Overview
From the 2024 income year, if a Trust receives one or more distributions from trusts, including (ETFs, Managed Funds, & Stapled Securities), you must complete and attach a Trust income schedule to the Trust Annual Return. The ATO expects any investment with trust income recorded in the Trust Annual Return at item 8 Partnerships & Trusts, item 21 Capital Gains, item 22 Foreign Income and item 23 Other Assessable Foreign Source Income to complete a Trust Income Schedule.
How it affects Simple Invest 360
When generating the tax return for the 2024 Financial year onwards, Simple Invest 360 will automatically create a schedule for each Investment that receives a Distribution during the Financial Year.
The Tax components from an Annual Tax Statement that have been entered using the Distribution Tax Automation screen, received through a Wrap Feed or manually entered into the Transaction screen will be populated into the schedule.
No. As the schedules are lodged with the Tax Return, they are covered by the tax return's trustee declaration.
The ATO has provided instructions for the Trust identifier and to complete the identifier in the following order of priority:
Trust identifier
- For non-managed funds provide either the ABN of the distributing trust or provide the ACN of the Corporate trustee of the distributing trust.
- For managed funds supply the investor number of the distributing trust. The Investor number is obtained from the Feed Management database if a wrap account is set up for the Fund. Otherwise, users will need to input the Investor number on the Trust Income Schedule manually.
The Modernisation of Trust Administration Systems (MTAS) project is an ATO-wide strategy to improve the quality, accuracy and integrity of annual income tax return information reported by directors and shareholders. These changes include:
- Modiying the labels in the statement of distribution - which is part of the trust tax return - to improve the reporting of beneficiary details.
- Introducing a new schedule (trust income schedule) that all trust beneficiary types who receive trust income will need to lodge with their tax return - this will assist reporting and facilitate consistency of reporting across all beneficiary types.
Learn more about the MTAS project and these changes at ato.gov.au/MTAS.
Please Note
Where the Trust entity is in Simple Invest 360, the inter-entity journals will automatically do this mapping.
|
Statement of distribution label |
23800 more details label |
|
Share of the trust income W |
This is the Sum of transactions the 23800 account in current FY. |
|
Share of credit for tax withheld – foreign resident withholding (excluding capital gains) L |
non resident withholding tax |
|
AUS FC from NZ Company N |
Australian Franking Credits from |
|
Primary Production Income A |
Primary production income excluded from NCMI |
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Primary Production - NCMI A1 |
Primary production income NCMI |
|
Primary Production - Excluded from NCMI A2 |
Other Primary Production Income |
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Non-Primary Production B |
One of Dividends - Unfranked, Gross Interest, Other Income Or if negative enter to Less Other allowable Trust Deductions |
|
Non-Primary Production NCMI B1 |
Other Income (Non-primary production) - NCMI |
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Non-Primary Production Excluded from NCMI B2 |
Other Income (Non-primary production) - Excluded From NCMI |
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Credits For Tax Withheld Where ABN Not Quoted C |
Less ABN not quoted tax withheld |
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Franked distribution U |
Dividends - Franked (Reduce by franking credits amount) |
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Franking credit D |
Franking Credits |
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TFN Amount Withheld E |
TFN Amount Withheld |
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Share of Credits From TFN Withheld From Payment From Closely Held Trust O |
Share of Credits From TFN Withheld From Payment From Closely Held Trust |
|
Capital gains F |
Discounted gains to one of Discounted Capital Gain TARP (Before Discount), Discounted Capital Gain NTARP (Before Discount), Indexed gains to one of - Capital Gain - Indexation Method TARP, Capital Gain - Indexation Method NTARP Other gains to one of Capital Gain - Other Method TARP, Capital Gain - Other Method NTARP, Foreign Capital Gains - Indexation Method tax offset/credits, Foreign Capital Gains - Other Method tax offsets, credits Note: The total Net capital gains distributed as per label F should equal the amounts entered to the total of the above labels |
|
Gross capital gain F1 |
Gross Gain (system will auto calculate this) |
|
Capital losses applied F2 |
Capital Loss Applied |
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CGT discount applied F3 |
CGT Discount Applied (system will auto calculate this) |
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CGT small business concessions applied F4 |
Small Businsess CGT Concession |
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NCMI capital gains F5 |
NCMI Capital Gain |
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Excluded from NCMI capital gains F6 |
Excluded From NCMI Capital Gain |
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Share of Credits For Foreign Resident Capital Gains Withholding Amounts Z |
Foreign resident capital gains withholding amounts |
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Attributable Foreign Income G |
CFC Income |
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Other Assessable Foreign Source Income H |
Assessable Foreign Source Income |
|
Foreign Income Tax Offset I |
Foreign Income Tax |
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Share of National Rental Affordability Scheme Tax Offset R |
Share of National rental affordability scheme tax offset |
|
Exploration Credits Distributed M |
Exploration credits distributed |
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Early Stage Venture Capital Limited Partnership Tax Offset T |
Early stage venture capital limited partnership tax offset |
|
Early-stage investor tax offset J |
Early stage investor tax offset |
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Div 6AA Eligible income C1 |
Div 6AA Eligible Income |
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Share of net small business income Y |
Share of Net Small Business Income |
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s98(3) assessable amount J |
Non Resident Beneficiary Additional Information s98(3)J |
|
s98(4) assessable amount K |
Non Resident Beneficiary Additional Information s98(4)K |
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Total TFN amounts |
Total TFN Amounts Withheld From Annual Trustee Payments |
|
Trust income schedule label (Annual Tax Statement) |
Trust annual return question and label |
|---|---|
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Label W Share of income of trust estate |
Not required |
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Label L Share of credit for tax withheld – foreign resident withholding (excluding capital gains) |
Item 8 - label U Share of credit for tax withheld – foreign resident withholding (excluding capital gains) |
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Label N Australian franking credits from a New Zealand franking company |
Item 23 - label D Australian franking credits from a New Zealand franking company |
|
Share of income – label A Primary production |
Item 8 – label Z Share of net income from (other) trusts: Primary production |
|
Share of income – label A1 PP – NCMI |
Item 32 - label G Non-concessional MIT income (NCMI) - primary production |
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Share of income – label A2 PP – Excluded from NCMI |
Item 32 - Label H Excluded from NCMI - primary production |
|
Share of income – label B Non-primary production |
Item 8 - label R Share of net income from trusts, less capital gains, foreign income and franked distributions: Non-primary production |
|
Share of income – label B1 Non PP – NCMI |
Item 32 - label K Non-concessional MIT income (NCMI) - non-primary production |
|
Share of income – label B2 Non PP – Excluded from NCMI |
Item 32 - label L Excluded from NCMI - non-primary production |
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Label C Credit for tax withheld where ABN not quoted |
Item 8 – label C Share of credit for tax withheld where ABN not quoted |
|
Label U Franked distributions |
Item 8 - label F Franked distributions from trusts: Non-primary production |
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Label D Franking credit |
Item 8 - label D Share of franking credits from franked distributions: Share of credits from income |
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Label E TFN amounts withheld |
Item 8 - label E Share of credit for TFN amounts withheld from interest, dividends and unit trust distributions |
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Label O Share of credit for TFN amounts withheld from payments from closely held trusts |
Item 8 - label O Credit for TFN amounts withheld from payments from closely held trusts |
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Label F Capital gains |
Item 21 - label A Net capital gain |
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Label F5 NCMI capital gains |
Item 32 - label X NCMI |
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Label F6 Excluded from NCMI capital gains |
Item 32 - label Z Excluded from NCMI |
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Label Z Share of credit for foreign resident capital gains withholding amounts |
Item 21 - label B Credit for foreign resident capital gains withholding amounts |
|
Label G Attributed foreign income |
Item 22 - label M, X Attributed foreign income - listed country / unlisted country |
|
Label H Other assessable foreign source income |
Item 23 - label V Other assessable foreign source Income (net) |
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Label I Foreign income tax offset |
Item 23 - label Z Foreign income tax offset |
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Label R Share of National rental affordability scheme tax offset |
Item 53 - label F National rental affordability scheme tax offset entitlement |
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Label M Exploration credits distributed |
Item 54 - label G Other refundable tax offsets |
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Label T Early stage venture capital limited partnership tax offset |
Item 55 - label H Early stage venture capital limited partnership tax offset |
|
Label J Early stage investor tax offset |
Item 55 - label I Early stage investor tax offset |