Using your trust income schedule to complete your tax return

Completing your tax return using the trust income schedule.

Last updated 7 July 2024

Individuals

If you have declared more than one trust distribution in the Distribution details section of your trust income schedule, you will need to add the amounts you report in the trust income schedule labels and report the totals in the individual supplementary tax return labels below.

For more information about completing the individual supplementary tax return items and labels, see Individual supplementary tax return instructions.

Trust income schedule labels and related individual supplementary tax return questions and labels
Trust income schedule label	Individual supplementary tax return question and label
Label W Share of income of trust estate	Not required
Label L Share of credit for tax withheld – foreign resident withholding (excluding capital gains)	Q13 – label A Share of credit for foreign resident withholding (excluding capital gains)
Label N Australian franking credits from a New Zealand franking company	Q20 – label F Australian franking credits from a New Zealand franking company
Share of income – label A Primary production	Q13 – label L Share of net income from trusts
Share of income – label A1 PP – Non-concessional MIT income (NCMI)	Not required
Share of income – label A2 PP – Excluded from NCMI	Not required
Share of income – label B Non-primary production	Q13 – label U Share of net income from trusts, less capital gains, foreign income and franked distributions
Share of income – label B1 Non PP – NCMI	Not required
Share of income – label B2 Non PP – Excluded from NCMI	Not required
Label C Credit for tax withheld where ABN not quoted	Q13 – label P Share of credit for tax withheld where ABN not quoted
Label U Franked distributions	Q13 – label C Franked distributions from trusts
Label D Franking credit	Q13 – label Q Share of franking credits from franked dividends
Label E TFN amounts withheld	Q13 – label R Share of credit for TFN amounts withheld from interest, dividends and unit trust distributions
Label O Share of credit for TFN amounts withheld from payments from closely held trusts	Q13 – label M Credit for TFN amounts withheld from payments from closely held trusts
Label F Capital gains	Q18 – label A Net capital gain (see Note 1 for instructions in the worksheet to calculate the amount for this label)
Label F1 Gross capital gains	Q18 – label H Total current year capital gains (see Note 1) The amount reported here should be the gross amount (label F1) less the losses already applied within the trust (label F2)
Label F2 Capital losses applied	Not required (see Note 1)
Label F3 CGT discount applied	This amount may be included in your worksheet calculation (see Note 1)
Label F4 CGT small business concessions applied	This amount may be included in your worksheet calculation (see Note 1)
Label F5 NCMI capital gains	Not required
Label F6 Excluded from NCMI capital gains	Not required
Label Z Share of credit for foreign resident capital gains withholding amounts	Q18 – label X Credit for foreign resident capital gains withholding amounts
Label G Attributed foreign income	Q19 – label K Controlled foreign company (CFC) income
Label H Other assessable foreign source income	Q20 – label E Assessable foreign source income Q20 – label M Other net foreign source income
Label I Foreign income tax offset	Q20 – label O Foreign income tax offset
Label R Share of National rental affordability scheme tax offset	Q13 – label B Share of National rental affordability scheme tax offset
Label M Exploration credits distributed	QT9 – label P Other refundable tax offsets
Label T Early stage venture capital limited partnership tax offset	QT7 – label K Early stage venture capital limited partnership current year tax offset
Label J Early stage investor tax offset	QT8 – label L Early stage investor current year tax offset
Label C1 Div 6AA Eligible income	Not required
Label Y Share of net small business income	Q13 – label E Trusts share of net small business income less deductions attributable to that share
Label J s98(3) assessable amount	Not required
Label K s98(4) assessable amount	Not required
Label T Total TFN amounts withheld from payments	Not required

Note 1: This amount will be reported in your capital gains tax (CGT) schedule if you are required to complete one; see Capital gains tax schedule and instructions 2024. The CGT summary worksheet in Capital gains tax summary worksheet for tax returns 2024 will help you complete the CGT calculations required.

Companies

For more information about completing the company tax return items and labels, see Company tax return instructions.

The following table provides guidance about where we expect to see trust distributions reported in the company tax return. There are a number of different ways that trust distributions can be reported, if you have reported trust distributions at different labels from the table below, please make sure that you understand the reasons and ensure that the correct tax outcome is being achieved.

Trust income schedule labels and related company tax return questions and labels
Trust income schedule label	Company tax return question and label
Label W Share of income of trust estate	Not required
Label L Share of credit for tax withheld – foreign resident withholding (excluding capital gains)	Calculation statement – label H2 Credit for tax withheld – foreign resident withholding (excluding capital gains)
Label N Australian franking credits from a New Zealand franking company	Item 7 – label C Australian franking credits from a New Zealand franking company
Share of income – label A Primary production	Item 6 – label E Gross distributions from trusts Item 6 – label H Total dividends For more information, see Note 3
Share of income – label A1 PP – NCMI	Not required
Share of income – label A2 PP – Excluded from NCMI	Not required
Share of income – label B Non-primary production	Item 6 – label E Gross distributions from trusts Item 6 – label H Total dividends For more information, see Note 3
Share of income – label B1 Non PP – NCMI	Not required
Share of income – label B2 Non PP – Excluded from NCMI	Not required
Label C Credit for tax withheld where ABN not quoted	Calculation statement – label H7 Credit for tax withheld where ABN is not quoted
Label U Franked distributions	Item 6 – label E Gross distributions from trusts Item 6 – label H Total dividends For more information, see Note 3
Label D Franking credit	Calculation statement – label C Non-refundable non carry forward tax offsets
Label E TFN amounts withheld	Calculation statement – label H4 Tax withheld from interest or investments
Label O Share of credit for TFN amounts withheld from payments from closely held trusts	Calculation statement – label H5 Credit for TFN amounts withheld from payments from closely held trusts
Label F Capital gains	Item 7 – label A Net capital gain (see Note 2 for instructions in the worksheet to calculate the amount for this label)
Label F1 Gross capital gains	Not required (see Note 2)
Label F2 Capital losses applied	Not required (see Note 2)
Label F3 CGT discount applied	This amount may be included in your worksheet calculation (see Note 2)
Label F4 CGT small business concessions applied	This amount may be included in your worksheet calculation (see Note 2)
Label F5 NCMI capital gains	Item 7 – label A Net capital gain (see Note 2 for instructions in the worksheet to calculate the amount for this label)
Label F6 Excluded from NCMI capital gains	Item 7 – label A Net capital gain (see Note 2 for instructions in the worksheet to calculate the amount for this label)
Label Z Share of credit for foreign resident capital gains withholding amounts	Calculation statement – label H8 Credit for foreign resident capital gains withholding amounts
Label G Attributed foreign income	Item 8 Attributed foreign income – label B Listed country Item 8 Attributed foreign income – label U Unlisted country
Label H Other assessable foreign source income	Item 8 – label R Net foreign income
Label I Foreign income tax offset	Item 20 label J Foreign income tax offset
Label R Share of National rental affordability scheme tax offset	Item 12 – label J National rental affordability scheme tax offset entitlement
Label M Exploration credits distributed	Calculation statement – label H7 Other credits
Label T Early stage venture capital limited partnership tax offset	Item 22 – label L Current year tax offset
Label J Early stage investor tax offset	Item 23 – label M Current year tax offset
Label C1 Div 6AA Eligible income	Not required
Label Y Share of net small business income	Not required
Label J s98(3) assessable amount	Not required
Label K s98(4) assessable amount	Not required
Label T Total TFN amounts withheld from payments	Not required

Note 2: This amount will be reported in your capital gains tax (CGT) schedule if you are required to complete one; see Capital gains tax schedule and instructions 2024. The CGT summary worksheet in Capital gains tax summary worksheet for tax returns 2024 will help you complete the CGT calculations required.

