About 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 don't apply to your circumstances.
Separate AMIT classes and the AMIT tax schedule
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
Write 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.
Example: separate AMIT schedule for each class
An AMIT has an Australian equities class and a Foreign equities class, which it elects to treat as separate AMITs. A separate schedule is prepared for each class, showing the names as:
- Australian equities class
- Foreign equities class.
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
Write the number of members in the AMIT classes at the end of 2023–24. This field must contain a number, even if there is only one member.
Write 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.
Example: identify number of members
Membership records for an AMIT class show a parcel of units held by X Custodian on behalf of Entity A, and a separate parcel held by X Custodian on behalf of Entity B. These should be treated as 2 separate members for the purposes of this question. If the record shows a parcel held by X Custodian without any reference to the underlying clients, it would be counted as a single member. You don't need to trace through to underlying interests not shown in the membership records.
End of exampleCeasing 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 the 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, non-assessable non-exempt (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. You don't need to complete all items, see Instructions to complete the AMIT tax schedule.
Broadly, unders and overs can only arise in income years that fall within the period of review (generally 4 years) for the original income year (the base year) that the under or over relates to.
Continue to: Assessable income – AMIT tax schedule