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This article applies to:

  • Product: ONESOURCE Corporate Tax

Tax exempt and NANE income

Statement Purpose
This statement aggregates non-assessable amounts to determine adjustments required in the Tax reconciliation/statement and the amount of non-assessable components available for distribution.

Data Flow

The statement links from relevant component totals in the
Distribution entitlement summary
, and from the calculation of the CGT concessional component relating to the disposal of direct investments in the
Net capital gains calculation
.

Explanation of Fields

  • Distribution assumption
     — The calculation assumes all non-assessable components will be distributed. If this is not intended, adjust the amount to be distributed in the
    Distribution entitlement summary
    .
  • Manual adjustments
     — Allows manual adjustments to non-assessable components as required.
  • Concessional CGT amount
     — Consists of two components:
    • An amount relating to the disposal of fund assets transferred from
      Net capital gains calculation
      . This is calculated on the basis that any capital losses offset against discounted capital gains are first applied to gains from disposal of fund assets before gains relating to distributions from other funds.
    • An amount automatically generated on this statement for the CGT concessional component distributed by other funds, transferred from the
      Distribution entitlement summary
      .
  • CGT Concessional amount method
     — Losses are first offset against direct discounted capital gains. A CGT adjustment for direct discounted capital gains occurs only where direct discounted capital gains exceed the losses allocated to the discounted gain. The adjustment equals 50% of the net gross discounted capital gain after loss offset.

Signage

  • Increases in non-assessable components are entered as positive amounts.
  • Decreases in non-assessable components are entered as negative amounts.