there is no System Data available for the distribution. For more details on what System Data is and when it is available, please see Distribution Tax Automation.
In this example, the final GPT.AX distribution for the financial year will be entered using the Distribution Tax Automation screen.
| From the Main Menu select Compliance | |
| Select Distribution Tax Automation |
As there is no System Data available, the tax data will be entered manually.
To enter the tax data manually, click the gear icon next to the GPT.AX distribution entry in the Distribution Tax Automation screen:
This will bring up the Custom Tax Data screen.
Use the headings of the annual tax statement to help locate the input fields to record the distribution amounts.
When recording the distribution amounts, ensure that these amounts are entered under the Distribution Components columns. Later, the Dollars per unit amounts will be automatically determined by Simple Fund 360.
Australian Income
- Interest: $500
- Other income: $300
Capital Gains
- Discounted Capital Gains (50% Discount used by annual tax statement): $500
- CGT Concession amount: $500
- Capital gains - other: $200
The Discounted Capital Gains is recorded at its before discount amount. After this amount is recorded, the discount percentage used by the annual statement is toggled in Simple Fund 360.
In this example, the pre-discount amount is $1,000. The annual statement indicates that the 50% discount was used which means that the 50% toggle would be selected.
This toggle is used to visually reconcile the Tax Statement's discount percentage with Simple Fund 360.
The toggle has zero effect on the discount rate used by Simple Fund 360 in the annual return which will always be 1/3rd
Tax-Deferred Amounts
The tax-deferred amounts will be recorded under the Other Non-Assessable Amounts heading.
After all the components have been entered, confirm the Net Cash Distribution amount:
Generate Dollars per unit
After the whole Distribution Component amounts have been entered, you can generate the Dollars per unit amounts. This will allow other funds that have received distributions from the same security to also receive the Dollars per unit amounts, saving you from needing to record the distribution components again for other funds.
To generate the Dollars per unit amounts, click Generate from Distribution Components:
For more information on generating the Dollars per unit amounts, please see Distribution Tax Automation.
Example 2 - How to enter the Annual Tax Statements (HVST)
This is an example where system data is available, so the fields of Distribution Components have been auto-filled.
The following task and annual tax statement are for training examples only. Other alternatives may be used when coding the tax distribution information.
Entering the tax statement in Simple Fund 360