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Guidance notes

Guidance notes to help you complete Parts A, B and C of the AMMA statement or SDS.

Published 4 June 2024

Part A: Your details

Part A provides the investor with their details as recorded by an AMIT, a non-AMIT and an attribution CCIV sub-fund, and reported in the AIIR. It prompts the investor to let the trust know if there is an error.

  1. Name

Full name of investor

  1. You are recorded as being a …

Provide the entity type as recorded by the trust. If joint account holders, record the entity that represents each investor. For example, J & A Citizen are both individual joint account holders, record as an individual.

  1. Tax file number (TFN)

Select Provided or Not Provided. There is no requirement to include a TFN.

  1. Country of residence on 30 June 2024

Provide country of residence on 30 June 2024, if known and if other than Australia.

  1. Tax identification number (TIN) for country of residence

Leave blank if country of residence is Australia.

If country of residence is not Australia, select Provided or Not Provided.

Part B: Summary of 2024 tax return items

Most items are self-explanatory. Items that have raised questions are discussed below. Both the AMMA statement and the SDS recommended formats must align with the AIIR as the tax return will be pre-filled according to what is reported in the corresponding fields in the AIIR. A list of these can be found in Attachment 2.

  • Only include cents for the amounts at items 13P, 13Q, 13R, 13S, 13A, 13B and 20O.
  • Income amounts are net of expenses.
  • An AMIT or attribution CCIV sub-fund trust attribution amount can't be a negative.
  • A non-AMIT distribution amount can only be a negative amount at items 13L, 13U, 20R or 20M.

The steps below detail the items, find out what to include or show at these items:

  1. Item 13U Non-primary production – Share of non-primary production income less net capital gains, foreign income and franked distributions and
    Item 13C Non-primary production – Franked distributions from trusts

The components of these items are set out in part C. At these items investors include their share of Australian sourced non-primary production income and franked distributions (including their share of franking credits) included in the net income of the trust (or, for an AMIT or attribution CCIV sub-fund trust, their member components of those characters).

Include an unfranked dividend paid out of conduit foreign income in Dividends: unfranked amount declared to be CFI, which forms part of the non-primary production income.

Don't show here an investor's share of the net income of the trust that is attributable to net capital gains and foreign income (or, for an AMIT or attribution CCIV sub-fund trust, their member components of those characters).

AMMA statement – the share of franking credits included in the Franked distributions from trusts component will be the Franking credits (grossed-up) amount (shown in part C) and may not equal the amount at item 13Q Share of franking credit from franked dividends. This may arise where the Franking credits (grossed-up) amount is reduced by deductions of the AMIT or attribution CCIV sub-fund trust, however investors may be entitled to a tax offset equal to the full amount of their Share of the franking credit from franked dividends.

  1. Item 13Y Other deductions relating to non-primary production income

Show the total of deductible expenses investors incurred during 2023–24 in relation to the distributions.

Deductions allowable to the trustees that are taken into account in the net income calculations (or, for an AMIT or attribution CCIV sub-fund trust, the calculation of the trust components) are not shown at this item.

  1. Item 13Q Share of franking credit from franked dividends

Show the investor's share of franking credits from franked distributions relevant to determining their entitlement to a tax offset.

AMMA statement – the investor may be entitled to an offset equal to the full amount of their Share of the franking credit from franked dividends and therefore the amount shown here may not equal the Franking credits (grossed-up) amount shown in part C where deductions have been allocated to the franking credit amount included in the Franked distributions from trusts component.

  1. Item 13R Share of credit for tax file number amounts withheld from interest, dividends and unit trust distributions

Show the investor's share of any credit for TFN amounts withheld from interest, dividends and unit trust distributions paid or payable, in accordance with sections 12-140 and 12-145 of Schedule 1 to the Taxation Administration Act 1953.

  1. Item 18H Total current year capital gains
    Item 18A Net capital gain

Include the amount of any investor's tax paid on capital gains, for example, foreign tax on foreign net capital gains.

When reporting a foreign capital gain and the associated foreign tax paid in the AMMA statement or SDS, the trustee should adopt the following approach:

  • The capital gain should be reduced for any capital losses or discount capital gains applied at the trust level. The foreign tax paid on foreign capital gains, however, is reported as the gross amount.

