Complete only one copy of the appropriate schedule
Attach all completed schedules to the tax return unless otherwise directed. Returns lodged without all the required schedules may not be considered to have been lodged in the approved form. Unless all schedules are lodged by the due date, a failure to lodge on time penalty may be applied.
When completing the schedules print neatly in BLOCK LETTERS with a black pen.
Attribution managed investment trust (AMIT) tax schedule
Ceasing to be an AMIT
A trust that:
- was an AMIT in an earlier income year, and
- is not eligible to be an AMIT for a later income year
may need to lodge a Trust tax return for the later income year to work out unders or overs that relate to a year that the trust was an AMIT. Refer to Ceasing to be an AMIT.
Only one AMIT tax schedule is required, including where the trustee had made a multi-class election during the time the trust was an AMIT.
If you had made a multi-class election, do not complete separate class fields of the AMIT tax schedule.
Effect of unders or overs for ex-AMIT
Characters
If there is an under or over of a particular character in a later income year that relates to a year that the trust was an AMIT, you are required to determine the under or over and its effect on trust components as if the trust were an AMIT.
The AMIT tax schedule must be completed on an aggregated basis to report unders and overs of certain characters.
Characters are grouped by their relationship to:
- assessable income (excluding capital gain amounts)
- a tax offset.
See section 995-1 of the ITAA 1997 for the definition of these terms.
Completing the AMIT tax schedule
Assessable income
Income – other than capital gains
Do not include at this item amounts relating to your net capital gain for the income year. You report amounts relating to your net capital gain (if any) separately.
Trust components
You do not need to enter an amount for this item.
Total unders
Enter the total amount of unders discovered in the income year for the non-CGT assessable income characters that relate to a year that the trust was an AMIT.
This should reflect the total of all relevant unders discovered in the income year worked out under section 276-345 of the ITAA 1997.
Total overs
Enter the total amount of overs discovered in the income year for the non-CGT assessable income characters that relate to a year that the trust was an AMIT.
This should reflect the total of all relevant overs discovered in the income year worked out under section 276-345 of the ITAA 1997.
Determined trust components
You do not need to enter an amount for this item.
Carry-forward trust component deficits
You do not need to enter an amount for this item.
Income – capital gains
Include at this item only under or over amounts in respect of assessable income characters that relate to your net capital gain (CGT assessable income characters).
Net capital gain
You do not need to enter an amount for this item.
Deductions
You do not need to enter an amount for this item.
Trust components
You do not need to enter an amount for this item.
Total unders
Enter the total amount of unders discovered in the income year relating to your net capital gain that relates to a year that the trust was an AMIT.
This should reflect the total of all relevant unders discovered in the income year worked out under section 276-345 of the ITAA 1997.
Total overs
Enter the total amount of overs discovered in the income year relating to your net capital gain that relates to a year that the trust was an AMIT.
This should reflect the total of all relevant overs discovered in the income year worked out under section 276-345 of the ITAA 1997.
Determined trust components
You do not need to enter an amount for this item.
Carry-forward trust component deficits
You do not need to enter an amount for this item.
Capital gains tax (CGT) schedule
The AMIT tax schedule is not intended to collect CGT information. To determine whether you need to provide CGT information refer to Capital gains tax (CGT) schedule.
Exempt income
You do not need to enter an amount for this item.
Non-assessable non-exempt income (NANE income)
You do not need to enter an amount for this item
Tax offsets
You must work out whether you have an under or over for this character of trust component.
To the extent you have an under or an over in the discovery year that relates to a year that the trust was an AMIT, you must take into account the trust component increase or decrease resulting from the under or over in determining the trust's tax position for the income year.
Trust components
You do not need to enter an amount for this item.
Total unders
Enter the total amount of unders discovered in the income year for all characters relating to tax offsets that relate to a year that the trust was an AMIT.
This should reflect the total of all relevant unders discovered in the income year worked out under section 276-345 of the ITAA 1997.
Total overs
Enter the total amount of overs discovered in the income year for your characters relating to tax offsets that relate to a year that the trust was an AMIT.
This should reflect the total of all relevant overs discovered in the income year worked out under section 276-345 of the ITAA 1997.
Determined trust components
You do not need to enter an amount for this item.
Trust component deficits
You do not need to enter an amount for this item.
Tax losses
Do not complete the tax loss items on the AMIT tax schedule.
You may need to lodge a separate Losses schedule if your circumstances require you to do so.
To determine whether you need to provide additional losses information, see Losses schedule.
Capital gains tax (CGT) schedule
You do not need to complete a Capital gains tax (CGT) schedule 2018 (CGT schedule) if the trust was a subsidiary member of a consolidated group or MEC group for the whole of the income year.
If a subsidiary member of a consolidated or MEC group must lodge a company tax return for any non-membership periods during the year of income, that company may also need to lodge a Capital gains tax (CGT) schedule 2018 for the non-membership periods. For information about reporting multiple non-membership periods during the year, see the Consolidation reference manual, sheet C9-5-110.
