Issue

With the introduction of AMIT, the attribution amount is often different from the cash distribution amount. How do I enter the Tax Statement?

Resolution

To resolve this issue:

1. Record the Attribution into Distribution - Tax Statement
2. Enter the difference between the total cash distribution and total attribution amount (less tax credits) into the Tax Exempted field.

Worked Example

Below is a completed Vanguard (ASX: VAS) tax statement

1. The franked dividend attribution amount to be recorded is calculated using the total amount less the franking credit. In this example, it is calculated as: $11,003.16 - $3,405.28 = $7,597.88. 
2. The foreign income attribution amount to be recorded is calculated using the total foreign income less foreign tax offset. In this example, it is calculated as: $217.2 - $7.25 = $210.2.
3. After entering all the relevant attribution amount in the Tax Statements, the net distribution amount in the Tax Statement event is computed as: $11,311.88. You are then required to work out the difference between this amount and the actual cash distribution, i.e. $11,506.62 - $11,311.88 = $194.74, and record this amount in the Tax Exempted Amounts field.