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Tax Return and ASX listed fund (AYF) distribution help/advice

Discussion in 'Stock Market Nuts and Bolts' started by Pager, Sep 5, 2015.

  1. Pager

    Pager

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    Doing my Daughters tax return and she has the ASX Listed Hybrid fund AYF, they sent the annual statement with details were to enter the relevant information (at labels 11J, 12K, 12L, 12M, 140, 54B, 54U, 54D) but I cant for the life of me find these anywere in either Etax or if I download the paper return document or supplementary?

    Her ETF holdings were straight forward enough in the supplementary section but when I check the box that the labels I need are not shown, it shows me another set but none of the above, this is strange.

    Thanks
     
  2. qldfrog

    qldfrog

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    you should find these in the paper document (supplementary part) if not,there is a problem...
    much trickier to match to etax
     
  3. So_Cynical

    So_Cynical The Contrarian Averager

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    Trusts are a massive pain in the ass in etax, most labels don't make any sense, i usually end up paying tax on the distributions...only small amounts because i have cut most trusts from my portfolio due to the pain at tax time.
     
  4. Pager

    Pager

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    Spoke with the ATO, they couldn’t shed any light on the AYF statement so contacted them, they put me onto there accountant, and when I asked them, they said they would run me through how it had been done, but when they asked which bit I found confusing…………………………………….they were baffled as to how the statement read as well? There going to have to re send statements to all unit holders, someone made a cock up as some of the labels to enter the information don’t even exist, no surprise I couldn’t find them!

    So problem solved, just have to wait a bit longer for the statement (one that makes sense)
     
  5. qldfrog

    qldfrog

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    the funny thing is that I received the same and only realised after your post, but I gave up ages ago with trusts, I loose some advantages but just declare them as extra trust income:
    how am i supposed to wait to receive in september a paper I need to fill my tax by october, by the time I receive these (and many more will come in the coming weeks) I have already filled and sent my paper work;
    you have less than a month to send a PAYG summary as an employer but these trust happily wait up to 3 months...
    and then can send you crap!!!
     
  6. Bill M

    Bill M Self Funded Retiree

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    Wow Pager, you did a lot of work there to get it right. I too am a holder but luckily I have my Accountant do my returns. Next year I'm thinking I can do my own tax, I'm glad you got it sorted. It should make it easier for us to do our tax returns in the future,.:xyxthumbs
     
  7. qldfrog

    qldfrog

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    indeed a collective thank you ...
    But new year, etax is gone and it is back to paper for me
     
  8. Pager

    Pager

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    I actually found the online tax return easier, just have to register with MyGov and its all pretty straight forward (if the labels are correct!), that said I hand my tax return over to an accountant, but my daughter only has a couple of ETF and AYF and very little income apart from that so I do hers myself.

    I also hold AYF in my SMSF and had already forwarded the statement to the accountant, think for them the mistake is easily sorted as they know were the income details go anyway but for Joe public like me, the wrong labels put the cat amongst the pigeons.

    Hopefully revised statements will be dispatched fairly quickly, as they were late getting there statements out anyway, State Street had theres out in the second week in July and Vanguard not that long after.
     
  9. Pager

    Pager

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    Looks like they are not sending out replacement statements, Accountants may be ok with this but average Joe may struggle as I did! Pretty poor form from the company as well IMO :(

    So sorry I jumped the gun and assumed they would, so if anyone is waiting or doing there own tax, items they have labelled as 11J (Gross interest), 12K (Unfranked amount) and 140 (Other Australian income), need to be added together and put into U13 in the Supplementary section of the Tax return under “managed funds” item they list as 12L (Franked dividends) needs to be placed into 13C and the item they list as 54D (Franking Credits) needs to go into 13Q.

    Everything else isn’t needed for INDIVIDUAL returns, for business or Trusts in may be different, I don’t know, this info is for individual returns only.
     
  10. Bill M

    Bill M Self Funded Retiree

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    Thanks again Pager, you are right it is pretty poor form from this Fund. I might need to look up this thread next year if it isn't corrected by then. Lets hope they get it right in the future, cheers.
     
  11. Bill M

    Bill M Self Funded Retiree

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    Hello Pager and others, I got this years Annual Tax Statement. Looks like they fixed all the issues from last year.

    All items now appear in the 13U, 13C, 13Q and 13R areas. There is also a clear Tax Deferred Amount.

    Well done,:xyxthumbs.
     
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