Superannuation

Other tax adjustments

Statement Purpose
This statement provides detailed workings for several tax adjustments in the
Tax income reconciliation statement
 and other backup statements including:
  • A breakdown of realised gain or losses for accounting purposes into tax components
  • A reversal of realized gain or losses from assessable component to capital components
  • A split between domestic and foreign income components
  • A breakdown between TOFA and non-TOFA amounts. TOFA amounts are included when corresponding options are set to
    Yes
     under TOFA election on
    Calculation Setup
     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 which form the total profit and loss amount on the other income statement
  • Foreign income tax offset - breaks down amounts making up the total amount
  • Franking credits - breaks down amounts making up the total amount

Data Flow

Realised gains or losses amounts for accounting purposes are linked from the
Income statement
.
Other income amounts are linked from the
Income statement
.
Foreign tax offset pr 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 the gross-up and offset amount.
Reversal of gain or loss capital domestic and foreign amounts are reversed in this statement and linked to
Net capital gains calculation
 statement.

Explanation of Fields

Realised gains or losses:
 The
Amount
 column lets you break the gain or loss amount into its components to ensure that all types of securities disposed of are identified (extra lines allow other items to be added). All other columns on the statement let you analyse the tax treatment for each type of security entered and transferred to other statements.
The boxes to the right of the
Gains or loss on the disposal of shares/units
 don’t let the 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 on 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 to be made.
Realised gain/losses for futures, forwards, equity options, options, and short positions can be reclassified as capital under
Calculation setup
 which will be reversed in this statement and linked to
Net capital gains calculation
.
Any other types of investments not mentioned that 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 or entered in the
Net capital gains calculation
 statement, the tax gain, or loss shouldn't be adjusted on this statement.

Signage

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

This article applies to:

  • Product: ONESOURCE Corporate Tax