A Listed Investment Company (LIC) capital gain is essentially a taxable capital gain that would qualify as a 'discount' capital gain. Complying superannuation funds may be eligible to claim a tax deduction for the portion of the attributable part.
Record the deduction through the income account (23900/INVESTCODE) when recording the dividend.
|From the Main Toolbar, go to Accounting.
|Select Transaction list
|Select New Transaction.
|Select Bank Statement.
From the Transaction List you can now record the Dividend:
|Select dividend account 23900/ARG.AX
|Input a credit amount for the dividend $1000.00
|Click This will open the more details panel to input the dividend details.
|Input the deduction in the LIC deduction field. Example $200.00
|Select to save the transaction.
The LIC Deduction will appear on the Statement of Taxable Income as part of the line item Other Non Taxable Income.
In the Tax return, the LIC Deduction will appear in Section C: Deductions as part of the line item Other Amounts.
The deduction recorded for the financial year can be reconciled using the Dividend Reconciliation Report.