Superannuation Consolidated

Capital gains information import - Detail

Statement Purpose
The purpose of this statement is to provide users the option to import data for calculating the assessable capital gain or capital loss of the consolidated group for the current period and to disclose the capital gains and losses within the ATO forms schedule.

Data Flow

Information can be imported into this schedule via an upload from an internal asset system report extract detailing the capital gains position for gains and losses from the disposal of direct investments, which can be uploaded via the
Capital Gains
 import type or can be entered manually. Discounted capital gains should be input as the gross capital gain amount.
The totals from this statement link into the
Net capital gains calculation
 statement if the
Trust investment status
 question on the
Calculation setup
 statement has been set to
Capital
.
There are two import types that can be used to flow into the Net capital gains calculation statement:
  • Detail
     — information is entered or uploaded at the detail required by the ATO capital gains tax schedule.
  • Summary
     — information is entered or uploaded on a total basis for gains and losses, and at tax return time the disclosure is either entered or downloaded separately into the ATO forms disclosure section.
For both methods, the information will be entered to the
Total
 and
TAP
 categories (i.e. those capital gains in relation to taxable Australian property). The capital gains amount relating to assets that are Non-taxable Australian property (
NTAP
) will be calculated as the balance of the two figures input.
note
The allocation of capital losses between the NTAP and TAP categories is not crucial as the relevant provisions do not prescribe any order for the offset of capital losses.
Foreign capital tax offset
Foreign capital tax offsets flow in from the
Income statement
 as well as the
Distribution entitlement summary
.
A variance check ensures there is no difference between the total foreign capital tax offset appearing in the
Income statement
 and the total foreign capital tax offset allocated on this statement.

Signage

  • Capital gains are entered as positive amounts.
  • Capital losses are entered as negative amounts.

This article applies to:

  • Product: ONESOURCE Corporate Tax