INCDTLS.000160: Occurs when a positive amount is entered for Total current year capital gains from managed fund, but Total net capital gain from managed fund is not provided. To fix, enter the total net capital gain from the managed fund.
INCDTLS.000167: Occurs when a positive amount is entered for Your share of current year capital gain from managed fund, but Your share of net capital gain from managed fund is not provided. To fix, enter your share of the net capital gain from the managed fund.
INCDTLS.00168: Occurs when there is more than one account holder and Your share of current year capital gain from managed fund is less than Your share of net capital gain from managed fund. To fix, ensure the share of current year capital gain is not less than the share of net capital gain
When completing the Capital gains section of the managed funds worksheet, be aware of potential rounding errors.
Capital Gains
A: Net Capital Gains: Note: Field A must total the discount method (Field C) and Capital Gains Method (Field D) 35 + 30 = 65.
B: Current year capital gains: Is the full value of the gain without discounts applied. Note: This field should equal field C multiplied by 2 plus field D if present. 35x2+30 =100.
C: Discount Method: The Portion of the current year capital gain applicable to the Discount. 70/2 =35.
D: Other Method: The Portion of the current year capital gain not applicable to the Discount. 30.
Note: For funds with more than 1 account holder, check ‘Your Share’ to ensure the above calculations are accurate.