Distribution Tax Automation - Reconciliation to Tax Statements

I am finalising Distribution Tax Automation for 30/06/2021.

I am noticing slight differences between taxable income from the tax statement and what Simple Fund is calculating - and this appear to relate to capital gain.

For SMSF - it appears the calculation for the discount is 50% - just wondering if this is a known issue?

Hi commom_man,

Thanks for your post.

“For SMSF - it appears the calculation for the discount is 50%” - you have a toggle there with the option of selecting 1/3 or 50%. It is designed for reconciliation purposes (e.g. if the ATS is issued to individuals, then 50% may have been applied on the ATS)

That said, regardless of your selection, the system will always apply the 1/3 CGT discount to applicable assets, instead of 50%. Hope this clarifies.

Regards
Eric