Note 3: To complete item 6 – label E Gross distributions from trusts and item 6 – label H Total dividends, see Company tax return instructions – item 6.

Partnerships

If you have declared more than one trust distribution in the Distribution details section of your trust income schedule, you will need to add together the amounts you report in the trust income schedule labels and report the totals in the partnership tax return labels below.

For more information about completing the partnership tax return items and labels, see Partnership tax return instructions.

Trust income schedule labels and related partnership tax return questions and labels
Trust income schedule labels	Partnership tax return question and label
Label W Share of income of trust estate	Not required
Label L Share of credit for tax withheld – foreign resident withholding (excluding capital gains)	Item 8 – label U Share of credit for tax withheld – foreign resident withholding (excluding capital gains)
Label N Australian franking credits from a New Zealand franking company	Item 23 – label D Australian franking credits from a New Zealand franking company
Share of income – label A Primary production	Item 8 – label Z Share of net income from trusts
Share of income – label A1 PP – NCMI	Item 32 – label G Non-concessional MIT income (NCMI)
Share of income – label A2 PP – Excluded from NCMI	Item 32 – label H Excluded from NCMI
Share of income – label B Non-primary production	Item 8 – label R Share of net income from trusts, less capital gains, foreign income and franked distributions
Share of income – label B1 Non PP – NCMI	Item 32 – label K Non-concessional MIT income (NCMI)
Share of income – label B2 Non PP – Excluded from NCMI	Item 32 – label L Excluded from NCMI
Label C Credit for tax withheld where ABN not quoted	Item 8 – label C Share of credit for tax withheld where ABN not quoted
Label U Franked distributions	Item 8 – label F Franked distributions from trusts
Label D Franking credit	Item 8 – label D Share of franking credits from franked distributions
Label E TFN amounts withheld	Item 8 –label E Share of credit for TFN amounts withheld from interest, dividends and unit trust distributions
Label O Share of credit for TFN amounts withheld from payments from closely held trusts	Item 8 – label O Credit for TFN amounts withheld from payments from closely held trusts
Label F Capital gains	Not required (see Note 4)
Label F1 Gross capital gains	Not required (see Note 4)
Label F2 Capital losses applied	Not required (see Note 4)
Label F3 CGT discount applied	Not required (see Note 4)
Label F4 CGT small business concessions applied	Not required (see Note 4)
Label F5 NCMI capital gains	Not required
Label F6 Excluded from NCMI capital gains	Not required
Label Z Share of credit for foreign resident capital gains withholding amounts	Not required
Label G Attributed foreign income	Item 22 Attributed foreign income – label M Listed country Item 22 Attributed foreign income – label X Unlisted country
Label H Other assessable foreign source income	Item 23 – label V Other assessable foreign income (net)
Label I Foreign income tax offset	Item 23 – label Z Foreign income tax offset
Label R Share of National rental affordability scheme tax offset	Item 51 – label F National rental affordability scheme tax offset entitlement
Label M Exploration credits distributed	Item 54 – label M Share of exploration credits The amount reported in each statement of distribution is the partner's proportionate share of exploration credits.
Label T Early stage venture capital limited partnership tax offset	Not required
Label J Early stage investor tax offset	Not required
Label C1 Div 6AA Eligible income	Not required
Label Y Share of net small business income	Not required
Label J s98(3) assessable amount	Not required
Label K s98(4) assessable amount	Not required
Label T Total TFN amounts withheld from payments	Not required

Note 4: Any capital gains are reported in the individual partner's tax return and not in the partnership tax return.

Trusts

For more information about completing the trust tax return items and labels, see Trust tax return instructions.

