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Regular Member
 
Group: Forum Members
Last Login: 30/03/2011 10:00:08 PM
Posts: 38,
Visits: 178
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As the Income section of a Fund Income Tax return requires a breakup of the Unfranked and Franked amounts received from Dividends and Distributions, why are these amounts not shown on the Profit & Loss Statement produced from a rollover? I ran a Dividend Report prior to rollover and whilst it contained the information I had recorded under the Receipt Type of Dividends, and the Distribution Report showed any Unfranked or Franked income recorded under a Receipt Type of Distribution, I would have thought that some type of report was available combining the two figures. Also, why are these reports, or a combined total report, not available as Year End reports once you have rolled over?
Your comments and advice would be appreciated.
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MySF Administrator
Group: Administrators
Last Login: 4/11/2010 3:24:01 PM
Posts: 464,
Visits: 633
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Hi,
The income is not split because franked and unfranked amounts are both taxable income from dividends (or distributions) and get posted to the same account. Franked income can be used to calculate franking credits, but the franking credits are posted to a different account and therefore show as a separate item in the profit and loss report.
The dividend report and distribution report, available under the 'Financial' tab of the Report Tool screen, show the details of each dividend / distribution received. These reports also contain totals for all fields.
You can get a dividend or distribution report for a past year by entering the start and end dates of the report as the start and end dates of that year.
Regards,
MySF
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