Instructions to complete additional information that may be required in the AMIT tax return.
Final tax return
Answer Yes or No as appropriate.
If you do not expect to lodge further AMIT tax returns, enter 'Final trust tax return' in the Additional Information field and explain:
- the reason that further tax returns will not be lodged, and
- the manner of disposal of any assets of the AMIT, if not disclosed elsewhere on the tax return.
Significant global entity
Complete this item if the entity was a Significant global entities (SGE) for the income year.
An entity is an SGE if it is:
- a global parent entity with an annual global income of A$1 billion or more
- a member of a group of entities consolidated for accounting purposes, and one of the other group members is a global parent entity with an annual global income of A$1 billion or more, or
- a member of a notional listed company group, and one of the other group members is a global parent entity with an annual global income of A$1 billion or more.
A notional listed company group is a group of entities that would be required to be consolidated for accounting purposes as a single group, on the assumption that an entity of the group were a listed company. Disregard any exceptions in accounting principles that may permit an entity not to consolidate with other entities.
An entity is also a SGE if it is a global parent entity, or a member of an actual or notional accounting consolidated group which includes a global parent entity, and the global parent entity has been given a notice by the Commissioner determining that its annual global income would have been A$1 billion or more for the period had global financial statements been prepared.
Country by country (CBC) reporting entity
Complete this item if the entity was a CBC reporting entity for the income year.
An entity is a CBC reporting entity if it is:
- a CBC reporting parent; or
- a member of a CBC reporting group, and one of the other group members is a CBC reporting parent with an annual global income of A$1 billion or more.
A CBC reporting group may be a group that is consolidated for accounting purposes as:
- a single group, or
- a notional listed company group.
A notional listed company group is a group of entities that would be required to be consolidated for accounting purposes as a single group, on the assumption that an entity of the group were a listed company.
Unlike the SGE definition, the exception to consolidation in the accounting principles related to investment entities is not disregarded; that is, if applicable, when determining whether an entity is a CBC reporting entity, the investment entity exception in the accounting principles should be applied.
If an entity was a CBC reporting entity for the whole or part of the preceding income year, it may have CBC reporting obligations.
Account for electronic funds transfer (EFT)
Direct refund
We need your financial institution details to pay any refund owing to the AMIT, even if you have provided them to us before.
Complete the:
- bank state branch (BSB) number; this six-digit number identifies the financial institution (do not include spaces or hyphens)
- account number; this number should not have more than nine characters (do not include spaces)
- account name; your account name should be as shown on your bank account records. It should include spaces between each word and between initials. If your account name exceeds 32 characters, provide the first 32 characters only.
Description of main business activity
Describe as accurately as possible the business activity from which the AMIT derived most of its gross income, for example, investing in shares and stocks or investing in commercial non-residential property. Do not use general descriptions such as investing.
Industry code
Show the appropriate industry code for the AMIT’s main business. Use the Business industry code tool to search by the business activity description to find the correct code.
The industry code is made up of five digits. For example, if the industry is ‘commercial non-residential property investment’, the code to show on the tax return is 67120.
An incorrect code may result in:
- you not receiving a necessary service or material from us
- us incorrectly targeting audits.
The industry code provided is also used to publish industry benchmarks in Taxation statistics.
The industry coding regime we use is a modified version of the Australian and New Zealand Standard Industrial Classification (ANZSIC), produced jointly by the Australian Bureau of Statistics (ABS) and Statistics New Zealand.
Credit for interest on early payments – amount of interest
Interest may be payable where an actual payment is made towards a relevant tax liability more than 14 days before the due date.
Date of payment is the date:
- shown on the receipt from us or the post office
- the payment is posted to us, plus three days, or
- shown on the taxpayer’s bank statement where payment is made through direct debit, that is, electronic funds transfer (EFT).
Enter only the interest amount (of 50 cents or more) that you calculated; do not show the actual payments you made.
Amounts that may attract early payment interest include payments of:
- income tax (including Medicare levy)
- a shortfall interest charge.
Amounts that are not directly paid but are reduced by crediting or applying an amount do not attract early payment interest. These amounts include:
- credit for instalments payable under the PAYG instalment regime
- credit for amounts withheld from withholding payments under the PAYG withholding regime
- an overpayment of other income tax liabilities
- a running balance account (RBA) surplus
- any other credit entitlement arising under a taxation law.
Early payment interest is also not payable on:
- any component of the payment that exceeds the amount due
- an amount that attracts interest on overpayment under Part IIIA of the Taxation (Interest On Overpayments And Early Payments) Act 1983.
Where the trustee of an AMIT is liable to pay tax, we calculate early payment interest from the later of:
- the date of issue of the notice notifying the amount of tax or interest
- the date the early payment is made.
Interest is payable up to the due date for payment, but only on the amount of payment up to the value of the debt.
When we refund an amount that you paid before the day it became due, we do not pay interest on the amount for any period after the day we refund it.
Period |
Interest rate (p.a.) |
|---|---|
1 July 2021 to 30 September 2021 |
0.04% |
1 October 2021 to 31 December 2021 |
0.01% |
1 January 2022 to 31 March 2022 |
0.04% |
1 April 2022 to 30 June 2022 |
0.07% |
If the early payment extends over two or more interest periods, calculate the interest for the number of days in each period.
Interest is calculated as follows:
Interest = (number of days ÷ 365) × amount of payment × (interest rate for period ÷ 100)
Note: (number of days ÷ 366) for a leap year.
Keep a record of the amount of early payment interest claimed. This interest is assessable as income in the income year it is paid or credited against another liability.
For more information, see Record-keeping requirements
Continue to: Overseas transactions/thin capitalisation