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.
|
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:
Capital gains – other method. |
Label F1 Gross capital gains |
|
AMIT CGT gross up amount (Contained within the ‘Components of attribution’ section of the managed fund Tax Statement) |
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 |
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 |
Continue to: Using your trust income schedule to complete your tax return