Schedules

Get the information and schedules that you may need to send with your AMIT tax return 2023.

When to complete and lodge a schedule

Where instructed, you must complete the required schedules.

Return all completed schedules with the Attribution managed investment trust (AMIT) tax return 2023.

Returns lodged without all the required schedules may be considered not to have been lodged in the approved form.

Unless all schedules are lodged by the due date, a failure to lodge on time penalty may be applied.

Number of schedules required for separate AMIT classes

If you have not made the election to treat classes of interests as separate AMITs, you should only lodge one AMIT tax schedule and, only one of any other schedules that may be applicable.

Where you have elected to treat classes of interests as separate AMITs, you must complete one AMIT tax schedule for each AMIT class. Where applicable you should also complete:

• a separate CGT schedule for each AMIT class
• a separate Rental property schedule for each AMIT class
• one International dealings schedule for the trust as a whole
• one non-individual PAYG summary schedule for the trust as a whole.

For more information about making a choice to treat each of the classes of membership interests as a separate AMIT, see LCR 2015/5 Attribution Managed Investment Trusts: choice to treat separate classes as separate AMITs

AMIT tax schedule

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

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.

For detailed instructions on the AMIT tax schedule, see Completing the AMIT tax schedule.

Capital gains tax (CGT) schedule

You must lodge a Capital gains tax (CGT) schedule 2023 with the AMIT's tax return if the AMIT’s total 2022–23:

• capital gains are greater than $10,000, or
• capital losses are greater than $10,000.

For information to help you complete the CGT schedule, see Guide to capital gains tax 2023.

CGT schedule for separate AMIT classes

Multi-class AMITs electing for classes to be treated as separate AMITs must lodge a separate CGT schedule for each class of interest that has total capital gains or losses that exceeds the threshold amounts. Do not lodge a CGT schedule for the multi-class AMIT as a whole, even if in aggregate the total capital gains or losses of the AMIT meet the thresholds.

The CGT schedule has fields to allow AMITs to separately identify the class to which the CGT schedule relates, and capture certain class-related CGT information. These new fields are described below.

Name of AMIT class

Enter the unique name and number for each separate AMIT class. This must match the name that you used on the AMIT tax schedule for that 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 the name if the class ceases.

Total capital gains from transfers to other classes

Complete question 1 of the CGT schedule if:

• the trustee has answered Yes to separate AMIT classes, and
• the trustee has transferred CGT assets between separate AMIT classes during 2022–23.

Include the amount of the total capital gains in the applicable Capital gain labels 1 A to S that arose for the AMIT class for the income year because of the transfer of CGT assets to other AMIT classes.

If you have no total capital gains amount for the income year for these transfers no amounts are included at labels 1 A to S for these transfers.

Total capital losses from transfers to other classes

Complete question 1 of the CGT schedule if:

• the trustee has answered Yes to separate AMIT classes, and
• the trustee has transferred CGT assets between separate AMIT classes during 2022–23.

Include the amount of the capital losses that arose for the AMIT class for 2022–23 because of the transfer of CGT assets to other AMIT classes at the applicable Capital loss labels 1 K to R.

If you have no total capital loss amount for 2022–23 for these transfers no amounts are included at labels 1 K to R for these transfers.

International dealings schedule (IDS)

You must complete an International dealings schedule 2023, if at Overseas transactions/thin capitalisation on the AMIT tax return, you:

• answered Yes at either of the questions about overseas transactions or thin capitalisation, or
• included an amount for overseas interest or royalty expenses.
• For information on Thin capitalisation and to help you complete the IDS, see International dealings schedule instructions 2023.

Lodging the IDS for separate AMIT classes

Lodge only one IDS for the AMIT, including where you have made an election to treat classes as separate AMITs.

You must complete the IDS on an aggregate basis for the trust as a whole, including where you have elected to treat each class of the trust as a separate AMIT.

The information requested in the IDS is for information-gathering purposes only. The information you provide is not indicative of any interpretive position of the trustee or the Commissioner regarding the application of the tax laws to elective multi-class AMITs. Trustees or advisers of elective multi-class AMITs can contact the ATO to discuss the application of these laws in their particular circumstances.

Rental property schedule

If you have an interest in a rental property in Australia you need to fill out a rental property schedule using Standard Business Reporting (SBR) enabled software. 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.

For more information about making a choice to treat each of the classes of membership interests as a separate AMIT, see LCR 2015/5 Attribution Managed Investment Trusts: choice to treat separate classes as separate AMITs.

Non-individual PAYG payment summary schedule

You may need to complete a Non-individual PAYG payment summary schedule 2023 where these payments occur.

Pay as you go (PAYG) withholding applies to several payments including:

• payments for a supply where no Australian business number (ABN) is quoted and no exemptions for quoting applied to the supplier
• payments arising from investments where no TFN or ABN is quoted, and
• certain payments to foreign residents prescribed in the Regulations.

If the payer withheld an amount from a payment to the AMIT because the AMIT did not quote an ABN, the payer should have sent a PAYG payment summary – withholding where ABN not quoted to the trust.

A payer may issue a receipt, remittance advice or similar document in place of the PAYG payment summary – withholding where ABN not quoted. If the AMIT did not receive or has lost its copy of a payment summary, contact the payer responsible and request a signed photocopy of the payer’s copy.

Where income subject to foreign resident withholding was included in a distribution received from other trusts or partnerships, a Non-individual PAYG payment summary schedule 2023 is not required for these distributions because they do not have an associated payment summary.

Enter the AMIT’s TFN and name in the appropriate boxes at the top of the schedule.

From each PAYG payment summary – withholding where ABN not quoted issued to the AMIT from a payer, record on the schedule the:

• payer’s ABN (or withholding payer number)
• total tax withheld
• gross payment
• payer’s name.

Once you have completed the information, lodge the schedule with the AMIT tax return.

You do not need to send us copies of any payment summary. Instead, ensure you keep a record of any payment summary you have been provided with the AMIT’s tax records.

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