If the field is greater than zero then CGT concession amount or AMIT CGT gross up amount the field must be set to or Type of payment AMT UTD. 7.85 amount is the sum of the following fields: Net capital gain –this Capital gains discount method - Taxable Australian property (7.120) Capital gains discount method Non-taxable Australia property (7.121) – Capital gains other - Taxable Australian property (7.122) Capital gains other Non-taxable Australian property (7.123) – If the field is greater than zero then the field must be set to Net capital gain Type of payment or AMT UTD. 7.86 amount is greater than or equal to the sum of Total current year capital gains –this the following fields: Capital gains discount method - Taxable Australian property (grossed up amount) (7.120) Capital gains discount method Non-taxable Australian property (grossed up amount) – (7.121) Capital gains other Taxable Australian property (7.122) – Capital other Non-Taxable Australian property (7.123) – Do not include the in the calculation of CGT concession amount or AMIT CGT up amount the Total current year capital gains field. If the Total current year capital gains field is greater than zero then the Type of payment field must be set to AMT or UTD. 7.87 Taxable foreign capital gains the foreign capital gain component that is deemed to – be foreign income that is included in the distribution or is attributed (for AMITs), to the investment account. If the Taxable foreign capital field is greater than zero then the Type of payment field must be set to AMT or UTD. Although Australian and foreign source capital gains components have been included in the Capital gains discount method - Taxable Australian property, Capital gains discount method - Non-taxable Australian property and Capital gains other - Taxable Australian property and Capital gains other - Non-taxable Australian property fields (which correspond with the amounts declared at the capital gains label on the income tax return and with the amounts shown on the standard trust distribution statement for managed funds), there is a requirement to identify the Taxable foreign capital gains separately.
If the CGT concession amount or AMIT CGT gross up amount field is greater than zero then the Type of payment field must be set to AMT or UTD. 7.85 Net capital gain –this amount is the sum of the following fields: Capital gains discount method - Taxable Australian property (7.120) Capital gains discount method – Non-taxable Australia property (7.121) Capital gains other - Taxable Australian property (7.122) Capital gains other – Non-taxable Australian property (7.123) If the Net capital gain field is greater than zero then the Type of payment field must be set to AMT or UTD. 7.86 Total current year capital gains –this amount is greater than or equal to the sum of the following fields: Capital gains discount method - Taxable Australian property (grossed up amount) (7.120) Capital gains discount method – Non-taxable Australian property (grossed up amount) (7.121) Capital gains other – Taxable Australian property (7.122) Capital other – Non-Taxable Australian property (7.123) Do not include the CGT concession amount or AMIT CGT up amount in the calculation of the Total current year capital gains field. If the Total current year capital gains field is greater than zero then the Type of payment field must be set to AMT or UTD. 7.87 Taxable foreign capital gains – the foreign capital gain component that is deemed to be foreign income that is included in the distribution or is attributed (for AMITs), to the investment account. If the Taxable foreign capital field is greater than zero then the Type of payment field must be set to AMT or UTD. Although Australian and foreign source capital gains components have been included in the Capital gains discount method - Taxable Australian property, Capital gains discount method - Non-taxable Australian property and Capital gains other - Taxable Australian property and Capital gains other - Non-taxable Australian property fields (which correspond with the amounts declared at the capital gains label on the income tax return and with the amounts shown on the standard trust distribution statement for managed funds), there is a requirement to identify the Taxable foreign capital gains separately.
Annual_investment_income_report_(AIIR)_specification_clean_v11.0.0.docx