Trust income schedule labels and related trust tax return questions and labels
Trust income schedule	Trust tax return question and label
Label W Share of income of trust estate	Not required
Label L Share of credit for tax withheld – foreign resident withholding (excluding capital gains)	Item 8 – label U Share of credit for tax withheld – foreign resident withholding (excluding capital gains)
Label N Australian franking credits from a New Zealand franking company	Item 23 – label D Australian franking credits from a New Zealand franking company
Share of income – label A Primary production	Item 8 – label Z Share of net income from (other) trusts: Primary production
Share of income – label A1 PP – NCMI	Item 32 – label G Non-concessional MIT income (NCMI)
Share of income – label A2 PP – Excluded from NCMI	Item 32 – label H Excluded from NCMI
Share of income – label B Non-primary production	Item 8 – label R Share of net income from trusts, less capital gains, foreign income and franked distributions
Share of income – label B1 Non PP – NCMI	Item 32 – label K Non-concessional MIT income (NCMI)
Share of income – label B2 Non PP – Excluded from NCMI	Item 32 – label L Excluded from NCMI - non-primary production
Label C Credit for tax withheld where ABN not quoted	Item 8 – label C Share of credit for tax withheld where ABN not quoted
Label U Franked distributions	Item 8 – label F Franked distributions from trusts
Label D Franking credit	Item 8 – label D Share of franking credits from franked distributions
Label E TFN amounts withheld	Item 8 – label E Share of credit for TFN amounts withheld from interest, dividends and unit trust distributions
Label O Share of credit for TFN amounts withheld from payments from closely held trusts	Item 8 – label O Credit for TFN amounts withheld from payments from closely held trusts
Label F Capital gains	Item 21 – label A Net capital gain (see Note 5)
Label F1 Gross capital gains	Not required (see Note 5)
Label F2 Capital losses applied	Not required (see Note 5)
Label F3 CGT discount applied	This amount may be included in your worksheet calculation (see Note 5)
Label F4 CGT small business concessions applied	This amount may be included in your worksheet calculation (see Note 5)
Label F5 NCMI capital gains	Item 32 – label X NCMI
Label F6 Excluded from NCMI capital gains	Item 32 – label Z Excluded from NCMI
Label Z Share of credit for foreign resident capital gains withholding amounts	Item 21 – label B Credit for foreign resident capital gains withholding amounts
Label G Attributed foreign income	Item 22 Attributed foreign income – label M Listed country Item 22 Attributed foreign income – label X Unlisted country
Label H Other assessable foreign source income	Item 23 – label V Other assessable foreign source income (net)
Label I Foreign income tax offset	Item 23 – label Z Foreign income tax offset
Label R Share of National rental affordability scheme tax offset	Item 53 – label F National rental affordability scheme tax offset entitlement
Label M Exploration credits distributed	Item 54 – label G Other refundable tax offsets
Label T Early stage venture capital limited partnership tax offset	Item 55 – label H Early stage venture capital limited partnership tax offset
Label J Early stage investor tax offset	Item 55 – label I Early stage investor tax offset
Label C1 Div 6AA Eligible income	Not required
Label Y Share of net small business income	Not required
Label J s98(3) assessable amount [J]	Not required
Label K s98(4) assessable amount [K]	Not required
Label T Total TFN amounts withheld from payments	Not required

Note 5: This amount will be reported in your capital gains tax (CGT) schedule if you are required to complete one; see Capital gains tax schedule and instructions 2024. The CGT summary worksheet in Capital gains tax summary worksheet for tax returns 2024 will help you complete the CGT calculations required.

Self-managed superannuation funds

For more information about completing the SMSF annual return items and labels, see SMSF annual return instructions.

