Instructions to complete item 32 in the tax return relating to non-concessional managed investment trust (MIT) income.
Business income
Enter the business income amounts for primary and non-primary production, including any amounts excluded from NCMI.
Primary production
Non-concessional MIT income (NCMI)Print at label A the total NCMI amount in relation to primary production income, for example, income attributable to agricultural land held for rent.
Excluded from NCMIPrint at label B the total excluded from NCMI amount in relation to primary production income, that is, income from transitional arrangements or approved economic infrastructure facilities.
Amounts shown at label A and B must be shown at item 5 Business income and expenses – label G Primary production: Other business income.
Non-primary production
Non-concessional MIT income (NCMI)Print at label C, the total NCMI amount in relation to non-primary production income, that is, cross staple income, trading trust income and residential housing income.
Excluded from NCMIPrint at label D the total excluded from NCMI amount in relation to non-primary production income, that is, income from transitional arrangements or approved economic infrastructure facilities.
Amounts shown at label C and D must be shown at item 5 Business income and expenses – label H Non-primary production: Other business income.
Partnership and trusts
Enter the partnership and trust income amounts for primary and non-primary production, including any amounts excluded from NCMI.
Primary production
Non-concessional MIT income (NCMI)Print at label E the total NCMI amount distributed from partnerships categorised as primary production income.
Excluded from NCMIPrint at label F the total Excluded from NCMI amount distributed from partnerships categorised as primary production income.
Amounts shown at label E and F must be shown at item 8 Partnerships and trusts – label A Distribution from partnerships.
Non-concessional MIT income (NCMI)Print at label G the total NCMI amount distributed from a trust categorised as primary production income.
Excluded from NCMIPrint at label H the total Excluded from NCMI amount distributed from trusts categorised as primary production income.
Amounts shown at label G and H must be shown at item 8 Partnerships and trusts – label Z Share of net income from trusts.
Non-primary production
Non-concessional MIT income (NCMI)Print at label I, the total NCMI amount distributed from partnerships categorised as non-primary production.
Excluded from NCMIPrint at label J the total Excluded from NCMI amount distributed from partnerships categorised as non-primary production.
Amounts shown at label I and J must be shown at item 8 Partnerships and trusts – B Distribution from partnerships, less foreign income.
Non-concessional MIT income (NCMI)Print at label K the total NCMI amount distributed from trusts categorised as non-primary production.
Excluded from NCMIPrint at label L the total Excluded from NCMI amount distributed from trusts categorised as non-primary production.
Amounts shown at label K and L must be shown at item 8 Partnerships and trusts – label R Share of net income from trusts, less capital gains, foreign income and franked distributions.
Capital gains
Enter the capital gains amounts for primary and non-primary production, including any amounts excluded from NCMI.
Non-concessional MIT income (NCMI)
Print at label X the aggregate amount of all capital gains which are included in the assessable income of a MIT as NCMI.
Excluded from NCMI
Print at label Z the aggregate amount of all capital gains categorised as Excluded from NCMI.
The amounts shown at label X and Z must be included in the calculation of the amount at item 21 Capital gains – label A Net capital gain.
Continue to: Key financial information – items 33 to 36