Superannuation

Distribution entitlement summary

Statement Purpose
This statement outlines tax component information in relation to trust distributions received from other trusts to which the superannuation fund is entitled.

Data Flow

Inter-funded information on cents per unit will be calculated based upon information from the
Inter-funding calculation import
 statement once the relevant unit holding information is input.
The trust information component for other funds can be input on a total dollar basis.
The
Partnership income
 amounts column will display and populate any data from
Partnership distribution received imported
.
The
External trust distribution received
 amounts column will display and populate any data from
External trust distribution received import
.
The total of individual tax component information compiled by this schedule is transferred to the relevant calculation statements for each component.
In
Tax income reconciliation
, the trust distribution amount as per the Income statement is deducted from taxable income on the
Tax income reconciliation
 statement. To calculate the amount to be added to taxable income in the
Tax reconciliation income
 statement, this statement calculates the share of the distribution amounts to which the trust is presently entitled after deducting:
  • Tax credits and offsets (which are added to taxable income separately),
  • AMIT cost base increase
  • assessable components relating to capital gains (these are linked into the
    Net capital gains calculation
     statement to be factored into the calculation of assessable capital gains).
The AMIT cost base increase amount is only used for reconciliation between tax and accounting and not used within the calculation.
Trust distribution receivable not recognised in accounts – current year will flow into
Statement of unrealised income
, adjusting the total unrealised net capital gain or loss for the year.
Any tax deferred cost base adjustments from trust distribution will flow into
Net capital gain calculation unrealised
 if the option is selected in
Calculation setup
.
Gross-up franking credits and foreign income tax offset from trust distribution, partnership distribution will flow into this statement if the option is selected in
Calculation setup
.

Explanation of Fields

In relation to distributions from inter-funded trusts, these are linked from the
Inter-funding calculation import
 statement.
The relevant tax component information relating to distributions from external trusts can either be input directly into the column or linked from the
External trust distribution received import
 statement.
The relevant tax component information relating to distributions from external partnerships can either be input directly into the column or linked from the
Partnership distribution received import
 statement.

Signage

All amounts are entered as positive.

This article applies to:

  • Product: ONESOURCE Corporate Tax