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Attribution managed investment trust member annual (AMMA) statement and standard distribution statement (SDS): guidance notes for trustees 2022

Guide to prepare an AMMA statement or an SDS to report tax information to resident individuals investors for 2021–22.

Last updated 25 May 2022

Introduction

The 2022 Attribution MIT member annual (AMMA) statement and the standard distribution statement (SDS) are the formats recommended by:

  • the Australian Taxation Office (ATO)
  • the Financial Services Council (FSC)
  • the Australian Custodial Services Association (ACSA).

for disclosure by trusts of tax information to resident and non-resident individuals to complete 2022 tax returns, relevant schedules and other requirements.

This document provides guidance to prepare either an AMMA statement or an SDS. Parts A and B are applicable to both statements however there are two part Cs to cater for the distinct requirements of an AMMA statement and SDS.

Trustees of AMITs must give an AMMA statement within three months of the end of the income year to each person who was a member of an AMIT during the income year. Trustees of non-AMITs should use the SDS for their investors.

Both formats align with the Annual investment income report (AIIR). Since 2016–17, all MITs are required to lodge an AIIR.

The 2022 statements that appear below include example amounts that are referred to in the guidance notes that follow it.

Since 2017–18, trustees of MITs must apply the 2011 trust streaming provisions. Prior to 2017–18, the rules applied only if MITs (and other trusts that were treated as MITs) made a choice that they apply. The streaming rules do not apply to AMITs, which are subject to the separate attribution rules that enable capital gains and franked distributions to be attributed to members for tax purposes.

Abbreviations and glossary

AIIR

annual investment income report

AMIT

attribution managed investment trust

AMMA statement

attribution managed investment trust member annual statement

CFC

controlled foreign company

CGT

capital gains tax

Excluded from NCMI amounts

Fund payments that are attributable to income that would be NCMI but for:

  • Subsection 12-437(5) of Schedule 1 to the TAA – Approved economic infrastructure facility exception
  • Section 12-440 of Schedule 1 to the TAA – Transitional – MIT cross staple arrangement income
  • Section 12-447 of Schedule 1 to the TAA – Transitional – MIT trading trust income
  • Section 12-449 of Schedule 1 to the TAA – Transitional – MIT agricultural income
  • Section 12-451 of Schedule 1 to the TAA – Transitional – MIT residential housing income

 

FITO

foreign income tax offset

IDPS

investor directed portfolio services

ITAA 1936

Income Tax Assessment Act 1936

ITAA 1997

Income Tax Assessment Act 1997

member component

for an AMIT, the investor's member component of a particular character – that is, the amount of the AMIT's determined trust component of that character that is attributable to the member in accordance with section 276-210 of the ITAA 1997

MIT

managed investment trust

net income
  • for an AMIT – the sum of the trust components of a character relating to assessable income as worked out under sections 276-265 and 276-270 of the ITAA 1997
  • for a non-AMIT – the net income of the trust calculated under section 95 of the ITAA 1936

 

non-AMIT

a trust other than an AMIT

NCMI

Non-concessional managed investment trust (MIT) income. A fund payment will be attributable to NCMI if it is:

  • MIT cross staple arrangement income
  • MIT trading trust income
  • MIT agricultural income
  • MIT residential housing income

 

SDS

standard distribution statement

share

This will depend on the context, however, generally a reference to an investor's share will be:

  • for an AMITs) – the investor's member component(s) of a particular character
  • for a non-AMIT – the investor's share of the net income (or of a component of the net income) determined in accordance with Division 6 and/or Division 6E of Part III of the ITAA 1936

 

TAA

Taxation Administration Act 1953

TAP

taxable Australian property

TFN

tax file number

Purpose

These notes are designed to help those preparing AMMA statements, or SDS, understand:

  • the basis for the format of the 2022 statement, and
  • the rationale behind the various items disclosed on the statement.

The information contained in these notes and the sample AMMA statement or SDS is not an ATO interpretive advice or a statement of the ATO's interpretation of the taxation laws relevant to the items included in the statement and the notes, their character and calculation of their amounts. These notes do not set out a precedential ATO view.

For more information, see ATO advice and guidance.

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