The trustee can provide sufficient information to investors by:

  • Completing parts B and C with all details on foreign capital gains attributable to or distributed to an investor. The capital gain reported should be reduced for any capital losses or discount capital gains applied at the trust level. The foreign tax paid amount should be reported as the grossed-up amount.
  • Providing sufficient information for investors in the form of Disclaimers at the bottom of Table 2: Example of Part C – Capital Gains outlining any capital losses applied across each capital gain and where discount capital gains apply. Such disclaimers may state
    • The discount capital gains reported have been reduced for capital losses and discount capital gains applied at the trust level. The foreign tax paid is the grossed-up amount. Where capital losses have been applied, the amount of these losses should be disclosed. When investors calculate their Australian capital gains tax obligations on foreign capital gains, the discount capital gain must be grossed up, however the foreign tax paid disclosed is the grossed-up amount, so that the investor may apply any capital losses of discount capital gains available to them.
    • Investors must calculate the FITO available by applying the rules at Division 770 of the ITAA 1997. If the investor is unsure about how to calculate their FITO, they may need to seek professional advice from a registered tax professional.
  • Providing disclaimers in guidelines – where disclaimers can't be included at Part C (as system changes are required), they can be included in the guidelines to the AMMA statement or SDS provided to investors during 2023–2024.
  • Providing disclaimers on your website – the trustee can, during 2023–2024 (where system changes are being made) include a notification in the cover letter to the AMMA statement or SDS, or another form of effective communication to investors, instructing them to refer to the AMIT's, MIT's or CCIV sub-fund trust's website for full details of their foreign capital gains.
    • This method may be adopted where the capital gain is disclosed in part B of the AMMA statement or SDS but no further details are provided as system changes are being made during 2023–2024. The notification in a cover letter or other effective form of communication needs to clearly state that this information must be accessed by the investor and included in the investor's Australian tax return when reporting their foreign capital gains and calculating the FITO available for any foreign tax paid. It must be provided to the investor along with or around the time the AMMA statement or SDS is provided to the investor. This option may be used where the trustee's software doesn't accommodate full disclosure of the foreign capital gain in the AMMA statement or SDS.

For further information on claiming the FITO when a foreign capital gain is only partly assessable in Australia, see ATO ID 2010/175 Foreign income tax offset: entitlement where foreign capital gain is only partly assessable in Australia.

An individual investor who has capital losses will not simply be able to transfer the net capital gain amount from part B to their tax return. Trustees may refer investors in these circumstances to:

Some trusts complete this with a note where the investor has sold membership interests during the year to say this amount attaches to the distribution and is in addition to the capital gain attaching to the sale. Some trusts provide the capital gain attaching to the sale separately.

  1. Item 20E: Assessable foreign source income, item 20M: Other net foreign source income and item 20R: Net foreign rent

The amount at item 20E must be greater than or equal to the total of the amounts at item 20M and item 20R.

  1. Item 20O Foreign income tax offset

For many small investors the $1000 de minimis rule will apply and they will not need to do any calculations to work out their FITO entitlement. However, as the trustee won't know whether an investor can use the de minimis rule, trustees may wish to refer investors to the Guide to foreign income tax offset rules 2024.

If a trustee has paid foreign income tax on income or capital gains to overseas tax authorities, then the trustee needs to provide the following additional information in case the investor has to calculate their FITO entitlement:

  • the foreign tax paid on capital gains included in the investor’s distribution or attributed amount (the amount allowable as a FITO to the individual investor may be reduced if their own capital losses are offset against these amounts consistent with ATOID 2010/175. FITO is not reduced for discount capital gains applied at the trust level, but disclaimers or notification of this must be provided to an investor)
  • the foreign tax paid on other foreign source income included in the investor’s distribution or attributed amount
  • the foreign tax paid on non-assessable non-exempt income, namely    
    • attributed income under section 23AI of the ITAA 1936, and
    • attributed foreign investment fund income under section 23AK of the ITAA 1936.

Part C: Components of an attribution (AMMA statement) or a distribution (SDS)

  1. Australian income

These details provide a break up of:

  • item 13C Non-primary production – Franked distributions from trusts
  • item 13L Primary production income – Share of net income from trusts
  • item 13U Non-primary production – Share of net income from trusts less capital gains, foreign income and franked distributions

The information is necessary for those investors who use the Application for refund of franking credits for individuals 2024 (NAT 4098) and Refund of franking credits instructions and application for individuals 2024 (NAT 4105).

Primary production income – this item includes the investor’s share of:

  • NCMI primary production income, for example, income attributable to agricultural land held for rent, and
  • Excluded from NCMI amount in relation to primary production income, that is, income from transitional arrangements or approved economic infrastructure facilities.

