Worked example – Ausbil Investments

In this example, we show how to process a Tax Statement from Ausbil Emerging Leaders Managed Fund.

The summary figures on Page 1 of their statement are not helpful.

You will need to reference the more detailed information on Page 2.

• Total Non-primary Production Income (A) and Franked Distributions (X) must be added to compute Total Income ($428) for Mclowd Column A.
• Tax Paid Offset Amount is referred to in Mclowd as Imputed Credits. Enter $151.12 in Column B.
• Discounted Capital Gains NTAP of $227.85 should be entered in Mclowd Column I.
• CGT concession amount of $220.17 should be entered in Mclowd Column E.
• Assessable Foreign Source Income (C) of $33.83 should be entered in Mclowd Column D.
• Tax Deferred Amount (D) of $13.38 should be entered in Mclowd Column G.
• Mclowd calculates a total and displays in Column K. Check that it matches the Cash Distribution figure of $923.23.
• Mclowd calculates a Gross Distribution Amount of $579.12 ($428 total income + $151.12 Imputed Credits) and displays in Column L.
• Tax paid on Foreign Income (X Column 2) of $3.17 should be entered in Mclowd Column M.

This completes the entries for this investment.