Hoping I can obtain some guidance please?
An SMSF which I’m attempting the accounting for, using Simple Fund 360, made an investment during the 2020 financial year of AUD 5,000 in Vanguard’s Lifestrategy Balanced Fund.
I have the information from Vanguard, including transaction statements and AMMA Tax Statement, for the year ending 30 Jun 2020.
The Tax Statement helpfully lists the relevant Tax Return Label alongside the Tax Attribution Amounts. Details as follows. I’ve excluded ant information which has a zero $ value.
- Share of income from trusts, net less capital gains, foreign income and franked distributions | $23.84 | 13U
- Franked distributions from trusts | $26.24 | 13C
- Share of franking credits from franked dividends | $11.78 | 13Y
- Net capital gain | 89.27 | 18A
- Total current year capital gains | 178.54 | 18H
- Assessable foreign source income | 27.97 | 20E
- Other net foreign source income | 27.97 | 20M
- Foreign income tax offset | 2.98 | 20O*
Label 20O makes reference to a note which states “If your total foreign income tax offsets from all sources for the year is $1,000 or less then you can claim this amount in full. Otherwise, you will need to refer to the ATO publication “Guide to foreign income tax offsets” (NAT 72923) to work out your entitlement.”
If I was completing the accounts or tax return for an individual, then presumably this ATO guide would be useful to figuring where to place the various amounts in a tax return. However I’m not competing the accounts for an individual, hence my problem.
Is there an information sheet or other guide as to what accounts I need to set up within BGL to accommodate each of the amounts on a Lifestrategy Balanced Fund Tax Statement?
In trying to nut this out, I came across Distribution Tax Automation. Would this enhancement help me? Is this enhancement included in the cost of Simple Fund 360? (I don’t subscribe to the Bank or Share Data Packs as I don’t need them).
Any tips and help much appreciated.