Non-primary production income – this item includes the investor’s share of:

  • NCMI non-primary production income, that is, cross staple income, trading trust income and residential housing income, and
  • Excluded from NCMI amount in relation to non-primary production income such as income from transitional arrangements or approved economic infrastructure facilities.

LIC capital gain deduction – If a listed investment company (LIC) pays a dividend that includes a LIC capital gain amount, the shareholder may be entitled to an income tax deduction for the part of the dividend attributable to that amount. If a shareholder in a LIC is a trust, a beneficiary of that trust has no share of the attributable part, however the trustee can deduct 50% of the attributable part in calculating the net income of the trust. Trustees may choose to disclose the amount of the dividend attributable to a LIC capital gain for information only.

AMMA statement – Dividends: Franked amount (Franked distributions) is the amount after the allocation of deductions to the Franked dividend and Franking credits (grossed-up), if applicable. Franking credits (grossed up) may be less than the tax offset available to the investor where the Franking credit (grossed up) amount has been reduced by deductions. Show the amount of Share of franking credit from franked dividends in part B at Franking credit tax offset at Table 4 – Tax offsets.

  1. Capital gains discount – Taxable Australian property and Capital gains discount – Non-taxable Australian property

If the trust's capital gain has been reduced by the 50% discount, show the part of the discount capital gain (for example, after applying the CGT discount) that is included in the investor's share of net income (or, for an AMIT or attribution CCIV sub-fund trust, their member components of those characters).

  1. Capital gains other – Taxable Australian property
    Capital gains other – Non-taxable Australian property

These items show the part of the capital gain included in the investor's share of net income (or, for an AMIT or attribution CCIV sub-fund trust, their member components of those characters) where the trustee has not applied the discount method.

These 4 capital gains items (Capital gains discount and Capital gains other), which are required to allow an investor to make choices about the order in which capital losses are applied against capital gains, form part of the calculation of the Net capital gain, and are also relevant for investors preparing CGT schedules.

  1. Net capital gain

This item is the total of the Attribution column (AMMA statement) and the Taxable amount column (SDS) of Table 2 – Capital gains. This item represents the total net capital gain included in the investor's share of net income (or, for an AMIT or attribution CCIV sub-fund trust, their member components of those characters). In our example, this is $155, which is taken into account at item 18A on the Tax return for individuals (supplementary section) 2024 in part B.

This item also includes the investor's share of income categorised as NCMI income and Excluded from NCMI income.

Where the individual investor has no 2023–24 capital losses or unapplied prior year net capital losses, this figure can be used directly to complete item 18A.

If the investor has 2023–24 capital losses or unapplied prior year net capital losses that can be applied against their share of these capital gains, they refer to the Guide to capital gains tax 2024 or Personal investors guide to capital gains tax 2024 (NAT 4152).

Tax incentives for investments in affordable housing

If the trust made a capital gain from investment in affordable housing, the individual investor may be eligible to claim an additional affordable housing discount – of up to 10% – in their individual tax return.

The trustee informs the individual investor or interposed entity by either:

  • additional notes in the AMMA or SDS
  • a separate statement or courtesy letter
  • providing information on their website.

For more information see CGT discount for affordable housing.

  1. AMIT CGT gross up amount (AMMA statement) and CGT concession amount (SDS)

AMMA statement – the AMIT CGT gross up amount is the additional amount:

  • treated as capital gains of members under subsections 276-85(3) and (4) of the ITAA 1997, and
  • included in the AMIT cost base increase amount under subsection 104-107E(4) of the ITAA 1997.

This amount should equal the sum of the Attribution column for:

  • Capital gains discount – Taxable Australian property
  • Capital gains discount – Non-taxable Australian property.

Show this amount in the Attribution column at Table 2 – Capital gains to reconcile the total 2023–24 capital gains amount to be shown at item 18H on the individual tax return. Don't include any amount in the Cash distribution column.

AMMA statementOther capital gains distribution is shown in the Cash distribution column to represent the total amount of cash distributed in relation to all capital gains, other than amounts already shown in the Cash distribution columns in Table 2 – Capital gains. This need not be equal to the AMIT CGT gross up amount.

SDS – the CGT concession amount (non-AMIT) is the amount referred to in subsection 104-71(4) of the ITAA 1997, including CGT discount amounts paid to the investor. Don't show frozen indexation amounts paid to the investor as CGT concession amounts on the distribution statement. Show this amount in the Cash distribution column. Don't include the CGT concession amount in the Taxable amount column.

