The standard format does not purport to deal with all possible scenarios a fund manager may encounter. Where the fund's circumstances are outside those shown in the standard format, additional information or requirements need to be considered.
The format is predicated on the standard information needs of a resident individual unitholder in a unit trust operated by the funds management industry. It is also assumed that the unitholder is a resident for the whole of the year of income.
Fund managers should apply relevant provisions of the income tax law in preparing the taxation information in the distribution statement, in particular Division 6 of Part III of the Income Tax Assessment Act 1936, (ITAA 1936).
The 2005 standard distribution statement is current as at 28 June 2005 and is issued at this time to enable the necessary systems changes to be implemented by the fund managers prior to 30 June 2005 for 2005 income year reporting. If subsequent changes are necessary the Tax Office will discuss these with industry bodies.