Superannuation

Capital gains calculation information and import - Detail

Statement Purpose
The purpose of this statement is to provide the data for the purposes of calculating the assessable capital gain or capital loss of the super fund in respect of the current period and to disclose the capital gains and losses with the ATO forms schedule.

Data Flow

Information can be imported into this schedule via an upload of data from an internal asset system report extract detailing the capital gains position in relation to gains and losses from the disposal of direct investments which can be uploaded via the Capital Gains import type or can be manually entered. 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 2 import types that can be used to flow into the Net capital gains calculation statement, they include:
  • Detail - information is either entered or uploaded at the detail required by the ATO capital gains tax schedule.
  • Summary - information is either 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
 (that is, those capital gains in relation to taxable Australian property) categories. The capital gains amount relating to assets that are Nontaxable Australian property (NTAP) will be calculated as the balance of the 2 figures input.
note
The allocation of capital losses between the NTAP and TAP categories is not crucial as the relevant provisions don’t prescribe any order for the offset of capital losses.
Foreign capital tax offset flows in from the
Income statement
 as well as the
Distribution entitlement summary
.
There is a variance check to ensure there is no difference between the total foreign capital tax offset which appears 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