Annual Tax Statement input improvements

I think the format of the annual tax statement deserves another look at. In particular the Capital Gains. We can flip between 33% and 50% which is good because even though the Investment managers know that the investor is a SMSF I have yet to come across one which calculates the Capital Gains at 66%.
While the BGL approach of Discounted Capital Gain (Before Discount) may be technically correct a lot of Investment managers do not show this on their tax components so it requires addition and multiplication to arrive at this figure to input. The tax statements generally focus on tax return label items and also breakup TAP and NTAP which we need to add together to enter into SF 360. I believe that SF360 efficiency could be greatly improved by an exercise to try and align this input screen better with the format of the tax component statements we actually receive. Of course the investment managers do not all use identical formats so the answer may be more choices.


Thank you for the feedback Dew , BGL come across many differing distribution formats and will take your
comments on board around the Gross and Net Discount. Some of this has been made more complex with the introduction of AMIT. Note BGL are currently working to make a change (next few weeks) for the AMIT on screen Net Cash Calculation, (no change to the cgt/tax impact) , however the proposed change will improve on screen reconciliation. With the AMIT Increase Amount / Shortfall to reduce Net Cash Distribution and the AMIT Decrease Amount / Excess to increase Net Cash Distribution.

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When would be an expected time-frame to receive the improved annual tax statement input screen?

Having to do calculations to input the annual tax statement is quite a chore, especially when there are a few to input.

Does anyone know of a easier way to input tax statements into SF360 at the moment?

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Just on this - is it possible to have the discount default to 50% rather than the 33 1/3%?

I’ve been processing quite a few of these tax statements from different fund managers, ALL of them have used 50%, so I needing to move it for every tax statement.

The whole tax components entry is a tiresome mess compared with Desktop. I don’t get how we go from a system in Desktop which required you to only enter the relevant parts of the EOY Tax Statement (& was always correct to the cent) to having to enter all the parts of the EOY tax statement (& constantly being 1,2,3 cents out).

It takes an order of magnitude longer to process EOY tax statements now. :frowning: