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kate2885(I'm new)I'm new
15 Nov 2023

Hello, I have a question regarding my tax return. In the 'Income from Managed Distributions' section, I've already reported dividends. However, when I move to the 'Capital Gains and Losses' section, it prompts me to enter the income from managed distributions again as capital gains. Consequently, the final income amount seems to include this income twice. For instance, if the income from managed distributions is $1000, entering it again in the capital gains section results in it being counted as $2000. Could you please advise on how to rectify this, as it seems to be double-counting the same income? Thank you

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634 views
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Bruce4Tax(Taxicorn)Taxicorn
15 Nov 2023

'Income from Managed Distributions' section, I've already reported dividends.


Managed funds pay trust distributions, not dividends - but the distributions may contain dividend income.


You need to follow the fund's tax statement (TS) exactly - if you do this, you will not be entering anything twice.


If the TS shows:


  • capital gains - show only that amount in capital gains
  • foreign income - show only that amount in foreign income - items 20 M and 20 O
  • franked dividends - show at item 13 C - credits at item 13 Q
  • other taxable income - show at item 13 U - sometimes there is an amount for 20 V




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Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
15 Nov 2023

'Income from Managed Distributions' section, I've already reported dividends.


Managed funds pay trust distributions, not dividends - but the distributions may contain dividend income.


You need to follow the fund's tax statement (TS) exactly - if you do this, you will not be entering anything twice.


If the TS shows:


  • capital gains - show only that amount in capital gains
  • foreign income - show only that amount in foreign income - items 20 M and 20 O
  • franked dividends - show at item 13 C - credits at item 13 Q
  • other taxable income - show at item 13 U - sometimes there is an amount for 20 V




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