Completing the AMIT tax schedule

You must lodge at least one AMIT tax schedule with your tax return.

The name, TFN and ABN shown here must match the information you have entered on the AMIT tax return.

You may leave fields blank in the schedule if they do not apply to your circumstances.

Separate AMIT classes

An AMIT may make an irrevocable election to treat separate classes of interests in the trust as separate AMITs.

If the trustee has chosen to apply separate AMIT treatment, you must complete one AMIT tax schedule for each class.

You must also complete the following separate AMIT fields on each schedule.

Name of AMIT class

Enter a unique name and number for the AMIT class. This ensures that each class can be easily identified.

We recommend that the name and number of an AMIT class remain consistent in subsequent years and that you avoid reusing a name if the class ceases.

Is this the final schedule for this class?

Answer Yes or No as appropriate.

Number of members in the AMIT class at the end of the income year

Enter the number of members in the AMIT classes at the end of 2019–20. This field must contain a number, even if there is only one member.

Enter only the number of owners shown in the AMIT's membership records. A single entity (such as a custodian) that is identified in the AMIT's membership records as holding membership interests in respect of more than one specific entity should be counted as a separate member in respect of each specific entity.

Ceasing to be an AMIT

A trust that:

• was an AMIT for an income year, and
• is not eligible to be an AMIT in a later income year

must lodge:

• a Trust tax return for the later income year, or
• any alternative return that the trust's changed circumstances require, and
• may be required to lodge an AMIT tax schedule with the trust return.

A trust that is not eligible to be an AMIT for an income year must continue to work out unders or overs that relate to a year that the trust was an AMIT.

Where the trust has an under or over in the later income year (the discovery year), it must work out the unders and overs and their effect on trust components as if it were an AMIT. The trust must then take these amounts into account in determining the trust's net income, exempt income, NANE income and tax offsets, in accordance with Subdivision 276-K of the ITAA 1997.

You are required to report any unders or overs in the discovery year in an AMIT tax schedule and lodge it with the trust return.

Broadly, unders and overs can only arise in income years that fall within the period of review (generally four years) for the original income year (the base year) that the under or over relates to.

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.

Assessable Income

Income – other than capital gains

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 label 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 2019–20 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 2019–20 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.

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 as derived from stapled arrangements. NCMI is included in the calculation of Total Assessable Income.

Excluded from NCMI

Amounts that are attributable to income that would be NCMI but for:

• an approved economic infrastructure facility (refer to subsection 12-437(5) of Schedule 1 to the TAA 1953)
• Transitional – MIT cross staple arrangement income (refer to section 12-440 of Schedule 1 to the TAA 1953)
• Transitional – MIT trading trust income (refer to section 12-447 of Schedule1 to the TAA 1953)
• Transitional – MIT residential housing income (refer to section 12-451 of Schedule 1 to the TAA 1953)
• Transitional – MIT agricultural income (refer to section 12-449 of Schedule 1 to the TAA 1953)

Excluded from NCMI - Enter the total amount of assessable income other than capital gains that are Excluded from NCMI as derived from stapled arrangements. Excluded from NCMI is included in the calculation of Total Assessable Income.

See also:

• 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 '0' at both assessable income trust component labels.

Total unders

Enter the total amount of unders (work 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

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.

Net capital gain

Enter your net capital gain for the income year.

• 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.

See also:

• 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 '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.