About the trust schedules
Complete only one copy of the appropriate schedule.
Attach all completed schedules to the Trust tax return 2023 unless specified otherwise.
Lodge your return and all the required schedules by the due date.
If you lodge your tax return without all the required schedules, we may not consider it to have been lodged in the approved form.
If you do not lodge your tax return and required schedules by the due date, you may be charged a failure to lodge on time failure to lodge on time penalty.
Attribution managed investment trust (AMIT) tax schedule
If your trust ceases to be an AMIT, you may need to lodge a tax return and AMIT tax schedule for the later income year to work out the unders or overs that relate to a year that the trust was an AMIT. If that trust:
- was an AMIT in an earlier income year, and
- is not eligible to be an AMIT for a later income year.
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
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.
For more information on the definition of these terms, see section 995-1 of the ITAA 1997.
Completing the AMIT tax schedule
Complete items on the AMIT schedule with the information as detailed below:
- Income (other than capital gains) – report amounts relating to income. 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 on the AMIT schedule
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
If the trust's total 2022–23 capital gains or capital losses are greater than $10,000, you must complete a Capital gains tax schedule 2023 (CGT schedule) and attach it to the trust’s tax return.
Refer to the Guide to capital gains tax 2023 for information to 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.
You do not need to complete a CGT schedule if the trust was a subsidiary member of a consolidated group or MEC group for the whole of the income year.
Subsidiary members of a consolidated group or MEC group with any non-membership periods during 2022–23 may also need to lodge a Capital gains tax schedule 2023 for the non-membership periods.
For more information on reporting multiple non-membership periods during the year, see Consolidation reference manual, sheet C9-5-110.
Losses schedule
You must complete a Losses schedule 2023 and attach it to the tax return if one of the following applies to 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 a total of complying superannuation class tax losses and net capital losses carried forward to later income years greater than $100,000
- 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 2022–23 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.
Refer to the Losses schedule instructions 2023 for more information on who must complete the schedule and help completing the schedule.
If you complete a losses schedule, transfer the totals of the amounts at part A of the losses schedule to the trust tax return item 27 Losses information – label U Tax losses carried forward to later income years and item 27 Losses information – label V Net capital losses carried forward to later income years. 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 item 27 – label U and item 27 – label V on the trust tax return as appropriate.
A subsidiary member of a consolidated group 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 2023 for the non-membership period.
If you need to complete a losses schedule for the reasons above, you may also need to complete a CGT schedule.
For more information, see Losses and Guide to capital gains tax 2023.
Non-individual PAYG payment summary schedule
Complete a Non-individual PAYG payment summary schedule 2023 if on the trust tax return you show amounts at:
- item 5 – label B Gross payments subject to foreign resident withholding (excluding capital gains)
- item 5 – label C Primary production: gross payments where ABN not quoted
- item 5 – label D Non-primary production: gross payments where ABN not quoted
- item 6 – label T Tax withheld where ABN not quoted, or
- item 6 – label U Credit for tax withheld - foreign resident withholding (excluding capital gains).
Don't include in the Non-individual PAYG payment summary schedule
- 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 Partnerships and trusts.
- These distributions are not included because they do not have an associated payment summary.
When PAYG withholding applies
Pay as you go (PAYG) withholding applies to several payments including:
- payments for a supply where no 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 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 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. 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.
Completing the Non-individual PAYG payment summary schedule
Print the trust’s TFN and name in the appropriate boxes at the top of the schedule.
Record on the schedule from each PAYG payment summary – withholding where ABN not quoted or PAYG payment summary – foreign employment issued the:
- payer’s ABN (or withholding payer number)
- total tax withheld
- gross payment
- payer’s name.
Don't attach copies of any payment summary to the tax return. Keep them with the trust’s copy of the tax return.
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 trust must complete a Non-individual PAYG payment summary schedule 2023 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 2023 if you:
- answered Yes in item 22 Attributed foreign income – label S
- answered Yes in item 29 Overseas transactions at label W or O, or completed label D Interest expenses overseas or label E Royalty expenses overseas.
For more information, see International dealings schedule instructions 2023.
You do not need to complete an International dealings schedule 2023 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 2023.
For more information on reporting multiple non-membership periods during the year, see the Consolidation reference manual, C9-5-110.
For more information on the thin capitalisation rules, see Appendix 3.
Continue to: Trust worksheets
Return to: Instructions to complete the Trust tax return 2023