If you have an interest in a rental property in Australia you need to fill out a rental property schedule. You need to complete a separate schedule for each rental property you own or have an interest in, unless you have multiple rental properties on one title – for example, a number of flats in an apartment complex that is not under strata title. In such instances, show the details of all those properties on one schedule.
Lodging the rental property schedule for separate AMIT classes
Multi-class AMITs electing for classes to be treated as separate AMITs must lodge a separate rental property schedule, if applicable, for each class of interest. Do not lodge a schedule for the multi-class AMIT as a whole.
Trust assets in a multi-class trust
Where possible, you treat each class as having separately identified assets to other classes within the AMIT. You identify the assessable income, deductions and other trust attributes relating to that class by the assets supporting that class.
For tax purposes, you recognise transactions and events involving those assets as though the class was a separate AMIT. This ensures that the tax attributes of one class of interest will not be mixed with those of other classes.
For classes within the AMIT that have separately identified assets, any movement or transfer of assets between classes may have CGT implications due to each class being treated as a separate AMIT.
Where the assets of the AMIT are pooled, each class's share of the pooled assets should be determined on a reasonable basis. The assessable income and allowable deductions of the trust must be allocated across the classes according to each class' appropriate share of the trust's pooled assets and the AMIT's constituent documents.
Selectively directing tax attributes from pooled assets to different classes that have shared those assets could be considered 'streaming' and not an allocation on a fair and reasonable basis. You must also allocate tax losses, net capital losses and expenditure that does not relate solely to a particular class, between each class on a fair and reasonable basis.
See also:
- LCR 2015/5 Attribution Managed Investment Trusts: choice to treat separate classes as separate AMITs