Overview
This report helps reconciling Tax Statement components to Trust Income Schedule for entities. It provides details of the following:
- Variance between Gross Distribution and Gross Tax Statement. Similar to what appears in the Exception report
- Tax Statement components mapped to the Trust Income Schedule label
- Tax Statement components that are non assessable and not reported in the Trust Income Schedule. This is included for completeness.
This report is available for all entity types. The first year available for this report is 2023-24 financial year.
This report includes any modified event that processed after the processing period update. This may cause the discrepancies in this reconciliation report vs the Trust Income Schedule at the View Tax Return screen.
Report Values
|
Column name |
Category |
Trust Income |
Values |
| Gross Distribution | N/A | N/A | This is the gross value of all Distribution income for a FY before the TFN Withholding Tax and Foreign Withholding Tax. |
| Gross Tax Statement | N/A | N/A | This is the gross value of all Distribution Tax Statement for a FY before the TFN Withholding Tax and Foreign Withholding Tax. |
| Variance | N/A | N/A | Gross Distribution minus Gross Tax Statement. This value can be positive or negative and represents the same value as the Exception report for Distributions - Processing of Tax Statements. |
| Non-Primary Production | Australian Income | B | This value is total of Dividends Unfranked, Interest, Other Income components from all Tax Statements plus any positive/negative values from the Variance. |
| Franked Distribution | Australian Income |
U | This is a total of Dividends Franked and Franking Credit components from all Distribution Tax Statements. |
| Franking Credits | Australian Income |
D | This is a total of Franking Credit component from all Distribution Tax Statements. |
| TFN Withheld | Australian Income |
E* | This values is total of TFN Withholding Tax from all Distribution events. |
| Capital Gains | Capital Gains | F | This values is derived from Net Capital Gain component from all Distribution Tax Statements. |
| Gross Capital Gains | Capital Gains | F1 | This values is derived from Distributed Capital Gain component from all Distribution Tax Statements. |
| CGT Discount applied | Capital Gains | F3 | This values is derived from CGT Concession Amount component from all Distribution Tax Statements. |
| Other Foreign Income | Foreign Income | H | This values is total of Interest Income, Modified Passive Income, Other Assessable Income and Tax Credits amount from Foreign Income components from all Distribution Tax Statements. |
| Foreign Tax Offset | Foreign Income | I | This values is Tax Credits amount from Foreign Income components from all Distribution Tax Statements. |
| Foreign Tax Withheld | Foreign Income | L* | This values is total of Foreign Withholding Tax from all Distribution events. |
| Tax Exempt | Other Non-Assessable Amounts | N/A | This values is total of Tax Exempt amounts from all Distribution Tax Statements. |
| Tax Free | Other Non-Assessable Amounts | N/A | This values is total of Tax Free amounts from all Distribution Tax Statements. |
| Tax Deferred | Other Non-Assessable Amounts | N/A | This values is total of Tax Deferred amounts from all Distribution Tax Statements. |
| Capital Return | Other Non-Assessable Amounts | N/A | This values is total of Capital Return amounts from all Distribution Tax Statements. |
| AMIT Net Cost base Increase/Decrease | AMIT | N/A | This values is total of AMIT amounts from all Distribution Tax Statements. |
Note * : Values for Label E and Label L are populated from the distribution events not from the Tax Statement.
For the Report Parameters please refer to Reports Overview.
We have removed the rounding option for this report to make it consistent with Trust Income Schedule where Labels B, U, F, F1, F3, H and L are rounded down to nearest dollar as per ATO's specification.