Tax time dividend question

[csev]

When I log into my investor centre and check my dividends for the financial year, I have a lot of numbers:

1. Franked amount
2. Unfranked amount
3. Gross amount
4. W'holding Tax
5. Net amount
6. Franking credit

When I add dividends on my tax return on MyGov however, I only have:

A) Total unfranked amount

B) Total franked amount

C) Total franking credits

D) Total TFN amounts withhold

Assuming that number 4 is equal to D), I don't have anywhere to report the 3. the Gross Amount or 5. The net amount, and these are the only numbers above $0 I have to report.

Why don't I have an option to report the net or gross amount of dividends in my tax return?? Using his logic, all me reported dividends will be $0.

Thanks for the assistance r/AusFinance!

 

[resjudicata]

@csev Just wait for the auto-fill bro... More easier and less stress...

 

[csev]

@resjudicata I should have done this, I am not a smart man. Will do for the future!

 

[irnbite73]

@resjudicata When are they supposed to auto-fill ?

 

[deiler1960]

@irnbite73 https://www.ato.gov.au/individuals/Your-tax-return/in-detail/pre-fill-availability/

Keep an eye on here

 

[irnbite73]

@deiler1960 Thanks !

 

[somethingon]

@csev A is 2, the unfranked amount

B is 1, the franked amount

C is 6, the credits

D is 4, withholding tax as you say

The others are not needed (I assume 3 is 1+2+6, and 5 is 3-4

A+B+C are added to your taxable income , and you get C and D returned to you as rebates

 

[csev]

@somethingon This is super helpful, thank you so much.

Do you find it strange that I received dividends in the FY but none of it needed to be added to my taxable income?

I am thinking it has something to do with fact the amounts are tiny, like below $5 and/or that I opted for redistribution and I didn’t earn enough dividends to buy any units.

Although I got paid more dividends today that did buy 10 units and it still doesn’t have anything that would have to be reported on A, B, C or D on next year’s tax return apparently.

Thanks again!

Edit: tense change

 

[anthonyadrianbell]

@csev Are they actually dividends? Or are they distributions waiting for the tax statement to be issued?

That's generally the main time you would have amounts in gross, and nothing in franked/unfranked

 

[csev]

@anthonyadrianbell Oh crap, this is from the Tax History, the Tax Statement hasn’t been issued yet.

They are redistribution’s (to buy more units, not to get paid out as cash).

Is it possible the tax fields aren’t finalised in the Tax History till the Tax Statement is issued?

Edit: spelling

Edit 2: Tax Summary to Tax History

 

[anthonyadrianbell]

@csev I'm assuming you are investing in ETF's?

In that case, the tax summary is useless. The majority (If not all), ETF providers haven't issued the annual tax statements yet. Your tax summary won't be update.

You also need to be careful with the tax summary, because not all tax summaries will show distributions as they are supposed to (for example, commsecs dividend summary just shows it as gross income and will never break it down into the components you need for your return)

Being "redistributions" (You actually mean reinvested), from a tax point of view, means you still have received the cash and it is taxable. It's just then been used to buy more shares straight away

 

[csev]

@anthonyadrianbell Thanks for this information, it is very helpful.

They are ETFs and they were bought from CommSec pocket app.

Right so I really jumped the gun. Sounds like I can’t issue my tax return till at least the Tax Statement is published for all my investments?

Sounds like the Tax Summary/Tax History I am seeing isn’t updated to reflect the actuals yet. The website could use a disclaimer! (And I could use more research into these matters)

The info on this matter on the ATO website is so limited.

Thanks again!

 

[claned]

@csev You may already know, though just in case. For ETF's you don't fill out the dividend section of your tax return. That's for dividends for company stocks and ETF's don't pay dividends. ETF's go into the labels in the managed fund section for which you need your ETF tax statement

 

[csev]

@claned Thank you I didn’t know this either!

 

[claned]

@csev It will be a lot clearer when you get the tax statement. The different dollar amounts will have label assigned to them such as 18A, 13U etc. These get filled out in the corresponding labels in your tax return. If it's your first time I would wait until the data pre-fills so that you can see how it should look

You can see an example of how the tax statement looks here

https://www.sharesight.com/blog/the-exchange-traded-fund-etf-tax-nightmare/

 

[csev]

@claned You are a legend, this is real helpful.

I’m on hold to the ATO now to cancel my lodgement and I’ll wait for the Tax Summaries.

Thanks for all you help!

 

[somethingon]

@csev It is worth mentioning that in myTax you enter the four items separately, but the summary for each equity you hold shows "Your Share of Dividends" which is A+B+C and "Your share of credits/tax withheld", which uis C+D