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 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 |
|
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
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 company tax return labels below.
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 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 |
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 |
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 |
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 |
|
Label H Other assessable foreign source income |
For more information, see Note 3. Also include at 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 | 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 |
|
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
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 trust tax return labels below.
For more information about completing the trust tax return items and labels, see Trust tax return instructions.
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 |
|
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
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 self-managed superannuation fund return labels below.
For more information about completing the SMSF annual return items and labels, see SMSF annual return instructions.
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:
|
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 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
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 fund tax return labels below.
For more information about completing the fund tax return items and labels, see Fund income tax return instructions.
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:
|
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 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) |