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The references in Part A are to the Tax return for individuals (supplementary section) 2009.
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U item 13 - Non-primary production income
Unit holders include their share of franked dividends and their share of franking credits at this item. Net capital gains and foreign income are not shown here.
Include an unfranked dividend paid out of conduit foreign income in Dividends: unfranked amount which forms part of the Non-primary production income.
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Y item 13 - Other deductions relating to distributions
Unit holders show the total of deductible expenses they incurred during the income year at this item.
Deductions allowable to the trustees that are taken into account in the net income calculation under section 95 of the ITAA 1936 are not shown at this item. Ordinarily, deductible expenses would be netted off against the relevant class of income in the trust estate.
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Q item 13 - Franking credits
Unit holders show their share of franking credits from franked dividends at this item. Include cents.
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R item 13 - Credit for TFN amounts withheld
At this item unit holders show their share of any credit for TFN 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. Include cents.
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S item 13 - Credit for tax paid by trustee
Part A of the standard distribution statement does not provide for where a managed fund trustee will be assessed under section 98, for example, subsection 98(1) of the ITAA 1936 in respect of beneficiaries under a legal disability (includes beneficiaries under 18 years old). At this item unit holders show their share of any credit for tax paid or payable by the trustee. Include cents.
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H item 18 - Total current year capital gain
A item 18 - Net capital gain
The components of these items are set out in Part B. Unit holders need to gross up their cash distribution by the amount of any tax paid on capital gains (for example, foreign tax on foreign net capital gains). It is important to note that an individual unit holder 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 our publications Guide to capital gains tax 2009 (NAT 4151) or Personal investors guide to capital gains tax 2009 (NAT 4152), or provide details in their own explanatory material.
Note: Some funds complete this with a 'Note' where the investor has sold units during the year. Regardless of whether the investor has sold units or not, the relevant share of net capital gain as a component of the net income should be clearly shown here. Separate to this information on the standard distribution statement, funds may provide other information for the unit holder relevant to the sale of their units.
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Item 19 - 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 19 of the Tax return for individuals (supplementary section) 2009 is not applicable to the managed fund investment. If this is not the case, this information should be provided to unit holders.
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E item 20 - Assessable foreign source income
M item 20 - Other net foreign source income
Unless the fund has expenses that have to be applied against the assessable foreign income or has net foreign rent (which is shown at R item 20), these amounts will be the same.
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0 item 20 - Foreign income tax offsets
For many small investors the $1,000 de minimus rule will apply and they will not need to do any calculations. The fund won't know if an investor can use the de minimus rule.
If a fund has paid tax on foreign source income to overseas tax authorities then the following additional information will be required in case the investor has to calculate their foreign income tax offset entitlement:
- the foreign tax paid on capital gains included in the net capital gain, including details of the components of the net capital gain to which the tax relates
- the foreign tax paid on non-assessable non-exempt income, namely attributed income under section 23AI of the ITAA 1936 and attributed foreign investment fund income under section 23AK of the ITAA 1936.
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