A Navra Fund / Cap. Gains E-Tax question.

[gad]

Hi

I'm hoping someone can clarify this for me.

In the Navra Blue Chip Australian Retail Fund Annual Tax statement in regard to Capital Gains, there are two entries.
1. Capital gains Discounted 1422.17 Tax pack ref 17H
2. Capital gains Others 39.59 Tax pack ref 17H

I have phoned the tax dept help line twice & recieved two different answers.

I am using the "Managed Funds" section of E-tax. If I put an amount in 17H it tells me that "You must fill in both "Net Capital Gains 17A" and "Total current Year Capital Gains 17H" if you fill in either of these fields."

One lady from the tax department said:

"Put 1422.17 + 39.59 into 17A and put 1422.17 x 2 + 39.59 into 17H"

On the second occasion I phoned, another lady said:

"Put half the 1422.17 + 39.59 into 17A and put 1422.17 + 39.59 into 17H"

Any help would be very much appreciated, thanks.

 

[Mr. Fabulous]

Have an accountant do your taxes for you. A good accoutant is worth more than what you pay for them.

 

[Mry]

Don't call the tax office about interpreting those blasted tax distribution statement. Call up the people who actually sent the statement out. And don't feel stupid for doing so, I have to call up these people at times to interpret them.

 

[Ebbie]

One lady from the tax department said:

"Put 1422.17 + 39.59 into 17A and put 1422.17 x 2 + 39.59 into 17H"

I'm not an accountant but from my understanding I would say the first lady is correct:

Item 17H is your current years capital gains only (you don't include capital losses or any CGT discounts). If the Navra fund is your only capital gain then you should enter $1422.17 x 2 plus $39.59 which is $2,883.93.

Item 17A is your net capital gain, or the figure you used in Item H minus this years capital losses, previous years capital losses and any CGT discounts. Again if the Navra fund is all you have then you would enter $2883.93 - $1422.17 which is $1461.76.

Note: If you had capital losses resulting in 17A (above) being a negative figure you would leave 17A as zero ($0) and enter the negative number in 17V as your net capital loss.

Hope this helps.

Ebbie.

 

[gad]

Thanks Ebbie.

Very much appreciated. thank you.

Regards
Geoff