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Worked example – Platinum International Brands C

A Platinum International Brands Fund C Class tax statement appears simple to interpret, but presents an unexpected challenge.

The statement is presented on page 3 in summary form for Individual Taxpayers, and in further detail on page 5. See highlighted notes advising how to transfer amounts into Mclowd’s Trust Distributions table.

PAGE 3: 2017 INDIVIDUAL TAX RETURN INFORMATION (SUPPLEMENTARY SECTION)

PAGE 5: ANNUAL DISTRIBUTION AND TAX STATEMENT

To calculate the correct capital gains amounts, you need to look carefully at the Discounted and CGT Concession amounts shown above, then compare with the Gross Capital Gains shown on page 3.

You may note that Gross Capital Gains shown on page 3 is less than the Total Capital Gains shown on page 5. This is a result of the way tax is levied.

Enter the Discounted Capital Gains amount shown on Page 3 in Mclowd’s Column I.

Deduct the Gross Capital Gains shown on Page 3 from Total Capital Gains shown on Page 5 and insert the difference in Mclowd’s Column E. (This portion of the capital gain is tax free.)

Save these totals. If necessary, add another row.