Caruso generates end of year Australian tax statements for your unit holders and produces the AIIR (Annual Investment Income Report) lodgement file for the ATO. This includes AMMA (AMIT Member Annual) statements for funds that have elected into the AMIT regime, and Annual Tax Statements for non-AMIT funds.
The process has three parts: set up the fund's tax reporting details once, run the statement batch, then enrich and generate the statements. This article walks through each part.
Prerequisites
The fund's regulatory lodgement details must be completed on the Tax Reporting tab before you generate statements. If they are missing, the statement run will display a warning prompting you to complete them.
Step 1: Set up the fund's tax reporting details
This is a once per year setup. Once saved, the details carry forward and you do not need to re-enter them each run.
In the navigation pane, open the relevant fund
Go to the Tax Reporting tab
Complete the filer details and the regulatory lodgement fields, including:
Entity Type (for example, trust, company, partnership, super fund)
Entity Sub-Type
AMIT election: choose Single-Class, Multi-Class, or None as applicable to the fund
The regulatory lodgement details required for the AIIR filing
Click Save
Note: These are the details you previously had to type into the file converter manually each year. Entering them here once means they pre-fill automatically on every future statement run.
Step 2: Create the tax statement batch
Go to the Statements module
Create a new statement
Choose AU Tax Statement as the statement type
Select the reporting Period. For Australian funds this is the relevant financial year (for example, FY 2025)
Select the Apportionment method. This determines how the fund level tax components are split across your unit holders, and is explained below
Add any Commentary you want included
Click Save and Continue
Caruso will begin generating the batch and the enrichment
Note: If the fund you selected does not have its tax reporting details set up, a warning will appear. Go back to the fund's Tax Reporting tab, complete the details, then return to this step.
Choosing the apportionment method
Caruso needs to know how to divide the fund level tax components across your unit holders. There are two methods, and you choose one when you create the batch. The method applies to the whole pack, covering both AMMA and Annual Tax Statements.
Pro-Rata Unit Days (default)
Each holding's share is its unit days divided by the fund's total unit days over the statement period. This is time weighted, and is the right choice where distributions were pro-rated across the period.
Distributions Received
Each holding's share is the gross distributions it received divided by the fund's total distributions for the period. This is dollar weighted and includes reinvested (DRP) amounts. Caruso counts confirmed distributions whose income period end date falls inside the statement period. It attributes the tax components to the investors who actually received the income, rather than to everyone who held units at some point during the year.
Distributions Received is available for Australian funds only
The method is fixed once the batch is created, and is shown on the batch detail view
A holding that received no distributions in the period resolves to a 0% share, and no statement is generated for it
A holding that received a distribution but held no units during the period is still included. Its ownership shows as zero, and the distributions it received drive the figures
If a fund paid no qualifying distributions in the period, Caruso blocks the batch and names the fund. Recreate the batch using Pro-Rata Unit Days
Step 3: Download and complete the enrichment file
The enrichment file is now a branded Excel workbook titled Australian Tax Pack Enrichment File. It contains three sheets.
Download the enrichment file
Open it in Excel
Sheet 1: Filer and report details
This contains the information you entered on the Tax Reporting tab. You can adjust the run settings here:
AIIR Run Type: Production or Test
AIIR Report Type: Original or Replacement
Sheet 2: Fund components
This is where you key in the tax components at the fund level. You enter each value once against its Component Type, in the Value column. You do not apportion the values down to individual investors, Caruso does that for you.
Enter the fund level value for each component
Where a component has both an AIIR reference and a tax reference, entering the value once populates both
Note: To hide a field from the statement, leave its value blank. A blank component is excluded from the statement, whereas a value of zero will still render.
Sheet 3: Holdings
This sheet shows each investing entity and how the fund components flow down to them.
Read-only fields are shaded grey. These are locked by default, though they can be unlocked if you genuinely need to edit them
You generally only edit the white columns
The component columns show the apportionment applied automatically to each unit holder, using the Apportionment method you selected when you created the batch. These are formula driven from the fund level values you entered on the Fund Components sheet
Use this sheet to spot check that the fund level totals flow correctly to each underlying unit holder.
Step 4: Re-upload the enrichment file
Return to the statement in Caruso
Upload your completed enrichment file
Click Save and Continue
Caruso will generate the statements using the enriched data.
Tip: Distributions recorded in the system, including reinvestments and all ledger movements, are factored in automatically. You only key in the taxable components on the Fund Components sheet.
Step 5: Download the outputs
Once generation finishes, you are presented with a summary screen with the available downloads:
The Excel enrichment file you uploaded
The AIIR lodgement file
Download the AIIR lodgement file and upload it to the ATO.
Step 6: Review the individual statements
Each investing entity included in the run is listed on the summary screen
Click View Statement PDF next to a unit holder to download their statement
The statement produced depends on the fund's AMIT election:
AMIT funds receive an AMMA (AMIT Member Annual) statement
Non-AMIT funds receive an Annual Tax Statement
Review a sample of both types against your internal tax requirements before distributing.
Once the batch is confirmed, you can download a zip of all tax statements in the batch.
Tips and best practices
Complete the Tax Reporting tab setup before your first run of the year so the enrichment file pre-fills and the batch does not warn you.
Match the Apportionment method to how the fund actually paid its distributions. Use Pro-Rata Unit Days for pro-rated distributions, and Distributions Received for record date distributions.
Spot check the Holdings sheet before re-uploading, confirming the fund level totals apportion correctly across unit holders.
Apportionment is applied at fund level, not unit class level. Where a fund has multiple unit classes, the same fund level components are apportioned across all holdings.
The Apportionment Report always uses Pro-Rata Unit Days, regardless of the method selected on the statement batch. Do not use it to verify a Distributions Received run.
Remember that a blank component is hidden from the statement while a zero is shown. Use blanks deliberately.
Statement footer disclosures can be tailored where required. Fund level and tenant level overrides are available if the standard wording is not suitable for your fund or your whole organisation.
If you have any questions or need help at any stage, please contact our Caruso Support team either by email or live chat.