Guide to your Sentinel Property Group Tax Statement
This guide has been prepared to assist Australian resident individual holders of Sentinel Property Group’s Managed Investment Trust in the preparation of your income tax return for the year ended 30 June.
Please note, this guide has been prepared for general information only and should not be relied upon as tax advice. This guide should be read in conjunction with the Australian Taxation Office’s (ATO) instructions and publications which can be found on the ATO’s website.
An investment in managed investment trusts can give rise to complex tax issues and each investors’ particular circumstances will be different. As such, we recommend before taking any action based on this document, that you consult your professional tax adviser for specific advice in relation to the tax implications.
This guide has been prepared on the basis of the prevailing taxation laws at 30 June 2022.
A: Notes to the Tax Statement
1. Non-Primary Production income (13U)
This component comprises interest and other assessable income that must be included in your tax return at Label 13U (non-primary production income).
This is your attributed amount of other assessable income from Australian sources (excluding capital gains). This amount includes rental income and indirect property investments.
2. Interest Withholding Tax and Non-resident Withholding Tax (13A)
Where you have indicated that you are a non-resident for Australian tax purposes, tax has been deducted from your distribution payments attributed to you during the year at the rate prescribed under the tax legislation.
3. TFN and ABN withholding tax
If you have not provided your Tax File Number (“TFN”), Australian Business Number (“ABN”) or claimed a relevant exemption, amounts have been withheld at the highest marginal rate (including the Medicare Levy) of 47% from the taxable components attributed to you. Any tax withheld should be included in Question 13R of your tax return and claimed as an offset against your tax payable.
4. Capital Gains
Capital Gains – Discount Method
The discount capital gains are your attributed amount of net capital gains from the disposal of investments that have been held for at least 12 months. These have been separated into the following categories:
- Capital gains – discount method (TAP) – these are capital gains from the sale of investments that are taxable Australian property; and
- Capital gains – discount method (NTAP) – these are capital gains from the sale of investments that are not taxable Australian property.
Australian resident taxpayers are required to include both categories of discount capital gains in the calculation of their net capital gain for the income year.
Capital Gains – Other Method
Other capital gains are your attributed amount of net capital gains to which the CGT discount does not apply. These have been separated into the following categories:
- Capital gains – other method (TAP) – these are capital gains from the sale of investments that are taxable Australian property; and
- Capital gains – other method (NTAP) – these are capital gains from the sale of investments that are not taxable Australian property.
Australian resident taxpayers are required to include both categories of other capital gains in the calculation of their net capital gain for the income year.
Other Capital Gains Distribution
This is the cash distributed to you in relation to all capital gains other than amounts already shown in the Cash Distributions column for capital gains.
Total Current Year Capital Gains (18A)
This is the total amount of capital gains attributed and/or distributed to you.
5. Tax Deferred
This your attributed amount of Non-Assessable Non-Exempt amounts referred to in Section 6-23 of the ITAA 1997.
B: Preparing your Income Tax Return for Individuals using the Tax Statement if you are using myGov:
If the distribution information with respect to your Sentinel Property Group Managed Investment Trust has been pre-filled by the ATO, check that the pre-filled information in respect of your Sentinel Property Group Managed Investment Trust matches the Tax Return Information Statement. You should amend your tax return to match the information on the Tax Statement in respect of your Sentinel Property Group Managed Investment Trust if the pre-filled information differs or has not been updated.
C: Other information
Sentinel Property Group’s year end for taxation purposes is 30 June.
You can obtain tax publications to assist you in preparing your tax return by contacting the ATO’s Publications Ordering Service on 1300 720 092, visiting an ATO office, or downloading further information at www.ato.gov.au.
For any further information regarding the tax aspects of your investment with Sentinel Property Group, please contact your accountant or financial adviser.