Fund Manager's Capital Gain/(Loss) Statement

I acquired managed fund units a couple years ago at $4.8/units. Last year, I sold them all at loss price of $2.4/unit. It means that I suffered from significant capital loss from my managed fund disposal. With the accounting background (with a bachelor of accounting and being a corporate accountant in 5 years ), I used FIFO (first in first out) costing to calculate the capital loss.

However, The Fund Manager's Capital Gain/(Loss) Statement shows no capital gain or loss at all for all my disposal.

Should I use my capital loss calculation or use the Fund Manager's Capital Gain/(Loss) Statement for my tax return?

 

I understand you would declare a capital loss being the difference between your purchase price and sale price.

While the fund itself may not have a capital loss as a result of its investing activities, you have at a personal level.

However, it may be advisable to seek a professional opinion from your accountant should you have one.

 

Has the value been diluted by selling more units or have returns been paid by selling down/borrowing against capital (ie cash out)?

 

I sold all units and received cash.

 

@PropertyInsight, it seems you may be confused between capital gains/losses by the fund itself as a result of its investing activities as opposed to your loss with the sale of the units. You could google the ATO web-site on the matter but that could be even more confusing to you.

Your capital loss is I understand the difference between the purchase price of $4.80 and the price at which you sold the units, i.e. $2.40.

I'm not qualified in any taxation or accounting matters but if I didn't know, I would ask someone who is qualified, such as an accountant.

 

You should receive two statements from your provider. An income/tax distribution statement for any payments/income they've provided you over the financial year. These distributors will most likely include a capital gains component from buying and selling the underlying investments to generate the income.

You should also receive a separate capital gains tax statement. If this isn't available or they don't produce one you'll work it out yourself like you have done.

 

Your CGT calculation may also need to be adjusted for deferred tax distributions made in the period owned. These appear in annual tax statements and arent taxed but reduce the costbase.

 

Yes, I received both statements: income/tax distribution statement and a separate capital gains tax statement. The income/tax distribution statement shows the distributed income and capital gain from fund manager's trading itself whereas the capital gains tax statement show the capital gain/loss from my fund disposal. However, the later shows nill capital gain/loss for all the disposals.

 

If it seems wrong it may be. I find some managed fund reports very helpful and accurate and others are just aweful. Some may report a $0 where they have incomplete information - For example where units are acquired on market rather than as a direct issue (they dont know your costbase). Transfers between brokers can also do this. In which case your own records need to be used.