Completing schedules and your tax return
To prepare and report, you should:
- Only complete one copy of the appropriate schedule.
- Attach all completed schedules to the tax return, unless specified otherwise.
- Complete as specified the schedules or documents and keep them with your fund's tax records. These schedules or documents are described further at Record keeping requirements.
- You must lodge the tax return and required schedules by the due date. If you lodge the tax return without all the required schedules, we may not consider it to have been lodged in the approved form. Unless you lodge all schedules by the due date, we may apply a penalty for failing to lodge on time.
- If a schedule is not lodged with the tax return the trustee is required to sign and date that schedule, otherwise it is not covered by the tax return's trustee declaration.
Capital gains tax (CGT) schedule
All funds that have one or more CGT events happen during the income year must complete a Capital gains tax (CGT) schedule 2023.
Attach the completed CGT schedule to the tax return if:
- the total current year capital gains are greater than $10,000
- the total current year capital losses are greater than $10,000, or
- you applied for the transitional CGT relief in 2016–17 and you have recognised the deferred capital gain due to a realisation event occurring this year.
The Guide to capital gains tax 2023 will help you meet the fund’s CGT obligations by outlining the essential steps involved in calculating the fund’s net capital gain for the income year. The guide also includes:
- aspects of CGT law that may apply to the fund, for example, record-keeping requirements
- a capital gain or capital loss worksheet for calculating a capital gain or capital loss for each CGT event
- a CGT summary worksheet for calculating the fund’s net capital gain or net capital loss.
Losses schedule
Use the Losses schedule 2023, to show detailed information on losses when required to do so. Transfer totals of the amounts at part A of the Losses schedule 2023 to item 13 Losses:
- label U Tax losses carried forward to later income years
- label V Net capital losses carried forward to later income years.
Complete the Losses schedule if:
- the total of the fund’s tax losses and net capital losses carried forward to 2023–24 is greater than $100,000
- the fund has an interest in a CFC that has current year CFC losses greater than $100,000, or
- the fund has an interest in a CFC that has deducted or carried forward a loss to later income years of greater than $100,000.
If you need to complete a Losses schedule 2023, you may also need to complete a CGT schedule 2023.
Non-individual PAYG payment summary schedule
PAYG withholding applies to several withholding events, including:
- if the payment is for a supply and the payee does not quote an ABN
- payments made under a PAYG voluntary agreement
- payments made under foreign resident withholding.
For example, if a payer withheld an amount from a payment because the fund did not quote its ABN, the payer should have given the fund (payee) a PAYG payment summary – withholding where ABN not quoted (NAT 3283).
A payer may issue a receipt, remittance advice or similar document in place of the payment summary, provided the document contains all the information required.
If an amount from a payment to the fund was withheld by the payer because of the operation of foreign resident withholding, the fund should have received a PAYG withholding from foreign residents – payment summary (free format) from the payer.
PAYG payment summary – withholding where ABN not quoted
If the fund 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. Details from any PAYG payment summary – withholding where ABN not quoted must be included on a Non-individual PAYG payment summary schedule 2023.
Complete a Non-individual PAYG payment summary schedule 2023 when amounts are included at:
- item 10 Income – label H Gross payments where ABN not quoted
- item 12 Calculation statement – label H3 Credit for tax withheld – where ABN or TFN not quoted (non-individual).
Print neatly in BLOCK letters with a black pen only.
Print the fund’s TFN and name in the appropriate boxes at the top.
Print N for this type of withholding.
From each PAYG payment summary – withholding where ABN not quoted, record on the Non-individual PAYG payment summary schedule 2023:
- the payer’s ABN (or withholding payer number)
- total tax withheld
- gross payment
- the payer’s name.
When you have entered details of all these payment summaries on the schedule, attach the Non-individual PAYG payment summary schedule 2023 to the tax return.
Do not attach copies of any PAYG payment summary – withholding where ABN not quoted to the tax return; keep them with the fund’s copy of the tax return. Also keep a copy of the Non-individual PAYG payment summary schedule 2023 with the fund’s tax records.
Payment summary – foreign resident withholding
Details from any PAYG withholding from foreign residents – payment summary must be included on a Non-individual PAYG payment summary schedule 2023.
Complete a Non-individual PAYG payment summary schedule 2023 where you show an amount at item 12 – label H2 Credit for tax withheld – foreign resident withholding (excluding capital gains) – except where the amount is from a partnership distribution or included in a share of net income from a trust.
Print neatly in BLOCK letters with a black pen only.
Print the fund’s TFN and name in the appropriate boxes at the top.
Print F for this type of withholding.
From each PAYG withholding from foreign residents – payment summary, record the following detail on the Non-individual PAYG payment summary schedule 2023:
- the payer’s ABN (or withholding payer number)
- total tax withheld
- gross payment
- the payer’s name.
When you have entered details of all these payment summaries on the schedule, attach the Non-individual PAYG payment summary schedule 2023 to the tax return.
A Non-individual PAYG payment summary schedule 2023 is not required for income subject to foreign resident withholding received in a distribution from a partnership or included in a share of net income from a trust as there is not an associated payment summary.
Do not attach copies of any PAYG payment summary – payments to foreign residents to the tax return; keep them with the fund’s copy of the tax return. Also keep a copy of the Non-individual PAYG payment summary schedule 2023 with the fund’s tax records.
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