Remainder of trust tax return

In this section:

• Items 1–4
• Income excluding foreign income items 5–15
• Deductions items 16–21
• Foreign income items 22–28
• Overseas transactions
• Personal services income
• Taxation of financial arrangements
• Key financial information items 32–35
• Business and professional items 36–54
• Statement of distribution items 55–58

1 Description of main business activity

Describe as accurately as possible the business activity from which the trust derived most of its gross income, for example beef cattle breeding, vegetable growing, clothing manufacturing, confectionary wholesaling, domestic appliance retailing, investing in shares and stocks, investing in residential property. Do not use general descriptions such as farming, manufacturing, wholesaling or investing.

Industry code

Show at A the appropriate industry code for the trust’s main business.

Code the business activity as accurately as possible. The industry code is made up of five digits. For example, if the industry is ‘dairy cattle farming’, the code on the tax return is shown as 01600.

An incorrect code may result in taxpayers not receiving a necessary service or material from us, or could lead to incorrect targeting of audits. The industry code provided is also used to publish industry benchmarks in taxation statistics.

The industry coding regime used by us is a modified version of the Australian and New Zealand Standard Industrial Classification (ANZSIC) produced jointly by the Australian Bureau of Statistics (ABS) and Statistics New Zealand.

For more information, see Business industry code tool.

2 Status of business

Print X at B1, B2, or B3 to show the appropriate description for the status of the business. If more than one selection applies, select the first applicable option. If none of the selections applies, leave B1 to B3 blank.

Z2 Consolidation status

Print X at Z2 if the trust was a subsidiary member of a consolidated group or MEC group at any time during the income year.

In this case the tax return is for the period during which the trust was not a subsidiary member of a consolidated group or MEC group in the income year (non-membership period). It will be necessary to complete an applicable schedule for periods attributable to the non-membership period. For information about reporting multiple non-membership periods during the year, see the Consolidation reference manual:

• Part C – Detailed information
• C9 – Determine tax liabilities, manage obligations
• C9-5-110.

If the trust was a member of a consolidated group or MEC group for the whole income year, the responsibility for preparing the schedules will rest on the head company of the group.

G1 Significant global entity

Print X at G1 if the trust was a significant global entity (SGE) for the income year.

An entity is an SGE if it is:

• a global parent entity with an annual global income of A$1 billion or more, or
• a member of a group of entities that are consolidated for accounting purposes as a single group and one of the other group members is a global parent entity whose annual global income of A$1 billion or more

An entity is also an SGE if it, or any other member of the accounting consolidated group which the entity is a member of, has been given a notice by the Commissioner determining that its global parent entity would have an annual global income of A$1 billion or more for any period during the income year.

For more information, see Significant global entities.

4 Did you sell any goods or services using the internet?

Print X in the Yes box at Q if you used the internet in deriving income to:

• receive orders for goods or services, for example you received orders by email or a web page form rather than by conventional post, or fax
• receive payment for goods or services, for example, you received
  • credit card or charge card details by email or web page form rather than by conventional post, phone or fax
  • digital cash
   
• deliver goods or services, for example, you
  • used email, the world wide web (www) or file transfer protocol (FTP) to deliver digitised music, news articles or software rather than conventional post to deliver software on a disc
  • used email, in conjunction with a website, to give advice and received a payment in connection with this advice
  • advertised goods or services of other businesses for a fee on the internet
  • hosted websites, or
  • provided access to the internet.
   

Print X in the No box at Q, if you used the internet only to:

• advertise your goods or services
• give support to your customers
• buy your stock
• do your banking.