I Gross distribution from partnerships

Did the SMSF receive any gross distributions from partnerships?

Write at I the total of all gross distributions from partnerships received in 2020–21. If the total amount is a loss, print L in the box to the right of the amount.

A distribution from a partnership can include different types of income. Include all types of income included in the distribution at I except:

• capital gains (include these at A Net capital gain)
• foreign income, including New Zealand franking company dividends and supplementary dividends (include it at D1 Gross foreign income)
• part of a distribution on which family trust distribution tax or trustee beneficiary non-disclosure tax has been paid (do not include anywhere in Section B: Income)
• franking credits, if the SMSF is not entitled to a corresponding tax offset (do not include these anywhere in the SMSF annual return)
• the SMSF’s share of net income from pooled superannuation trusts (PSTs)
• non-arm's length income of a complying SMSF (include it at U3 Net other non-arm's length income).

For example, if a distribution from a partnership includes interest, include this interest income at I rather than at C Gross interest.

If the partnership distributions included franking credits attached to dividends and the SMSF is entitled to a corresponding franking credits tax offset (see Entitlement to franking credits tax offset), include the amount of the franking credit at I and also at either:

• E1 Complying fund’s franking credits tax offset in section D if the SMSF is a complying fund
• C2 Rebates and tax offsets in section D if the SMSF is a non-complying fund.

If partnership distributions included amounts subject to foreign resident withholding in Australia, include the SMSF's share of credit for foreign resident withholding at I and also at H2 Credit for tax withheld – foreign resident withholding in section D.

If you include an amount at I that is exempt current pension income, include it also at Y Exempt current pension income.

Keep a record of the following:

• full name of the partnership
• TFN of the partnership if known
• amount of income.

For more information, see Record-keeping requirements.

Continue to: J, K, L Dividends and franking credits