Superannuation Consolidated

Other tax adjustments

Statement Purpose
This statement provides detailed aggregated workings for several tax adjustments in the Tax income reconciliation statement and other backup statements, including:
  • A breakdown of realised gains or losses for accounting purposes into tax components.
  • A split between domestic and foreign income components.
  • A breakdown between TOFA and non-TOFA amounts. TOFA amounts are included when the corresponding options are set to
    Yes
     under TOFA election on
    Calculation Setup
     for gains and losses calculated under the default methods, FFX method, fair value method, and hedging method when the corresponding options are set to
    Yes
     on the Configuration statement.
  • Other income
     — breaks down the amounts that form the total profit and loss amount on the
    Other income
     statement.
  • Foreign income tax offset
     — breaks down the components making up the total amount.
  • Franking credits
     — breaks down the components making up the total amount.

Data Flow

Realised gains/losses aggregated amounts
 for:
  • Accounting purposes — linked from
    Realised and unrealised gains and losses analysis
    .
  • Tax purposes — linked from
    Other adjustments – Realised gain or loss Tax
    .
Realised TOFA gains/losses aggregated amounts for accounting and tax purposes are linked from
Other adjustments – TOFA
.
Any adjustments made in the entities within the group are linked from
Other tax income and TOFA adjustment
.
Foreign tax offset/franking credits amounts, relating to both direct investments and distributions from other trusts, are linked from detailed working papers within the template to this statement. This section separates gross-up and offset amounts.
Reversal of gain/loss capital domestic/foreign amounts, if
Capital
 is selected in
Calculation setup
, are reversed in this statement and linked to the
Net capital gains calculation
 statement.

Explanation of Fields

Realised gains/losses
The
Amount
 column allows you to break the gain or loss amount into its components to ensure that all types of securities disposed of are identified (extra lines allow for other items to be added). All other columns allow you to review the aggregated tax treatment for each type of security entered from all entities within the group and transferred to other statements.
The boxes to the right of the
Gains or loss on the disposal of shares or units
 do not allow input of tax gain/loss amounts on the assumption that these investments are treated as being on capital account and the appropriate tax amount for these items will be adjusted on the
Net capital gains calculation
 statement.
TOFA non-deductible losses are adjusted in the relevant section on this statement.
If there are additional investments not categorised in the table, a line can be inserted to enable appropriate adjustments.
If other types of investments are treated as being on capital account in a particular trust such that any gain or loss for tax purposes is included in the capital gain amount imported/entered into the
Net capital gains calculation
 statement, the tax gain or loss should not be adjusted on this statement.

Signage

The signage settings are as follows:
  • Gains, income, and non-deductible amounts should be entered as positive amounts.
  • Losses should be entered as negative amounts.

This article applies to:

  • Product: ONESOURCE Corporate Tax