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Taxing of Distributions

Discussion in 'Managed Funds & Index Funds' started by Farrer, 20th Jul, 2006.

  1. Farrer

    Farrer New Member

    Joined:
    30th Dec, 2005
    Posts:
    4
    Well this is my first post ever, and I have to start with saying how pleased :D I am with the distributions. This is my first end of year with Navra fund and I don't fully understand how the distribution is treated for taxation purposes. Is it as simple as the distribution amount gets added to your gross as income? Or is there another statement coming with details on franked and unfranked amounts, capital gain amounts, etc? :confused: :confused: :confused:
    Thanks
     
  2. Alan

    Alan Well-Known Member

    Joined:
    15th Aug, 2005
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    603
    Location:
    Sydney
    Yes......you'll get a Full Statement breaking down Capital Gains, Franked Dividends, Interest etc. Each Item even has the associated Tax Pack Ref. Number.

    Makes Tax Preparation sooooo much easier than what I was doing a few years ago. :)



    Based on last year, you'd probably receive it in the next 1-2 weeks.
     
  3. Smartypants

    Smartypants Well-Known Member

    Joined:
    2nd Jun, 2006
    Posts:
    226
    Location:
    NSW
    This will be my first statement too (for tax purposes).

    Will the statement also include initial fees that would have been payable to NavraInvest.

    Have received my end of year statement from BT and cannot see where these fees have been accounted for.
     
  4. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    9th Jun, 2005
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    Location:
    Sydney, Australia
    Which fees are you referring to ? The entry fee ?

    Is that actually tax deductible, or is it added to the cost base of your investment (ie it is a capital cost) ? I've never paid entry fees, so I haven't had to look at how to account for it at tax time.
     
  5. Smartypants

    Smartypants Well-Known Member

    Joined:
    2nd Jun, 2006
    Posts:
    226
    Location:
    NSW
    Yep, think it was the entry fee. As I obtained my units at two different times, I remember being told that I would be paying 2 lots of fees but no more of these fees would be payable in the future.

    Sim, you're probably correct in that these fees are not tax deductable, I'm not sure.

    Hopefully, all will be noted on my end of year statement and I will let my accountant do the worrying.