Business income
Enter the business income amounts for primary and non-primary production, including any amounts excluded from NCMI.
Primary production
Complete the following:
Non-concessional MIT income (NCMI)
Show 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 NCMI
Show 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.
The amounts you show at labels A and B you must also show at item 5 Business income and expenses – label G Primary production: Other business income.
Non-primary production
Complete the following:
Non-concessional MIT income (NCMI)
Show 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 NCMI
Show 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.
The amounts you show at labels C and D you must also show 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
Complete the following:
- Non-concessional MIT income (NCMI) – partnerships
- Excluded from NCMI – partnerships
- Non-concessional MIT income (NCMI) – trusts
- Excluded from NCMI – trusts.
Non-concessional MIT income (NCMI) – partnerships
Show at label E the total NCMI amount distributed from partnerships categorised as primary production income.
Excluded from NCMI – partnerships
Show at label F the total Excluded from NCMI amount distributed from partnerships categorised as primary production income.
The amounts you show at labels E and F you must also show at item 8 Partnerships and trusts – label A Distribution from partnerships.
Non-concessional MIT income (NCMI) – trusts
Show at label G the total NCMI amount distributed from a trust categorised as primary production income.
Excluded from NCMI – trusts
Show at label H the total Excluded from NCMI amount distributed from trusts categorised as primary production income.
The amounts you show at labels G and H you must also show at item 8 Partnerships and trusts – label Z Share of net income from trusts.
Non-primary production
Complete the following:
- Non-concessional MIT income (NCMI) – partnerships
- Excluded from NCMI – partnerships
- Non-concessional MIT income (NCMI) – trusts
- Excluded from NCMI – trusts.
Non-concessional MIT income (NCMI) – partnerships
Show at label I, the total NCMI amount distributed from partnerships categorised as non-primary production.
Excluded from NCMI – partnerships
Show at label J the total Excluded from NCMI amount distributed from partnerships categorised as non-primary production.
The amounts you show at labels I and J you must also show at item 8 Partnerships and trusts – label B Distribution from partnerships, less foreign income.
Non-concessional MIT income (NCMI) – trusts
Show at label K the total NCMI amount distributed from trusts categorised as non-primary production.
Excluded from NCMI – trusts
Show at label L the total Excluded from NCMI amount distributed from trusts categorised as non-primary production.
The amounts you show at labels K and L you must also show 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)
Show 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
Show at label Z the aggregate amount of all capital gains categorised as Excluded from NCMI.
The amounts shown at labels X and Z must be included in the calculation of the amount at item 21 Capital gains – label A Net capital gain.
Continue to: Instructions for trust items 33 to 61 and the declaration
Return to: Instructions to complete the Trust tax return 2024