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Tax Statements
What is a Tax Statement or AMMA Statement?
Your tax statement is a document that provides a summary of the income you have earned from your investment in Stake Accumulate for each financial year. It details the income you received (as distributions) and any components of those distributions, such as Australian income, foreign income, and capital gains.
Stake Accumulate is an Attribution Managed Investment Trust (AMIT) for tax purposes, and accordingly, the Tax Statement is also known as an Attribution Managed Investment Trust Member Annual (AMMA) Statement.
Why am I receiving a tax statement?
As an investor in Stake Accumulate, you are considered to have a beneficial interest in the fund's underlying assets. This means you may be liable for tax on your share of the income generated by the fund (regardless of whether you received distributions as cash or reinvested units). Your Tax or AMMA Statement is provided to assist you in accurately reporting this income in your annual tax return with the Australian Taxation Office (ATO).
Why does my tax statement show a different amount from the cash I received?
Your tax statement is based on the fund's taxable income for the financial year, which may be different from the cash distributions you received during the period. This can be due to a number of factors, including the timing of distribution payments and different types of income.
Does my tax statement include any capital gains realised from transfers out of Stake Accumulate?
No, your tax statement does not include capital gains from the sale of your units. Your tax statement only includes the income you received as distributions (which may include some capital gains that the fund itself earned from selling its underlying investments).
When you transfer out of Stake, the sale of units is considered a separate capital gains tax (CGT) event (as with the sale of shares). You are responsible for calculating the capital gain or loss by comparing your original purchase price and the final sale price of your units. This information can be found on your Periodic Statement and should be included in your tax return for the relevant period.
If you are unsure about how to use your Tax or AMMA Statement or complete your ATO annual return you should seek advice from a registered tax adviser.
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