Trust income schedule labels and related self-managed superannuation fund annual return questions and labels
Trust income schedule label	Self-managed superannuation fund annual return question and label
Label W Share of income of trust estate	Not required
Label L Share of credit for tax withheld – foreign resident withholding (excluding capital gains)	Item 13 – label H2 Credit for tax withheld – foreign resident withholding (excluding capital gains)
Label N Australian franking credits from a New Zealand franking company	Item 11 – label E Australian franking credits from a New Zealand franking company
Share of income – label A Primary production	Item 11 – label M Gross trust distributions
Share of income – label A1 PP – NCMI	Not required
Share of income – label A2 PP – Excluded from NCMI	Not required
Share of income – label B Non-primary production	Item 11 – label M Gross trust distributions
Share of income – label B1 Non PP – NCMI	Not required
Share of income – label B2 Non PP – Excluded from NCMI	Not required
Label C Credit for tax withheld where ABN not quoted	Item 13 – label H3 Credit for tax withheld – where ABN or TFN not quoted (non-individuals)
Label U Franked distributions	Item 11 – label M Gross trust distributions
Label D Franking credit	Where the SMSF is a: complying fund – item 13 – label E1 Complying fund's franking credits tax offset non-complying fund – item 13 – label C2 Rebates and tax offsets.
Label E TFN amounts withheld	Item 13 – label C2 Rebates and tax offsets
Label O Share of credit for TFN amounts withheld from payments from closely held trusts	Item 13 – label H5 Share of credit for TFN amounts withheld from payments from closely held trusts
Label F Capital gains	Item 11 – label A Net capital gain (see Note 6)
Label F1 Gross capital gains	Not required (see Note 6)
Label F2 Capital losses applied	Not required (see Note 6)
Label F3 CGT discount applied	This amount may be included in your worksheet calculation (see Note 6)
Label F4 CGT small business concessions applied	This amount may be included in your worksheet calculation (see Note 6)
Label F5 NCMI capital gains	Not required
Label F6 Excluded from NCMI capital gains	Not required
Label Z Share of credit for foreign resident capital gains withholding amounts	Item 13 – label H8 Share of credit for foreign resident capital gains withholding amounts
Label G Attributed foreign income	Item 11 – label D1 Gross foreign income
Label H Other assessable foreign source income	Item 11 – label D1 Gross foreign income
Label I Foreign income tax offset	Item 13 – label C1 Foreign income tax offset
Label R Share of National rental affordability scheme tax offset	Item 13 – label E3 Share of National rental affordability scheme tax offset entitlement
Label M Exploration credits distributed	Item 13 – label E4 Exploration credits distributed
Label T Early stage venture capital limited partnership tax offset	Item 13 – label D1 Early stage venture capital limited partnership tax offset
Label J Early stage investor tax offset	Item 13 – label D3 Early stage investor tax offset
Label C1 Div 6AA Eligible income	Not required
Label Y Share of net small business income	Not required
Label J s98(3) assessable amount	Not required
Label K s98(4) assessable amount	Not required
Label T Total TFN amounts withheld from payments	Not required

Note 6: This amount will be reported in your capital gains tax (CGT) schedule if you are required to complete one; see Capital gains tax schedule and instructions 2024. The CGT Summary Worksheet in Capital gains tax summary worksheet for tax returns 2024 will help you complete the CGT calculations required.

Trust income schedule labels and related self-managed superannuation fund annual return questions and labels for non-arm's length income (NALI)
Trust income schedule label	Self-managed superannuation fund annual return question and label for NALI
Share of income – label A Primary production	Item 11 – label U2 Net non-arm's length trust distributions
Share of income – label B Non-primary production	Item 11 – label U2 Net non-arm's length trust distributions
Label U Franked distributions	Item 11 – label U2 Net non-arm's length trust distributions
Label F Capital gains	Item 11 – label U2 Net non-arm's length trust distributions (see Note 6)
Label G Attributed foreign income	Item 11 – label U2 Net non-arm's length trust distributions
Label H Other assessable foreign source income	Item 11 – label U2 Net non-arm's length trust distributions

Small APRA Fund

For more information about completing the fund tax return items and labels, see Fund income tax return instructions.

