Understanding the Taxable Income Report
Last updated on August 15, 2025
Disclaimer: Taxtallee is not a financial product advisory service and does not provide financial advice. All information available through Taxtallee is purely numerical in nature and is based on a combination of publicly available data, user-provided inputs, and other accessible data sources. Any reports or outputs generated by Taxtallee are the result of our internal performance methodologies and standard calculation practices. This information does not constitute financial advice, recommendations, or professional opinions. If you have questions regarding how to complete your tax forms we recommend that you obtain independent financial/tax advice from a qualified professional.
The Taxable Income page is your central hub for managing all investment income, such as dividends and distributions. Its primary purpose is to consolidate this information and present it in a format that maps directly to the Australian tax return, making tax time simpler.
The Income Tables
The page is divided into three main tables to categorize your income sources:
- Local Income - Australia (Excluding Trusts): This table shows standard dividends received from individual Australian companies (e.g., BHP, Telstra).
- Local Income - Australia (From Trust Income): This table is for distributions from Australian ETFs and Managed Funds (e.g., VAS, VDHG). These have more complex tax components.
- Foreign Income: This table displays all dividends received from international holdings (e.g., Apple, Microsoft), with amounts shown in both the foreign currency and converted to AUD.
The Tax Return Summary: Decoding the ATO Codes
The final card on the page, "Income Tax Return Summary," is the most important. It aggregates all your confirmed income data and organizes it by the relevant labels and codes from the ATO myTax portal.
Key ATO Codes Explained
- 11S, 11T, 11U: These relate to your standard non-trust dividends. They represent your total unfranked amount, franked amount, and franking credits, respectively.
- 13U, 13C, 13Q: These are for your trust/ETF distributions. They represent your net income from trusts, franked distributions, and franking credits from trusts.
- 18H, 18A: These are the total and net capital gains passed on to you from your trust/ETF distributions. These figures are automatically carried over to the CGT Manager for your final CGT calculation.
- 20E, 20O: These relate to foreign income. 20E is your total assessable foreign income (your gross foreign dividend in AUD), and 20O is your foreign income tax offset (the foreign tax you paid, converted to AUD, which you can claim as a credit).
The Importance of Confirmation
The Tax Return Summary is only calculated based on income records that you have confirmed. While taxtallee can auto-sync dividend data, it's essential that you:
- Verify and Edit each unconfirmed dividend against your official statements.
- Use the Enter Your AMIT Annual Tax Statement Summary tool for each of your ETFs to input the final, precise tax components for the year.
Once all income for the year is confirmed and correct, you can click the Confirm Income Summary button to finalize the data and generate your report.