About the trust income schedule

Who must complete a trust income schedule?

You will need to complete the trust income schedule and lodge it with your tax return if you have been made entitled to any distributions from a trust.

You will need to report if you were entitled to distributions from a trust that you report as:

• An individual, lodging by paper, in your individual supplementary tax return at
  • question 13 Partnerships and trusts
  • question 18 Capital gains
  • question 19 Foreign entities
  • question 20 Foreign source income and foreign assets or property.
• An individual, lodging online using myTax – see myTax instructions, Managed fund or trust distributions. The trust income schedule is integrated within myTax.
• A tax agent, lodging for an individual using lodgment software – the trust income schedule will be integrated within the software (see income details schedule). The reporting of managed fund income for individuals has not changed.
• A company, in the company tax return at
  • item 6 Calculation of total profit or loss – Income – labels E or H
  • item 7 Reconciliation to taxable income or loss – label A
  • item 8 Financial and other information – labels G, R, B, U or V.
• A partnership, in the partnership tax return at
  • item 8 Partnerships and trusts
  • item 22 Attributed foreign income
  • item 23 Other assessable foreign source income.
• A trust (excluding CCIV sub-funds and managed investment trusts), in the trust tax return at
  • item 8 Partnerships and trusts
  • item 21 Capital gains
  • item 22 Foreign income
  • item 23 Other assessable foreign source income.
• A self-managed superannuation fund (SMSF), in the SMSF annual return at
  • item 11 Income – labels A, D1, M or U2.
• A small APRA fund (with no more than 6 members) in the fund income tax return at
  • item 10 Income, labels A, D1, N, O, P, Q or U.

Before you start

To complete the trust income schedule, you will need either:

• A statement of distribution or advice from the trustee. You should have a statement for each trust that has made you entitled to an amount.
• A tax statement from your managed fund, either a:
  • Attribution managed investment member annual (AMMA) statement.
  • Standard distribution statement (SDS).

Contact the trustee if you don't have a distribution statement, advice or a tax statement. For more information, see AMMA and standard distribution statement 2024.

Distribution reporting limits

The number of distributions you can report is limited to 30 distributions for individuals and 150 for all other entities.

Individuals reporting more than 30 distributions

The maximum number of distributions you can report as an individual is 30. Where there are more than 30 distributions, consolidate any remaining distributions into the last record.

Order and report your distributions in the trust income schedule as follows:

• Highest value to lowest value.
• If there are more than 30 distributions, aggregate (add together) distribution 30 with all remaining distributions.

Report distribution 30 as 'Consolidation – XX fund records' (with XX being the number of distributions consolidated into the last record). Enter this standard description in the field: Name of distributing trust.

Non-individual entity reporting more than 150 distributions

The maximum number of distributions that you can report for both managed and non-managed trust distributions is 150. Where there are more than 150 distributions, consolidate any remaining distributions into the trust income schedule as follows:

• Highest value to lowest value.
• If there are more than 150 distributions aggregate (add together) as follows:
  • If there are only non-managed fund distributions, aggregate distribution 150 and the remaining distributions.
  • If there are only managed fund distributions, aggregate distribution 150 and the remaining distributions.
  • If there are both non-managed fund and managed fund distributions, record at
    • distribution 149 non-managed funds and the remaining non-managed fund distributions
    • distribution 150 managed funds and the remaining managed fund distributions.

Report distribution 149 and 150, as applicable, with either:

• 'Consolidation – XX non-managed fund records' (with XX being the number of distributions consolidated into the last record). Enter this standard description in the field Name of distributing trust.
• 'Consolidation – XX managed fund records' (with XX being the number of distributions consolidated into the last record). Enter this standard description in the field Name of distributing trust.

Continue to: Instructions to complete the trust income schedule