How Sharesight helps you handle Australian AMIT tax components
Content also available for tax entities or on our global site.Record the Attribution Managed Investment Trust, (AMIT) cost base increase and decrease components for a AMIT holding distribution. Sharesight will correctly adjust the cost base and takes this into account when running the Capital Gains Tax Report and Taxable Income Reports.
IMPORTANT: Please ensure that the values that are entered or are generated by Sharesight match your end of year statement from your provider
If you have confirmed dividend payments throughout the year, you will need to reset these before entering or having Sharesight update the end of financial year components
Entering the Pro rata AMIT components in the Taxable Income Report
Embedded content: https://www.youtube.com/watch?v=uUZKc-I28Ns
1 – From any page click on the ‘Reports’ tab.
2 – Click the ‘Taxable Income Report’ option under the ‘Tax and Compliance’ section.
3 – From the dropdown calendar, select the date range you would like to run the report in.
4 – Click ‘advanced options’.
5 - Select ‘Show holding totals’ and click ‘Apply’.
6 - Click on the ‘Enter Annual Tax Statement Components’ button beneath the trust distribution totals.
7 - Enter in the required fields referring to the below table from your EOFY statement:
| Sharesight Component Description | ETF statement component | |
|---|---|---|
| 1 | Share of net income from trusts, less net capital gains, foreign income and franked | 13U |
| 2 | Franked distributions from trusts | 13C |
| 3 | Share of franking credits from franked dividends | 13Q |
| 4 | Share of credit for TFN amounts withheld | 13R |
| 5 | Discounted Capital Gains | The total sum of all discounted capital gains from your statement |
| 6 | Capital Gains | The total sum of all other capital gains from your statement |
| 7 | Net capital gain | 18A - This figure is automatically generated as a sum of the dicsounted and non-discounted capital gains entered |
| 8 | CGT Concession | The AMIT CGT gross up amount |
| 9 | Total current year capital gains | 18H - This figure is automatically generated as a sum of the Net Capital Gain and AMIT CGT gross up amount |
| 10 | Assessable foreign source income | 18E |
| 11 | Other net foreign source income | 20M |
| 12 | Foreign income tax offset | 20O |
| 13 | AMIT Decrease | AMIT Excess amount |
| 14 | AMIT Increase | AMIT Shortfall amount |
| 15 | Tax Deferred | This amount is non-assessable and is used to adjust your cost base for CGT purposes. For AMIT’s this value should be left blank. |
| 16 | Non Assessable | The amount of non assessable income. This is used to reduce your reduced cost base. It does not affect your cost base. For AMIT’s this value should be left blank. |
| 17 | Interest | It is not necessary to separate out interest from the total unfranked value for tax purposes. If you decide to do so, make sure to reduce the unfranked amount by the interest portion. |
Sharesight will then calculate and pro rate the AMIT component across the distributions received throughout the year or period the trust was held.
When using the pro rata form, it is recommended to add all components. If only the AMIT adjustments are entered, the cash position and other tax components will most likely be incorrect.
8 - Click ‘Save and confirm payout changes.
Sharesight does not provide taxation advice and this report does not constitute personal taxation advice. If you have any questions about your tax position we recommend you contact your accountant or tax advisor.
Last modified on September 11, 2023 UTC