A trustee must provide its members with the information needed to determine cost base adjustments. The trustees of AMITs and attribution CCIV sub-fund trusts should consider providing additional information in the AMMA statement in relation to capital gain amounts they distribute, for instance, to enable a non-AMIT investing in an AMIT or attribution CCIV sub-fund trust to provide its investors with the necessary information to determine their CGT event E4 cost base adjustments. This could include, for example, the extent to which an underlying discount capital gain is reflected in a payment to the non-AMIT.

  1. Total current year capital gains

This item:

  • represents for 2023–24 the total amount of capital gains attributed (AMMA statement) or included in the investor's share of the capital gains (SDS), and
  • includes the grossed up amount of the gains at Capital gains discount – Taxable Australian property and Capital gains discount – Non-taxable Australian property in the Attribution (AMMA statement) or Taxable amount (SDS) column.

Show the total amount of capital gains distributed (cash) in the Cash distribution column.

  1. Foreign income

Capital gains made by Australian residents from foreign sources are not assessable foreign income and should not be shown in this section of part C but in the capital gains section of part C.

Other net foreign source income includes income derived from foreign sources including dividend, interest, royalties, any other foreign source income and foreign tax paid on those amounts. Foreign rental income can be included at Net foreign rent.

Assessable foreign source income includes the amounts reported at Other net foreign source income and Net foreign rent.

Complete these fields exactly as you would report them in the corresponding fields in the AIIR.

  1. Tax offsets (AMMA statement)

These are the offsets that may be available to be claimed by the investor. The items and amounts shown will help the investor to complete their tax return. Where the investor's circumstances are relatively straightforward, they may be able to use these amounts directly, however some investors may require additional information to determine their tax offset entitlement. Table 4 doesn't include all tax offsets that may be available to the investor and the trustee should add any other applicable tax offsets.

Depending on the particular tax offset, the trustee may also need to include additional information on the AMMA statement to reflect the character of the member components attributed to the investor, as the character should generally reflect the amount that gives rise to the tax offset. For example, for a Foreign income tax offset, the character of the member component will be the 'foreign income tax paid that counts towards a tax offset under Division 770' (see, for example, section 276-335 of the ITAA 1997).

Franking credit tax offset is the total amount of the franking credits available to the investor to claim as a tax offset. This amount may be greater than the franking credits (grossed up) amount shown at Table 1 – Australian income.

Foreign income tax offset is the maximum amount available to the investor to claim.

  1. Other non-assessable amounts

Net exempt income is the investor's share of the net exempt income of the trust as per section 36-20 of the ITAA 1997. Investors may be required to adjust either the cost base or reduced cost base of their membership interests for this amount. The nature of the adjustment will depend on whether the trust is an AMIT, attribution CCIV sub-fund trust or a non-AMIT.

Non-assessable non-exempt amount is the investor's share of the amounts referred to in section 6-23 of the ITAA 1997. AMIT or attribution CCIV sub-fund trust investors are required to adjust the cost base and reduced cost base of their membership interests for this amount.

Other non-attributable amounts (AMMA statement) are cash distributions and other entitlements from an AMIT or attribution CCIV sub-fund trust that exceed the attribution amount, to the extent they are not already shown in other tables. For a non-AMIT, these broadly correspond to amounts that are categorised as, for example, tax-deferred amounts (including returns of capital) and tax-free amounts (other than those amounts that are included in Net exempt income). As these amounts comprise cash distributions by the AMIT or attribution CCIV sub-fund trust, they are reflected in the calculation of the AMIT cost base net amount. This AMIT cost base net amount doesn't include Other capital gains distributions shown at Table 2 – Capital gains.

Tax free amounts (SDS) are amounts referred to in subsection 104-71(3) of the ITAA 1997. Investors are required to reduce the reduced cost base (but not reduce the cost base) of their membership interests by these amounts. These amounts are:

  • exempt income arising from shares in a pooled development fund under sections 124ZM, and 124ZN of the ITAA 1936, and
  • certain amounts relating to an investment in an early stage venture capital limited partnership.

Tax deferred amounts (SDS) are amounts referred to in subsection 104-70(1) note 2 of the ITAA 1997. Investors are required to reduce both the cost base and reduced cost base of their membership interests by these amounts. Building allowance amounts paid on or after 1 July 2001 are now treated as tax deferred amounts.

