AU Tax | ITR - Managed fund distribution worksheet - discount capital gain prefilled incorrectly
Re Managed fund distribution worksheet, the field 'Current year capital gains - Discount method (Grossed-up amount)' was prefilled incorrectly.
It's prefilled with net amount instead of the grossed-up one, results in validation error, need to manually edited it.
It could be great if xero can fix this, thanks :)
Natthaporn Sabhananda
shared this idea
Hi team, apologies for not returning to this idea sooner. You'll find the Managed fund worksheet now has the ability to state whether the capital gains is reported as Gross or Net which will allow the Capital Gains Tax worksheets created to be correct.
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Wendy Litherland
commented
We have noticed an ongoing issue with Managed Fund Prefills - particularly where there are discount gains in the distributions.
From the Managed Fund Distribution Schedules, once we have selected "Yes" for "Create CGT worksheets for Discount and Other components" we are finding that it always creates an error that needs to be manually fixed.
It's importing the Total Current Year Capital Gains and Net Capital Gains as the same (i.e., the gross figure, before discount).
This means we need to manually fix the CGT schedule, for each managed fund distribution, so the net actually shows the discount, to fix the error of the discount option being selected but having total and net the same.
If you could fix this, it would be much appreciated.
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Hari Sharma
commented
Paul Howlett's comment below is also very improtant. If the 0 fields on Primary Production are not deleted- clients end up with the primary production averaging. Took a bit of a time to realise this. Hope there is a way to fix this!! Thanks in advance.
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Paul Howlett
commented
In addition to this, having to go through and delete all the '0' fields, especially the Primary Production ones (because we don't want all our clients to end up with Primary Production Averaging )...