[GNC] Financial Statements

[Chris Grinton]

Hi flywire,

For the purpose of being able to report on the cash distribution amount
while also tracking the attributed income for tax purposes, I use a contra
income account under the "Income:Distribution" account. Using account names
similar to your example, this would look like the following:

When a cash distribution is received:

> Bank:Savings                    Typically 2-4 payments  23,053.38
> Income:Distribution                                    -23,053.38

When the Australian AMIT statement is received with attribution details,
create a journal entry like the following:

> Income:Distribution:less attributed                     23,053.38
> Asset:VAS ETF                   Cost base adjustment       -62.21
> Income:Distribution:13Q         Trust franking credits   7,069.35
> etc...

You can then include "Income:Distribution" on an I&E report to see the cash
distributions, and/or include the "Income:Distribution:*Q" accounts to see
the attributed tax components.

I hope that helps with another idea you might consider.

Chris

On Tue, 3 Sept 2024 at 14:29, flywire <flywire0 at gmail.com> wrote:

> Chris Grinton
> https://lists.gnucash.org/pipermail/gnucash-user/2024-September/112855.html
> writes:
> > ...
>
> Thank's Chris.
>
> Unfortunately that doesn't resolve the issue. Although more direct this
> still passes the Asset:Bank transaction to Income:Distribution and
> Asset:Shares:Costbase so Income:Distribution does not hold the full
> distribution shown in my original post's linked I&E report. As I see it,
> the distribution from a trust passing through another trust should maintain
> its integrity.
>
> Workflow comments:
>
> With the exception of the pass-through issue, my understanding and
> methodology is based on your responses to
> https://lists.gnucash.org/pipermail/gnucash-user/2022-August/102351.html with
> adjusted accounts.
>
> Subject to a report passing on the whole distribution, I agree the
> Asset:Shares:CostBase component should properly be recorded as a return
> of capital (
> https://www.gnucash.org/docs/v5/C/gnucash-guide/invest-retofcap.html ).
> This part of the script failed when Geert redeveloped the csv import for
> shares dropping share value.
>
> I note in Australian tax returns Part B Capital Gains TAP/NTAP
> classification is not used (
> https://lists.gnucash.org/pipermail/gnucash-user/attachments/20220811/db94f391/attachment-0001.pdf#page=12 )
> allowing the transaction to be simplified.
>
> While Part A of the statement reports Net and Gross capital gain (18A/18H)
> the values will invariably be used in a CGT Schedule requiring Gross
> (Grossed Up) Discounted and Other Method capital gain so would be better
> stored as such. They can be readily calculated from Part A Net and Gross
> capital gain (18A/18H). In Australia the Net capital gain discount of 50%
> must be changed to 1/3 for superannuation (retirement) funds and nil for
> companies.
>
>
> Regards
>