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Guidance notes
Last updated 25 March 2020
Part A: Summary of 2005 tax return (supplementary section) items.
The references in Part A are to the 2005 tax return for individuals (supplementary section).
Label 12U - non-primary production income This item excludes net capital gains and foreign income. It includes the unit holder's share of franked dividends as well as the share of franking credits. The standard format also assumes that there is no primary production activities carried out by the managed fund.
Label 12Y - other deductions relating to distributions This is to be used for deductible expenses incurred by unitholders outside of the net income calculation per section 95 of the ITAA 1936. Ordinarily, deductible expenses would be netted off against the relevant class of income in the trust estate.
Label 12Q - franking credits This shows the unitholder's share of franking credits from franked dividends (include cents).
Label 12R - credit for TFN amounts withheld This shows the unitholder's share of credit for tax file number amounts withheld from interest, dividends, and unit trust distributions paid or payable in accordance with sections 12-140 and 12-145 of Schedule 1 to the Taxation Administration Act 1953 (cents should be included).
Label 12S - credit for tax paid by trustee This includes the tax paid or payable by the trustee (including cents). For example, where the trustee is assessed under subsection 98(1) of the ITAA 1936 in respect of beneficiaries under a legal disability - including beneficiaries under the age of 18.
Label 17H - total current year capital gains Label 17A - net capital gain The components of these items are set out in Part C. It is important to note that an individual investor who has capital losses, will not simply be able to transfer the net capital gain amount from Part A to their tax return. Fund managers may wish to refer investors in these circumstances to the Tax Office publications - Guide to capital gains tax 2004-05 or the Personal investors guide to capital gains tax 2004–05 or provide details in their own explanatory material.
Item 18 - foreign entities Part A of the standard format assumes that there is no attributed foreign income of the trust such that the information requested at Item 18 of the tax return 2005 supplement is not applicable to the managed fund investment. If this is not the case this information should be provided to unitholders.
Label 19E - assessable foreign source income Label 19M - other net foreign source income We would expect that Part A of the trust distribution statement would show the amounts for these labels to be the same. If the unitholder has foreign income deductions they should follow the instructions in 2005 TaxPack Supplement.
