Tax summary report | Praemium Help Centre Australia

Tax summary report

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.

Options

This table contains the options that you can change when generating this report.

OptionDescription
Additional information
Select whether or not to show this section in the report.
Price; Qty; Amount
Gives you the ability to select:
  • Default rounding: in which these values are presented in the report in the same format as the report’s source data, or
  • Price 0.00; Quantity 0; Amount 0: in which prices are rounded to two decimal places, but Quantity and Amount values are presented in whole numbers only.
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:
  • Selected portfolio only, then the report will be generated for only the portfolio(s) that you have selected. This is the default option, and is the same as you currently experience when using Report Builder.
  • Sub-portfolios only, the report will be generated for the sub-portfolios (i.e. child portfolios) if your selected portfolio is a consolidated portfolio. This option will not generate a report for the parent portfolio.
  • Consolidated and sub-portfolios, the report will be generated for the parent consolidated portfolio and all its sub-portfolios.
If you choose either of the last two options and your selected portfolio is not a consolidated portfolio, don’t worry, the report will still generate for the selected portfolio.
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

Fields on the report are described in the following table:

SectionFieldDescription
Assessable incomeDividendsThe Unfranked amount is the sum of unfranked and unfranked CFI dividends received.
Assessable income
Trust IncomeOther 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 breakdown of CGT trust distributions
  • amounts which do not need to be reported in a tax return, but may affect the cost base of the portfolio
  • LIC calculations used in determining the LIC deductible amount.
There is an option to hide this section from your report.

A comprehensive selection of Important client notices are included at the end of the section.