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For Accountants: Understand the ATO myTax and Income Reports

Start with ATO myTax, trace income totals to supporting entries, and reconcile annual fund components and foreign income with source statements.

Use your client’s ATO MyTax report for the combined tax-report overview, then use their Taxable Income report to examine income entries and components. You can follow this review using supplied reports or shared portfolio access.

Australian tax reports require both an AUD-billed subscription and an AUD-base-currency portfolio. Availability also depends on the client’s plan.

Start With ATO myTax

With shared access, select the client’s portfolio, then open Tax Reporting → ATO MyTax and select the financial year. Check the displayed Sale Allocation and Tax Residency against the client information and settings relevant to your review.

Use Go to Taxable Income report or Go to CGT report to investigate totals. Expand Capital Gains Tax Breakdown for the asset-class detail. See The ATO myTax report for the report controls.

Demo ATO myTax Report showing sale allocation, tax residency, capital-gains figures and income tax labels.

ATO myTax brings the portfolio’s income and capital-gains calculations together.

The labels relate to Australian individual returns. Use the reviewed figures according to the particular client’s entity, circumstances and return requirements. Navexa supports this review; it does not lodge the return or guarantee tax accuracy.

Label group

Information shown

10L and 10M

Gross interest and associated TFN withholding.

11S, 11T, 11U and 11V

Non-trust dividends, franking credits and withholding.

13U, 13C, 13Q and 13R

Trust-income categories, franking credits and withholding.

20E, 20M and 20O

Foreign-income categories and the recorded foreign-income-tax offset amount.

These labels are not all separate amounts to add together. For example, 13C can include a franking-credit gross-up, while 13Q identifies the credit separately. Foreign-income amounts at 20E and 20M can overlap.

ATO MyTax, Taxable Income and Capital Gains Tax use the same underlying data. Do not add their overlapping totals together. Fund capital gains can appear in both income and CGT presentations: Why Capital Gains Can Appear in Both CGT and Taxable Income Reports.

Trace the Income Totals

Open Tax Reporting → Taxable Income, select the same financial year and check the date range. Read the tax summary, then the supporting sections.

Demo Taxable Income report showing the financial year and summary of interest, dividends, trust and foreign income.

Use the summary to locate a total, then review the entries beneath it.

Section

Compare with

Non Trust Income

Dividend and registry statements, including franking credits and withholding.

Trust Income

Final annual fund statements, including tax components and cost-base adjustments.

Foreign Income

Broker or custodian statements showing gross income, withholding and net receipts.

Cash Interest

Relevant cash-account statements.

Crypto Income

Exchange and wallet records supporting the income type, quantity, date and amount.

The Taxable Income PDF includes a tax summary and detail. Its Excel export has five detail sheets and no ATO tax-label summary. Use an existing PDF or the live report if you need that summary. See Creating a Taxable Income Report.

A blank or absent section does not establish that the client received no income. Check completeness against the relevant source records.

Review Annual Fund Components

Final annual fund components can differ from cash distributions. An attribution managed investment trust (AMIT) provides an AMIT member annual (AMMA) statement with attributed amounts and cost-base information. See About AMIT and AMMA Statements in Navexa.

  1. Match the final statement to the holding, account and financial year.

  2. In Trust Income, compare the recorded annual components and cost-base adjustments with the statement.

  3. Arrange any corrections using the annual-statement workflow, then generate fresh reports.

Demo Trust Income detail showing AMIT REQUIRED beside DHHF and FANG and the Enter AMIT Statement control.

AMIT REQUIRED identifies a statement check. A saved status still needs to be supported by the final statement.

Follow How to Enter or Import an AMIT/AMMA Statement in Navexa. Do not enter the same annual components again on individual distributions. For the 20F input limitation, see What to Do if Your AMIT Statement Includes 20F; do not substitute another field to force a match.

Keep Foreign Income Amounts Separate

Compare Gross Amount, Foreign Tax Withheld/Offset and Net Amount separately with the source statement. Check Exchange Rate, reporting currency and period, particularly where the broker statement uses a calendar year.

Demo Foreign Income table showing exchange rates, net amounts, foreign tax withheld or offset, gross amounts and holding subtotals.

Reconcile gross income, actual withholding and net receipts before using the subtotals.

If a PDF heading such as Amount or Total is unclear, use the explicit gross and net columns in Excel or the live report. A default withholding rate does not establish actual tax withheld. Assess entitlement to foreign-tax offsets and franking credits separately.

Use the Reviewed Figures

Compare the reports, final source statements and ATO pre-fill payer by payer. Investigate differences in period, ownership, currency, components or included records before changing a figure.

Use the reconciled amounts in the client’s return alongside relevant information outside Navexa. For disposal calculations, continue to For Accountants: Understand the Capital Gains Tax Report.

Remember, this is general information, not personal financial advice.

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