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Junior Member
Group: Forum Members
Last Login: 27/03/2008 8:34:26 PM
Posts: 6,
Visits: 253
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| Will the new Release of the MySF software ensure that Capital Losses does not reduce the Income from Dividends etc. as is currently the case when viewing the Profit and Loss Statement.
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MySF Administrator
Group: Administrators
Last Login: 29/06/2009 7:49:02 PM
Posts: 390,
Visits: 511
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Hi,
Could you please provide more information about why such a change is needed. Capital Losses reduce the income from other sources and this is what appears during the year end. However, capital losses can also be carried forward, which is managed by the year end process.
Regards,
MySF
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Junior Member
Group: Forum Members
Last Login: 27/03/2008 8:34:26 PM
Posts: 6,
Visits: 253
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For FY 2005-6 my Capital Losses exceeded the Capital Gains and in an e-mail to MySF some time ago I queried why in the Profit & Loss statement these capital losses are offseting income received from Dividends, Distributions and other income. The reply I received then was that once the End of Year processing had taken place the software would correct this in the new P&L statement.
The end of year processing has been done and the fund has been audited (by Stan), and the rolled over MySF Profit & Loss statement still shows that my capital losses reduced the income from dividends etc and suggested that I should get a refund of some $250 from the tax department whilst I actually had to pay the ATO some $2,200.
I have played around with your Sample Fund that normally show a capital gain that is added to the Income and when the Sample fund has capital losses the capital losses reduces the income. I suggest you try it.
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MySF Administrator
Group: Administrators
Last Login: 29/06/2009 7:49:02 PM
Posts: 390,
Visits: 511
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Hi,
In a past update there was a function added under settings which relates to carried forward capital losses. This can be viewed under File > Settings > Capital gains and carried fwd losses. The choice here is between applying the full amount of the loss against taxable income and applying the tax benefit of the loss against tax payable. The former is the default setting. If you change this setting to the latter then it should correct the problem you are referring to.
We have had a number of other emails and calls regarding the same potential problem, so we are also checking this here at the moment.
Please let us know if this information helps.
Regards,
MySF
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