Schedules for AMITs

When to complete and lodge a schedule

Where instructed, you must complete the required schedules.

If you lodge your tax return without all the required schedules, we may not consider it to have been lodged in the approved form. If you don't lodge your tax return and all schedules by the due date, you may be charged a penalty for failing to lodge on time.

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 Law Companion Ruling 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 Instructions to complete the AMIT tax schedule 2024.

Capital gains tax (CGT) schedule

AMITs that have one or more capital gains tax (CGT) event happen during the income year must complete a Capital gains tax schedule 2024.

Complete and attach the CGT schedule to the tax return if either your:

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

For help completing the schedule and a copy of the schedule, see Capital gains tax schedule and instructions 2024.

You may also need the:

• capital gain or capital loss worksheet 2024 – for calculating a capital gain or capital loss for each CGT event
• CGT summary worksheet 2024 – for calculating a net capital gain or net capital loss for the income year.

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. Don't 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 captures 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.

International dealings schedule (IDS)

You must complete an International dealings schedule 2024, if at Overseas transactions or thin capitalisation on the Attribution Managed Investment Trust tax return, you either:

• answered Yes at either of the questions about overseas transactions or thin capitalisation
• included an amount for overseas interest or royalty expenses.

For information, see Thin capitalisation and to help you complete the IDS, see International dealings schedule and instructions 2024.

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.

Don't 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.

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 Law Companion Ruling LCR 2015/5 Attribution Managed Investment Trusts: choice to treat separate classes as separate AMITs.

Non-individual PAYG payment summary schedule

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
• certain payments to foreign residents prescribed in the Taxation Administration Regulations 2017External Link (sections 31–33 have foreign resident withholding provisions) and former Taxation Administration Regulations 1976 (regulations 44A–44D have foreign resident withholding provisions).

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 2024 is not required for these distributions because they don't have an associated payment summary.

Write 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 don't 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.

Additional information schedule

If these instructions ask you to provide additional information, enter it at Additional information schedule. Include a heading indicating the question or item the information relates to.

Keep any other schedules or documents with the AMITs tax records.

Continue to: General information for AMITs