The Tax summary report available from Report Builder is designed to assist you complete an Australian tax return.
The report contains four sections:
- Assessable income: includes amounts that the ATO requires to be reported under income. Amounts in this section may be reconciled back to the Income report.
- Deductions: includes amounts that might be deducted as expenses. Amounts in this section may be reconciled back to the Expenses report.
- Tax offsets and credits: includes amounts subject to capital gains tax, or capital losses that may be carried forward to future financial years. Amounts in this section may be reconciled back to the Realised CGT report.
- Additional information: includes information intended to provide supporting calculations and amounts.
The section's from date defaults to the start of the Australian financial year, relative to the report’s Period ending date. It includes:
- Income with a tax date >= this date
- Disposals with a sale date >= this date
- Losses carried forward from <= this date.
- Expenses with a tax date >= this date.
The sections to date is the portfolio's current as at date. You need to recalculate the portfolio to report for a different Australian financial year. It includes:
- Income with a tax date <= this date
- Disposals with a sale date <= this date
- Losses carried forward from <= this date
- Expenses with a tax date >= this date.
This table contains the options that you can change when generating this report.
|Additional information||Select whether or not to show this section in the report.|
|Price; Qty; Amount||Gives you the ability to select:|
|Portfolios (if applicable)||Allows you to select how you’d like to generate each report if your selected portfolio is a consolidated portfolio.|
For each report that you have selected, if you choose:
In this short video we select a consolidated portfolio and generate the three different report options.
There are also options you can configure when you are generating your reports that allows you to choose how to collate your consolidated portfolios.
The options available for each section are configured by your System Administrator using the Report Settings screen.
Fields on the report are described in the following table:
|Assessable income||Dividends||The Unfranked amount is the sum of unfranked and unfranked CFI dividends received.|
|Assessable income||Trust Income||Other gross income is the sum of unfranked, unfranked CFI, interest and other Australian assessable income distributed by a trust.|
Total trust income is the sum of gross franked distributions and other gross income.
|Assessable income||Assessable contributions||This section includes contributions allocated to members using our SMSF functionality. For more information, or access to these functions, contact the Praemium Client Services team.|
|Assessable income||Other income||Only the gains from the disposal of non-CGT assets will report in this section. Losses are reported separately in the Other deductions section.|
|Assessable income||Foreign income||Other foreign income is now always shown gross of foreign tax. The option to do otherwise has been removed.|
|Assessable income||Net capital gain||The CGT gain/loss summary is available at the end of the Realised CGT report for use as supporting documentation.|
If there is a net capital loss, the net capital gain line will show as $0. The net capital loss will only be visible in the Realised CGT report.
|Assessable income||Total assessable income||This is the sum of Australian income, foreign income and the net capital gain.|
|Deductions||This includes the deductible amounts for each expense type. Details of the underlying transactions are provided in the Expenses report.|
Other deductions includes losses from non-CGT asset disposals, the deductible amount of LIC capital gains and the total expenses withheld from trust income.
|Tax offsets and credits||Amounts relevant for calculating tax offsets and credits are contained within this section.|
|Additional information||This section contains additional information such as:|
A comprehensive selection of Important client notices are included at the end of the section.