ATO database error for annual tax return
It has come to our attention that the ATO database for annual tax return data, which is used by the ATO to pre-fill your individual tax return, contained mapping errors, whereby Australian sourced “other income” attributed by the following Platinum Trust Funds/Platinum Global Fund was duplicated in two fields. Furthermore, we have amended the field in which the franked dividends were being presented.
|30 June 2018
||30 June 2019
|Platinum International Fund
||Platinum International Fund
|Platinum Unhedged Fund
||Platinum Asia Fund
|Platinum Asia Fund
||Platinum Japan Fund
|Platinum European Fund
||Platinum International Brands Fund
|Platinum International Brands Fund
||Platinum International Health Care Fund
|Platinum Global Fund
||Platinum International Technology Fund
||Platinum Global Fund
The information in the ATO database has since been corrected. However, if you or your tax agent, relied on the ATO pre-fill information to complete your individual tax returns for 30 June 2018 and/or 30 June 2019, then you should review your individual tax returns for those financial years against the funds’ annual “AMMA” statements to ascertain whether there are any discrepancies which need to be corrected.
Individual investors can also utilise the Guide regarding the completion of your tax return for individual Australian tax residents that Platinum sent out at the same time as providing the funds’ annual “AMMA” statements. This Guide shows the amount of each distribution component and the relevant tax return label that the amount needs to be disclosed against (assuming that the Platinum Trust Funds/Platinum Global Fund are your only investment).
Here are the relevant links for both tax agents and individuals for the 2019 financial year in relation to prefilling: