myTax 2024 Other refundable tax offsets

Things to know

Complete this section to claim the following as other refundable tax offsets:

• tax paid by the trustee of a special disability trust where you are the principal beneficiary
• exploration credits.

Tax paid by the trustee of a special disability trust where you are the principal beneficiary

If the trustee of the special disability trust has lodged a tax return and paid tax on the net income of the trust, you are entitled to claim the amount of the tax paid by the trustee as a refundable tax offset.

For more information, see Completing an individual tax return for a principal beneficiary.

Exploration credits

You may be entitled to a tax offset for exploration credits received during the income year if you were an Australian resident for the whole of the income year.

The amount of the tax offset is the total value of exploration credits you received in the income year. However, special rules may apply where you have received exploration credits from a partnership or a trust.

For more information, see Junior Minerals Exploration Incentive.

Completing this section

We pre-fill your tax return with exploration credit information:

• provided to us by companies or through a partnership distribution
• shown in Managed fund and trust distributions.

To personalise your return to show other refundable tax offsets, at Personalise return, select:

• You are claiming tax offsets or adjustments
• Other tax offsets

To show your other refundable tax offsets, at Prepare return select 'Add/Edit' at the Offsets banner.

At the Other refundable tax offsets heading:

1. Enter the total of your other refundable tax offsets at Offset amount.
   myTax will populate this field with pre-filled exploration credit information. Check it and add any other refundable tax offsets that have not pre-filled.
   Only include your share of the offsets you are entitled to claim.
2. Select the Other refundable tax offset code type as follows:
   • if you are only claiming a tax offset as the principal beneficiary of a special disability trust, select S
   • if you are only claiming a tax offset for exploration credits, select E
   • if you are claiming both tax offsets, select M.
3. Select Save and continue when you have completed the Offsets section.

Completing an individual tax return for a principal beneficiary

If the principal beneficiary is required to lodge an individual tax return, the guidance below will help in completing it.

If the special disability trust has a net income amount at item 26 of the trust tax return, the principal beneficiary should include that amount at Trusts.

If the trustee paid tax on that net income, at Other refundable tax offsets, the principal beneficiary should:

• claim the tax paid by the trustee as a credit at Offset amount
• select S as the Other refundable tax offset code type.
  If also claiming a tax offset for exploration credits, you should select code type M.

In addition to any income from the special disability trust, the principal beneficiary should include in their return any other personally derived assessable income or deductible expenditure incurred.

If the special disability trust has net income but is not required to lodge a trust tax return, the principal beneficiary should:

• still include the amount of net income at Trusts
• not include any amount as a credit at Other refundable tax offsets, as the trustee will not have paid any tax.