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Appendix 12: Trust assessment codes

Last updated 11 February 2019

Table 13.1

INTER VIVOS TRUSTS, including discretionary trusts

Assessment codes

Resident beneficiary

Non-resident beneficiary

The beneficiary is presently entitled to a share of the income of the trust and is:

 
  • over 18 years of age and under a legal disability or an excepted person

 

25*

125*
  • a prescribed person receiving excepted income only

 

26*

126*
  • a prescribed person receiving eligible income only

 

27*

127*
  • a prescribed person receiving excepted and eligible income only

 

28*

128*
  • a prescribed person receiving eligible income from more than one trust

 

29*

129*
  • not under any legal disability

 

30

138*
  • a company (that is a small business entity)

 

34

134*
  • a company (that is not a small business entity)

 

34

139*
  • a trustee

 

35

140**
  • the principal beneficiary of a special disability trust

 

45*

145*

No beneficiary is presently entitled to a share of the income of the trust and is:

 
  • a resident or non-resident trust where no beneficiary is presently entitled to income

 

36*#

 
  • a bankrupt estate

 

37*

 
  • a resident or non-resident trust where no beneficiary is presently entitled to income and to which subsection 99A(2) of the ITAA 1936 is to be applied.

 

37* #

 

Deceased estate

Assessment codes

Resident beneficiary

Non-resident beneficiary

The beneficiary is presently entitled to a share of the income of the trust and is:

 
  • under a legal disability

 

11*

111*
  • not under a legal disability

 

12

118*
  • a company

 

13

119*
  • a company (that is a small business entity)

 

13

134*
  • a trustee

 

14

120**

No beneficiary is presently entitled to a share of the income of the trust and:

 
  • the deceased person died less than three years before the end of the income year

 

15* #

 
  • the deceased person died more than three years before the end of the income year

 

16* #

 
  • it is a non-resident trust

 

17*

 

* Tax assessable to the trustee

**Codes 120 and 140 apply if the beneficiary of the trust is a non-resident trustee.

# Use these codes, as appropriate, where the resident trustee is making a choice to be assessed to a capital gain or gains on behalf of a beneficiary or beneficiaries at item 55.

If you have used codes 35 or 140 (inter vivos trusts) or 14 or 120 (deceased estates) you may be required to complete a TB statement, see Appendix 11.

QC48243