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Capital gains on attribution managed investment trust (AMIT)

Newbie

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Replies 1

Hi there,

 

I've started investing in some EFTs in FY20 and am a little confused about how to properly declare my income in myTax via the ATO portal. I did not sell any EFT/assets in the FY. 

 

I invested in the NDQ (EFT - Australian domiciled) and have received my AMMA statement which shows

Net capital gains.......................... $6.. ... 18A

Total current year capital gains ... $12 ... 18H  <-- The Gross amount is $12 via the discount method.

 

These details were pre-filled when lodging via myTax and show:

18A. Total net capital gain: $6.00
18A. Total net capital gain $6.00 read onl$6.00
18H. Total current year capital gains: $12.00
                                        -Capital gains - discount method: $6.00
                                        -Capital gains - other method: $0:00
18H. Total current year capital gains $12.00 read onl$12.00Capital gains - discount method 
 
I was just wondering if this has been prefilled correctly?
1. The capital gains - discount method is showing $6, shouldn't this be $12 as I presume it is the breakdown of 18H?
2. I have only held the EFT for about 11 months at the end of the FY20, I thought the CGT discount is only applied for 12 months or more. Is the treatment different since the assets were actually held by the trust?
 
As a second question, NDQ paid a dividend of 0.70 cents according to my broker CommSec. This does not appear on the AMMA statement, nor is it prefilled in the dividends section of myTax whereas a dividend from my dominos share appears already prefilled there. Does that mean I don't declare dividends from AMITs or they are already included somewhere in the AMMA statement?
 
Thanks.
 
1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Former Community Support

Replies 0

Hi @Arsalan699669,

 

There are various ways to Work out your capital gains. Yes, CGT discount should only apply when you have owned the asset for 12 mths, so it would be safer to just claim $12, as in Item 18H {see Working out your capital gains (methods)} . There is some more information on your AMMA statement on our webpage (but I don't think this will help you specifically on this issue).

 

If you do not see the dividends paid on the statement already pre-filled, you need to check a summary of dividends for the 2020 financial year (from your broker), and add this manually in myTax.

1 REPLY 1

Most helpful response

Former Community Support

Replies 0

Hi @Arsalan699669,

 

There are various ways to Work out your capital gains. Yes, CGT discount should only apply when you have owned the asset for 12 mths, so it would be safer to just claim $12, as in Item 18H {see Working out your capital gains (methods)} . There is some more information on your AMMA statement on our webpage (but I don't think this will help you specifically on this issue).

 

If you do not see the dividends paid on the statement already pre-filled, you need to check a summary of dividends for the 2020 financial year (from your broker), and add this manually in myTax.