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Assessable income

Last updated 19 July 2023

Instructions to complete the assessable income of the CCIV sub-fund trust.

Characters

You must show, on an aggregated basis, how you worked out your determined trust components for the listed categories of character. These are the amounts you used as the basis for attribution to your members.

You must show total amounts for characters grouped by their relationship to:

  • assessable income (excluding capital gains)
  • assessable income (capital gains)
  • exempt income
  • non-assessable non-exempt (NANE) income
  • a tax offset.

See, section 995-1 of the ITAA 1997 for the meanings of assessable income, exempt income, non-assessable non-exempt income and tax offset.

Income – other than capital gains

Enter the amounts in the relevant fields.

Assessable income

Enter the assessable income for trust components of a non-CGT assessable income character (non-CGT assessable characters).

Do not include any amount relating to NCMI or Excluded from NCMI at this label as these amounts are included at the NCMI and Excluded from NCMI labels and form part of Total Assessable Income.

Do not include amounts relating to your net capital gain for the income year. Report the amounts relating to your net capital gain (if any) separately.

Direct deductions

Your direct deductions are allowable deductions for 2022–23 that directly related to deriving the assessable income of the non-CGT assessable character.

Do not include amounts such as general fund management and administration expenses or other overheads that have only an indirect relationship with the assessable income of the non-CGT assessable income characters.

Other deductions

Your other deductions are allowable deductions for 2022–23 that had an indirect relationship to deriving the assessable income of the non-CGT assessable characters, but were allocated against that income on a reasonable basis in working out the relevant trust components.

If you incur expenditure that had an indirect relationship to deriving the assessable income and for which you are eligible to claim the technology investment boost (or bonus deduction), you claim an amount equal to 120% of the relevant expenditure.

If you incurred eligible expenditure in the 2021–22 income year and are claiming the 20% boost in your 2022–23 return, you claim an amount equal to 20% of the relevant expenditure.

If you are an early balancer, do not claim the technology investment bonus deduction in your 2022–23 income tax return. If you incur eligible expenditure for the bonus deduction in your 2022–23 income year, you claim the bonus deduction in your 2023–24 income tax return.

Non-concessional MIT income (NCMI)

Subject to certain exceptions, an amount of a fund payment will be NCMI if it is attributable to income that is:

  • MIT cross staple arrangement income
  • MIT trading trust income
  • MIT residential housing income, or
  • MIT agricultural income.

Enter the total amount of income other than capital gains that are NCMI. NCMI is included in the calculation of Total Assessable Income.

Excluded from NCMI

Enter the total amount of assessable income other than capital gains that are Excluded from NCMI.

Include amounts that are attributable to income that would be NCMI but for:

  • an approved economic infrastructure facility (see section 12-437 of Schedule 1 to the TAA)
  • Transitional – MIT cross staple arrangement income (see section 12-440 of Schedule 1 to the TAA)
  • Transitional – MIT trading trust income (see section 12-447 of Schedule 1 to the TAA)
  • Transitional – MIT residential housing income (see section 12-451 of Schedule 1 to the TAA)
  • Transitional – MIT agricultural income (see section 12-449 of Schedule 1 to the TAA)

The Excluded from NCMI label is not included in assessable income but is included in the calculation of Total Assessable Income.

For the rules to work out trust components, see:

  • section 276-260 of the ITAA 1997
  • LCR 2015/8 Attribution Managed Investment Trusts: the rules for working out trust components – allocation of deductions.

Trust components

Enter the total amount of your trust components of the non-CGT assessable income characters worked out under subdivision 276-E of the ITAA 1997. This is the amount of the trust component after you have allocated deductions, but before making any adjustments for unders, overs or rounding adjustments.

Under 276-265(3) of the ITAA 1997, if the total of your assessable income for the income year did not exceed the total of your deductions, each trust component would be NIL and you would show zero (0) at both assessable income trust component labels.

Total unders

Enter the total amount of unders (worked out under section 276-345) discovered in the income year relating to the non-CGT assessable income characters.

Total overs

Enter the total amount of overs (worked out under section 276-345) discovered in the income year relating to the non-CGT assessable income characters.

Determined trust components

Enter the total amount of your determined trust components (worked out under section 276-255) for the non-CGT assessable income characters (incorporating applicable unders or overs and rounding or other adjustments under subdivision 276-F).

Carry-forward trust component deficits

Enter the total amount of your carry-forward trust component deficits (worked out under section 276-330) for the non-CGT assessable income characters.

These amounts are to be carried forward and applied to reduce the trust component of the same character in the next income year.

Income – capital gains

Enter the capital gains amounts in the relevant fields.

Net capital gain

Enter your net capital gain for the income year. Include only amounts in respect of assessable income characters that relate to your net capital gain (CGT assessable income characters).

Do not include NCMI or Excluded from NCMI at this label.

Direct deductions

Your direct deductions are deductions for the income year that directly related to the net capital gain. Note that amounts which relate solely to capital gains are not allowable deductions under section 51AAA of the ITAA 1936.

Do not include amounts such as general fund management and administration expenses and other overheads that have only an indirect relationship with the net capital gains which make up the trust components of the CGT assessable income characters (CGT assessable income characters).

Other deductions

Your other deductions are deductions for the income year that had an indirect relationship to the CGT assessable income characters against which they were deducted or the excess amount of any deduction directly related to non-CGT assessable characters remaining after being applied to those characters, and which have been allocated against your CGT assessable income characters on a reasonable basis.

Non-concessional MIT income (NCMI)

Enter the aggregate amount of all capital gains which are included in the assessable income of a MIT as NCMI. NCMI is included in the calculation of total assessable income.

Excluded from NCMI

Enter the aggregate amount of all capital gains categorised as Excluded from NCMI. Excluded from NCMI is included in the calculation of Total assessable income.

For the rules to work out trust components, see:

  • section 276-260 of the ITAA 1997
  • LCR 2015/8 Attribution Managed Investment Trusts: the rules for working out trust components – allocation of deductions.

Trust components

Enter the amount of your net capital gain remaining after allocation of deductions.

This means you are to show your total trust components of assessable income characters relating to capital gains (worked out under subdivision 276-E of the ITAA 1997) after allocation of deductions but before making any adjustments for unders, overs or rounding adjustments.

Under 276-265(3) of the ITAA 1997, if the total of your assessable income for the income year did not exceed the total of your deductions, each trust component would be NIL and you would show zero (0) at both assessable income trust component labels.

Total unders

Enter the total amount of unders (worked out under section 276-345) discovered in the income year, relating to your net capital gain.

Total overs

Enter the total amount of overs (worked out under section 276-345) discovered in the income year, relating to your net capital gain).

Determined trust components

Enter the total amount of determined trust components (worked out under section 276-255) relating to your net capital gain for the income year (incorporating any unders or overs and rounding or other adjustments under subdivision 276-F where applicable).

Carry-forward trust component deficits

Enter the total amount of your carry-forward trust component deficits (worked out under section 276-330) for all trust components of characters relating to your net capital gain).

These amounts are to be carried forward and applied to reduce the trust component of the same character in the next income year.

Continue to: Exempt income

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