To provide MITs and their investors with the necessary information to determine the amount of CGT event E4 cost base adjustments, Division 6 trusts may need to separately identify amounts excluded under table item 7 in subsection 104-71(4) of the ITAA 1997. Gross cash distribution includes all cash distributions as well as other non-cash entitlements that the investor may have, such as an entitlement to additional membership interests.

AMIT cost base net amount (AMMA statement)
Under Subdivision 276-H of ITAA 1997 trustees of AMITs and attribution CCIV sub-fund trusts are required to state their reasonable estimate of this amount on the AMMA statement for 2023–24. The trustees may need to include additional fields to separately report the AMIT cost base net amount in respect of each of the investor’s membership interests. The investor's actual AMIT cost base net amount may differ as a result of the investor's particular circumstances.

Tax free amounts and Tax deferred amounts are not used by the investor to calculate their cost base or reduced cost base adjustment, but are generally reflected in the calculations for the AMIT cost base net amount. They may be reflected in Other non-attributable amounts.

AMIT cost base net amount – excess (decrease) (AMMA statement)
There will be an AMIT cost base net amount – excess where the AMIT cost base reduction amount exceeds the AMIT cost base increase amount. The investor must reduce the cost base and reduced cost base of their membership interests in the AMIT or attribution CCIV sub-fund trust by the AMIT cost base net amount – excess (decrease).

A capital gain may also arise if the investor's AMIT cost base net amount – excess (decrease) is greater than their cost base in the membership interests.

AMIT cost base net amount – shortfall (increase) (AMMA statement)
There will be an AMIT cost base net amount – shortfall (increase) where the AMIT cost base reduction amount falls short of the AMIT cost base increase amount. The investor must increase the cost base and reduced cost base of their membership interests in the AMIT or attribution CCIV sub-fund trust by the AMIT cost base net amount – shortfall (increase).

There is no requirement to provide the AMIT cost base reduction amount or the AMIT cost base increase amount in working out the AMIT cost base net amount (excess or shortfall) but trustees may choose to do so.

The AMIT cost base reduction amount (gross) is the total of Gross cash distribution (G) and Total tax offsets (E). See Note 7a for information regarding the basis upon which FITOs attached to foreign capital gains has been included in Total Tax Offsets.

The AMIT cost base increase amount is the total of amounts in the Attribution column in the:

  1. Australian income table at (A), (B), (X)
  2. Capital gains table at (C)
  3. Foreign income table at (D)
  4. Other non-assessable amounts and cost base details table at (F). Note: This includes NANE amounts (if any).
  5. Other amounts deducted from trust distributions

TFN amounts withheld
This item allows the cash amount to be reconciled in part C.

Other expenses
This item allows the cash amount to be reconciled in part C. This is used for expenses incurred by investors (for example, management fees) and not deductions allowable to the trustee that are taken into account in the net income calculation.

Only the deductible expenses component of this amount should feed through to part B, item 13Y.

The Credit for foreign resident capital gains withholding amounts allows the cash amount to be reconciled in part C. Write there the amount of the entitlement to a share of a credit that is recorded at item 18X. For more information about foreign resident capital gains withholding, see Foreign residents and capital gains tax.

Non-resident reporting
Additional information specific to non-residents has been included for trusts that provide statements to non-residents. Relevant fields indicate which table they should be shown in. The example numbers used in Table 7 – Reporting for the purposes of non-resident withholding tax and income tax may not reconcile with the example numbers in the rest of part C because those numbers relate to a resident investor. The rest of part C would need to be reworked for the numbers to reconcile for a non-resident.

Show:

  • Interest exempt from withholding in Table 1 and include it in the calculation of Non-primary production income
  • total dividend, interest and royalties non-resident withholding amount in Table 6
  • NCMI withheld amounts at non-resident withholding amount in Table 6
  • Managed investment trust fund payments in Table 6 and include the fund payments for both actual and deemed payments
  • Deemed payments for interest, dividends, royalties and fund payments separately in Table 7. However trustees may choose to show an aggregate total for deemed interest, dividends and royalties. Show deemed fund payments separately.
  1. 'Please retain this statement for income tax purposes'

The inclusion of this wording in the AMMA statement or SDS exempts the trustee from the requirement to include the words 'Payment summary' on the statement where TFN amounts have been withheld from the investment.

Continue to: Additional statement information for investors

Return to: AMMA statement or SDS example

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