Trust income schedule labels and related fund income tax return questions and labels
Trust income schedule	Fund income tax return question and label
Label W Share of income of trust estate	Not required
Label L Share of credit for tax withheld – foreign resident withholding (excluding capital gains)	Item 12 – label H2 Credit for tax withheld – foreign resident withholding (excluding capital gains)
Label N Australian franking credits from a New Zealand franking company	Item 10 – label E Australian franking credits from a New Zealand franking company
Share of income – label A Primary production	Item 10– label Q Trust distributions other amounts
Share of income – label A1 PP – NCMI	Not required
Share of income – label A2 PP – Excluded from NCMI	Not required
Share of income – label B Non-primary production	Item 10 – label Q Trust distributions other amounts
Share of income – label B1 Non PP – NCMI	Not required
Share of income – label B2 Non PP – Excluded from NCMI	Not required
Label C Credit for tax withheld where ABN not quoted	Item 12 – label H3 Credit for tax withheld where ABN or TFN not quoted (non-individuals)
Label U Franked distributions	Item 10 – label O Trust distributions franked amount (see Note 8)
Label D Franking credit	Item 10 – label P Trust distributions franking credit Where the fund is a: complying superannuation fund, or complying ADF or PST – item 12 – label E1 Complying fund's franking credits tax offset non-complying superannuation fund or non-complying ADF – item 12 – label C2 Rebates and tax offsets.
Label E TFN amounts withheld	Item 12– label C2 Rebates and tax offsets
Label O Share of credit for TFN amounts withheld from payments from closely held trusts	Item 12 – label H5 Credit for TFN amounts withheld from payments from closely held trusts
Label F Capital gains	Item 10 – label A Net capital gain (see Note 7)
Label F1 Gross capital gains	Not required (see Note 7)
Label F2 Capital losses applied	Not required (see Note 7)
Label F3 CGT discount applied	This amount may be included in your worksheet calculation (see Note 7)
Label F4 CGT small business concessions applied	This amount may be included in your worksheet calculation (see Note 7)
Label F5 NCMI capital gains	Not required
Label F6 Excluded from NCMI capital gains	Not required
Label Z Share of credit for foreign resident capital gains withholding amounts	Item 12 – label H8 Credit for foreign resident capital gains withholding amounts
Label G Attributed foreign income	Item 10 – label D1 Gross foreign income
Label H Other assessable foreign source income	Item 10 – label D1 Gross foreign income
Label I Foreign income tax offset	Item 12 – label C1 Foreign income tax offset
Label R Share of National rental affordability scheme tax offset	Item 12 – label E3 National rental affordability scheme tax offset
Label M Exploration credits distributed	Item 12 – label E4 Exploration credits distributed
Label T Early stage venture capital limited partnership tax offset	Item 12 – label D1 Early stage venture capital limited partnership tax offset
Label J Early stage investor tax offset	Item 12 – label D3 Early stage investor tax offset
Label C1 Div 6AA Eligible income	Not required
Label Y Share of net small business income	Not required
Label J s98(3) assessable amount	Not required
Label K s98(4) assessable amount	Not required
Label T Total TFN amounts withheld from payments	Not required

Note 7: This amount will be reported in your capital gains tax (CGT) schedule if you are required to complete one; see Capital gains tax schedule and instructions 2024. The CGT summary worksheet in Capital gains tax summary worksheet for tax returns 2024 will help you complete the CGT calculations required.

Note 8: Refer to the Fund income tax return instructions for guidance on how to complete this label in the fund income tax return.

Trust income schedule labels and related fund income tax return questions and labels for Non arm's-length income (NALI)
Trust income schedule label	Fund income tax return question and label for NALI
Share of income – label A Primary production	Item 10 – label U Net non-arm's length income (subject to 45% tax rate)
Share of income – label B Non-primary production	Item 10 – label U Net non-arm's length income (subject to 45% tax rate)
Label U Franked distributions	Item 10 – label U Net non-arm's length income (subject to 45% tax rate)
Label F Capital gains	Item 10 – label U Net non-arm's length income (subject to 45% tax rate) For more information, see Note 7
Label G Attributed foreign income	Item 10 – label U Net non-arm's length income (subject to 45% tax rate)
Label H Other assessable foreign source income	Item 10 – label U Net non-arm's length income (subject to 45% tax rate)

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