In other cases, complete a Capital gains tax (CGT) schedule 2018 and attach it to trust’s tax return if:
- the trust’s total current year capital gains are greater than $10,000, or
- the trust’s total current year capital losses are greater than $10,000.
Guide to capital gains tax 2018 will help you complete the CGT schedule. It includes:
- a capital gain or capital loss worksheet for calculating a capital gain or capital loss for each CGT event
- a CGT summary worksheet for calculating a net capital gain or net capital loss for the income year
- a CGT schedule.
Losses schedule
You need to complete a Losses schedule 2018 (NAT 3425) and attach it to the tax return if the trust:
- has a total of tax losses and net capital losses carried forward to later income years greater than $100,000
- is a life insurance entity and has either
- tax losses, or
- net capital losses carried forward to later income years
in the complying superannuation class
- is a listed widely held trust that is required to satisfy the business continuity test to be able to claim a deduction for a tax loss in 2017–18 or to apply a tax loss in a later income year; or, having passed the 50% stake test, has claimed a deduction for tax losses greater than $100,000
- has an interest in a controlled foreign company (CFC) that has current year losses, greater than $100,000
- has an interest in a CFC that has deducted or carried forward a loss to later income years greater than $100,000.
If you complete a losses schedule, transfer the totals of the amounts at part A of the losses schedule to the corresponding U and V at item 27 Losses information on the trust tax return. However, if you do not need to complete a losses schedule but the trust has tax losses or net capital losses available to be carried forward to later income years, complete the information required at U and V at item 27 of the trust tax return as appropriate.
A subsidiary member of a consolidated or MEC group must lodge a trust tax return for a non-membership period that includes the last day of the income year. The trust may also need to lodge a Losses schedule 2018 for the non-membership period.
If you need to complete a losses schedule under the above criteria, you may also need to complete a CGT schedule.
For more information, see Losses and Guide to capital gains tax 2018.
Non-individual PAYG payment summary schedule
Pay as you go (PAYG) withholding applies to several payments including:
- payments for a supply where no Australian business number (ABN) is quoted and no exemptions for quoting applied to the supplier
- payments arising from investments where no TFN or ABN is quoted, and
- certain payments to foreign residents prescribed in the regulations.
If the payer withheld an amount from a payment to the trust because the trust did not quote an ABN, the payer should have sent a PAYG payment summary – withholding where ABN not quoted (NAT 3283) to the trust.
If the payer withheld an amount from a payment to the trust because of the operation of foreign resident withholding, the payer should have sent a PAYG payment summary – foreign employment (NAT 73297) to the trust.
A payer may issue a receipt, remittance advice or similar document in place of the PAYG payment summary – withholding where ABN not quoted or PAYG payment summary – foreign employment. If the trust did not receive or has lost its copy of a payment summary, contact the payer responsible and request a signed photocopy of the payer’s copy.
Complete a Non-individual PAYG payment summary schedule 2018 if you show amounts at:
- C or D item 5
- B item 5
- T item 6G
- U item 6.
Income subject to foreign resident withholding that has been included in a distribution received from other trusts or partnerships must be shown at item 8. A Non-individual PAYG payment summary schedule 2018 is not required for these distributions because they do not have an associated payment summary.
Print the trust’s TFN and name in the appropriate boxes at the top of the schedule.
From each PAYG payment summary – withholding where ABN not quoted or PAYG payment summary – foreign employment issued to the trust from a payer, record on the schedule the:
- payer’s ABN (or withholding payer number)
- total tax withheld
- gross payment
- payer’s name.
When you have entered details of all these payment summaries on the schedule, attach the schedule to the trust tax return.
Do not attach copies of any payment summary to the tax return. Keep them with the trust’s copy of the tax return and keep a copy of the schedule with the trust’s tax records.
Where the trust is a member of a consolidated group or MEC group for the whole income year and amounts have been withheld from payments or distributions, the responsibility for preparing the schedule will rest on the head company of the group.
Where a return is required because the trust had a period in the income year when it was not a member of a consolidated group or MEC group (a non-membership period) the partnership must complete a Non-individual PAYG payment summary schedule 2018 (NAT 3422) where amounts have been withheld from payments or distributions to the trust during the non-membership period.
International dealings schedule
You must complete an International dealings schedule 2018 (NAT 73345) and attach it to the trust’s tax return, if you:
- answered Yes at S item 22 Attributed foreign income
- answered Yes at W or O, or
- completed D or E item 29 Overseas transactions/thin capitalisation.
For more information, see International dealings schedule instructions 2018.
You do not need to complete an International dealings schedule 2018 if the trust was a subsidiary member of a consolidated group or MEC group for the entire income year.
Where the trust is a member of a consolidated group or MEC group for the whole income year and the thin capitalisation rules apply, the responsibility for preparing the schedule will rest on the head company of the group.
Where a return is required because the trust has a period in the income year when it was not a member of a consolidated group or MEC group (a non-membership period), and the thin capitalisation rules apply to the trust during the non-membership period, the trust must complete an International dealings schedule 2018. For information about reporting multiple non-membership periods during the year, see the Consolidation reference manual, C9-5-110.
For more information about the thin capitalisation rules see Appendix 3.