Trust statement of distribution
Where a trustee provides you with a copy of the statement of distribution with regards to your specific distribution, the labels on the trust income schedule are an exact match for the statement of distribution.
Where a trustee provides you with advice rather than a copy of the statement of distribution with regards to your specific distribution, the Trust tax return instructions 2024 provides definitions of each income label amount. See, Statement of distribution – item 58.
Managed fund tax statement
Where a managed fund provides you with a tax statement with regards to your specific distribution, the table below shows where to include the amounts on your managed fund tax statement in the trust income schedule.
If a label in the tax statement is not replicated in the schedule and is not mapped as per the table below, that information is not required to be completed within the schedule.
If a label in the schedule is not included in the tax statement, that information is not required to be completed within the schedule.
Where your managed fund provides you with consolidated tax statement, you are not required to disaggregate the income amounts provided by your fund.
Tax statement label | Trust income schedule label |
|---|---|
Item 13 – label A Share of credit for foreign resident withholding amounts (excluding capital gains) | Label L Share of credit for tax withheld – foreign resident withholding (excluding capital gains) |
Item 13 – label B Share of National rental affordability scheme tax offset | Label R Share of National rental affordability scheme tax offset |
Item 13 – label C Franked distributions from trusts | Label U Franked distributions |
Item 13 – label L Share of net income from trusts | Share of income – label A Primary production |
Item 13 – label P Share of credit for tax withheld where Australian business number not quoted | Label C Credit for tax withheld where ABN not quoted |
Item 13 – label Q Share of franking credit from franked dividends | Label D Franking credit |
Item 13 – label R Share of credit for tax file number amounts withheld from interest, dividends and unit trust distributions | Label E TFN amounts withheld |
Item 13 – label S Share of credit for tax paid by trustee | Not required |
Item 13 – label U Share of net income from trusts, less capital gains, foreign income and franked distributions | Share of income – label B Non-primary production |
Item 13 – label X Other deductions relating to amounts shown at share of net income from trusts | Not required |
Item 13 – label Y Other deductions relating to non-primary production income | Not required |
Item 18 – label A Net capital gain Capital gain tax information – additional information for item 18:
| Label F Capital gains |
Item 18 – label H Total capital gains Capital gain tax information – additional information for item 18:
| Label F1 Gross capital gains |
Either:
| Label F3 CGT discount applied |
Item 18 – label X Credit for foreign resident capital gains withholding amounts | Label Z Share of credit for foreign resident capital gains withholding amounts |
Item 19 – label K CFC income | Label G Attributed foreign income |
Item 19 – label B Transferor trust income | Not required |
Item 20 – label E Assessable foreign source income | Label H Other assessable foreign source income |
Item 20 – label F Australian franking credits from a New Zealand franking company | Label N Australian franking credits from a New Zealand franking company |
Item 20 – label M Other net foreign source income | Label H Other assessable foreign source income |
Item 20 – label O Foreign income tax offset (see Note) | Label I Foreign income tax offset |
Item 20 – label R Net foreign rent | Not required |
Item T7 – label K Early stage venture capital limited partnership tax offset | Label T Early stage venture capital limited partnership tax offset |
Item T8 – label L Early stage investor tax offset | Label J Early stage investor tax offset |
Item T9 – label P (code E) Other refundable tax offsets: Exploration credits | Label M Exploration credits distributed |
Note: If only part of a foreign capital gain is assessable in Australia (for example, the gain is subject to the discount capital gains concessions in Division 115 of the ITAA 1997), you must apportion the foreign tax paid on the gain. This includes where a foreign capital gain is distributed to a unitholder of a managed investment trust (MIT) or attribution managed investment trust (AMIT).
In such circumstances, when calculating your FITO the 'Foreign tax offset applicable to discountable capital gains' at Part C of the Attribution managed investment trust member annual statement and standard distribution statement must be reduced for discounted capital gains. For more information, see Guide to foreign income tax offset rules 2024.
Continue to: Using your trust income schedule to complete your tax return