An amount will be NCMI if it is any of the following:
- MIT cross staple arrangement income
- MIT trading trust income
- MIT residential housing income, or
- MIT agricultural income
Business Income
Primary production
A – Non-concessional MIT income (NCMI)
Show at A the total NCMI amount in relation to primary production income, for example, income attributable to agricultural land held for rent.
B – Excluded from NCMI
Show at B the total Excluded from NCMI amount in relation to primary production income, that is, income from transitional arrangements or approved economic infrastructure facilities.
Amounts shown at A and B must be shown at 5G Primary production – Other business income.
Non-primary production
C –- Non-concessional MIT income (NCMI)
Show at C the total NCMI amount in relation to non-primary production income, that is, cross staple income, trading trust income and residential housing income.
D – Excluded from NCMI
Show at D the total Excluded from NCMI amount in relation to non-primary production income, that is, income from transitional arrangements or approved economic infrastructure facilities.
Amounts shown at C and D must be shown at 5H Non-Primary production – Other business income.
Partnerships and trusts
Primary production
E – Non-concessional MIT income (NCMI)
Show at E the total NCMI amount distributed from partnerships categorised as primary production income.
F – Excluded from NCMI
Show at F the total Excluded from NCMI amount distributed from partnerships categorised as primary production income.
Amounts shown at E and F must be shown at item 8A Distribution from partnerships.
G –- Non-concessional MIT income (NCMI)
Show at G the total NCMI amount distributed from a trust categorised as primary production income.
H – Excluded from NCMI
Show at H the total Excluded from NCMI amount distributed from trusts categorised as primary production income.
Amounts shown at G and H must be shown at item 8Z Share of net income from trusts.
Non-primary production
I – Non-concessional MIT income (NCMI)
Show at I the total NCMI amount distributed from partnerships categorised as Non- primary production.
J – Excluded from NCMI
Show at J the total Excluded from NCMI amount distributed from partnerships categorised as Non-primary production.
Amounts shown at I and J must be shown at item 8B Distribution from partnerships, less foreign income.
K – Non-concessional MIT income (NCMI)
Show at K the total NCMI amount distributed from trusts categorised as Non-primary production.
L – Excluded from NCMI
Show at L the total Excluded from NCMI amount distributed from trusts categorised as Non-primary production.
Amounts shown at K and L must be shown at item 8R Share of net income from trusts, less capital gains, foreign income and franked distributions.
If any NCMI capital gains or Excluded from NCMI capital gains is received during the year, each partner must include their share of the capital gain or capital loss on their own tax return.