In this section:
- Business description and status – items 1 to 4
- Income excluding foreign income – items 5 to 15
- Deductions items – 16 to 21
- Foreign income items – 22 to 28
- Overseas transactions – items 29 to 30
- Taxation of financial arrangements – items 31 to 32
- Key financial information – items 33 to 36
- Business and professional items – items 37–56
- Statement of distribution – items 57 to 60
Business description and status – items 1 to 4
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: Worked examples .
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 at item 2 Status of business if the entity 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
- a member of a group of entities consolidated for accounting purposes, and one of the other group members is a global parent entity with an annual global income of A$1 billion or more
- a member of a notional listed company group, and one of the other group members is a global parent entity with an annual global income of A$1 billion or more.
A notional listed company group is a group of entities that would be required to be consolidated as a single group for accounting purposes if a member of that group was a listed company. Disregard any exceptions in accounting principles that may permit an entity not to consolidate with other entities.
An entity is also a SGE if it, or any other member of the actual or notional accounting consolidated group of which the entity is a member, 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.
G2 – Country by country reporting entity
Print X at G2 if the entity was a Country by country reporting entity (CBC reporting entity) for the income year.
An entity is a CBC reporting entity if it is:
- a country by country reporting parent
- a member of a country by country reporting group, and one of the other group members is a CBC reporting parent with an annual global income of A$1 billion or more
A country by country reporting group may be a group that is consolidated for accounting purposes as a single group or a notional listed company group. A notional listed company group is a group of entities that would be required to be consolidated as a single group for accounting purposes if a member of that group was a listed company. Unlike the SGE definition, the exception to consolidation in the accounting principles related to investment entities is not disregarded; that is, if applicable, when determining whether an entity is a CBC reporting entity, the investment entity exception in the accounting principles should be applied.
An entity will have CBC reporting obligations if it was a CBC reporting entity at any time in the preceding income year.
For more information, see Country by country reporting.
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