Australian LIC (e.g. AFI, ARG) Capital Gains

If you are an Australian resident individual, trust or super fund you should be able to claim the LIC Capital Gain as a tax deduction.

Problem is the auto fill completes the franked dividend and franked amount but ignores the capital gain which has to be entered manually under “LIC Capital Gain”. Enter the grossed up amount.

To check for errors run a Taxable Income Report and check for the grossed up amount against the holding. Then in the Income tax return check D8 shows the deduction, 50% for individuals and trusts, 1/3 for a super fund.

My suggestion is to always check the auto-fill on dividend entries. There are occasional rounding errors or as in the above, a missing valuable deduction.

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Just received my Argo dividend statement. Yet again Sharesight has auto-filled the franked dividend and franking credit but missed the LIC Capital Gain. The LIC Capital Gain is not shown under “Recent Income” so the fault is easily missed. Very disappointing.