Trust current postal address - Currency code: The trust current postal address currency code should be set to C for Current. This is a mandatory field. Current postal address of trust- Currency code Trust previous return postal address - Currency code: The trust previous postal address currency code should be set to P for Previous. This is a mandatory field. Postal address on previous tax return if it has changed- Currency code Business address of main business - Currency code: The main business address currency code should be set to C for Current. This is a mandatory field. Business address of main business- Currency code Beneficiary residential address - Currency code: The beneficiary residential address currency code should be set to C for Current. This is a mandatory field. Residential or Business address of beneficiary- Currency code Trust current postal address - Street name and number line 1: If the address of the trust has not changed, enter the number and street name of the postal address of the trust exactly as it appeared on the last lodged tax return . This is a mandatory field. Current postal address of trust- Street name and number line 1 Trust previous return postal address - Street name and number line 1: If the address of the trust has changed, enter the street name and number of the previous postal address of the trust exactly as it appeared on the last lodged tax return. This is a mandatory field. Postal address on previous tax return if it has changed- Street name and number line 1 Business address of main business - Street name and number line 1: Enter the street name and number of the business address of the main business. This is the place where most of the business decisions are made. This is a mandatory field. Business address of main business- Street name and number line 1- Business and professional items Beneficiary residential address - Street name and number line 1: Enter the street name and number of the current residential address. If the address has not changed, enter it exactly as shown on the last tax return lodged. This is a mandatory field. Residential or Business address of beneficiary- Street name and number line 1 Trust current postal address - Street name and number line 2: Enter line 2 of the trust current postal address details Current postal address of trust- Street name and number line 2 Trust previous return postal address - Street name and number line 2: Enter line 2 of the trust previous postal address details Postal address on previous tax return if it has changed- Street name and number line 2 Business address of main business - Street name and number line 2: Enter line 2 of the main business address details Business address of main business- Street name and number line 2- Business and professional items Beneficiary residential address - Street name and number line 2: Enter the current residential street name and number. If the address has not changed, enter it exactly as shown on the last tax return lodged. Residential or Business address of beneficiary- Street name and number line 2 Trust current postal address - Street name and number line 3: Line 3 of the Trust current postal address must be left blank. Current postal address of trust- Street name and number line 3 Trust previous return postal address - Street name and number line 3: Line 3 of the Trust previous postal address must be left blank Postal address on previous tax return if it has changed- Street name and number line 3 Business address of main business - Street name and number line 3: Line 3 of the main business address must be left blank Business address of main business- Street name and number line 3- Business and professional items Beneficiary residential address - Street name and number line 3: Line 3 of the beneficiarys residential address must be left blank Residential or Business address of beneficiary- Street name and number line 3 Trust current postal address - Street name and number line 4: Line 4 of the Trust current postal address must be left blank. Current postal address of trust- Street name and number line 4 Trust previous return postal address - Street name and number line 4: Line 4 of the Trust previous postal address must be left blank Postal address on previous tax return if it has changed- Street name and number line 4 Business address of main business - Street name and number line 4: Line 4 of the main business address must be left blank Business address of main business- Street name and number line 4- Business and professional items Beneficiary residential address - Street name and number line 4: Line 4 of the beneficiarys residential address must be left blank. Residential or Business address of beneficiary- Street name and number line 4 Trust current postal address - Suburb/Town: If the address of the trust has not changed, enter the name of the suburb or town of the postal address of the trust exactly as it appeared on the last lodged tax return . This is a mandatory field. Current postal address of trust- Suburb/Town Trust previous return postal address - Suburb/Town: If the address of the trust has changed, enter the suburb or town name of the previous postal address of the trust exactly as it appeared on the last lodged tax return. This is a mandatory field. Postal address on previous tax return if it has changed- Suburb/Town Business address of main business - Suburb/Town: Enter the suburb or town of the business address of main business. This is the place where most of the business decisions are made. This is a mandatory field. Business address of main business - Suburb/Town- Business and professional items Beneficiary residential address - Suburb/Town: Enter the suburb or town of the current residential address. If the address has not changed, enter the address exactly as shown on the last tax return lodged. This is a mandatory field. Residential or Business address of beneficiary - Suburb/town Trust current postal address - Overseas address indicator: If the current trust postal address is located overseas then set the field to TRUE otherwise set to FALSE. This is a mandatory field. Current postal address of trust- Overseas address indicator Trust previous return postal address - Overseas address indicator: If the previous trust postal address is located overseas then set the field to TRUE otherwise set to FALSE. This is a mandatory field. Postal address on previous tax return if it has changed- Overseas address indicator Business address of main business - Overseas address indicator: If the main business address is located overseas then set the field to TRUE otherswise set to FALSE. This is a mandatory field. Business address of main business- Overseas address indicator Beneficiary residential address - Overseas address indicator: If the beneficiary residential address is located overseas then set the field to TRUE otherwise set to FALSE. This is a mandatory field. Residential or Business address of beneficiary- Overseas address indicator Trust current postal address - Postcode: If the address of the trust has not changed, enter the postcode of the postal address of the trust exactly as it appeared on the last lodged tax return. Current postal address of trust- Postcode Trust previous return postal address - Postcode: If the address of the trust has changed, enter the postcode of the previous postal address of the trust exactly as it appeared on the last lodged tax return. Postal address on previous tax return if it has changed- Postcode Business address of main business - Postcode: Enter the postcode of the business address of the main business. This is the place where most of the business decisions are made. Business address of main business - Postcode- Business and professional items Beneficiary residential address - Postcode: Enter the postcode of the current residential address. If the residential address has not changed, enter the address exactly as shown on the last tax return lodged. Residential or Business address of beneficiary - Postcode - Australia only Trust current postal address - State: If the address of the trust has not changed, enter the appropriate code for the State or Territory of the postal address of the trust exactly as it appeared on the last lodged tax return. Current postal address of trust- State Trust previous return postal address - State: If the address of the trust has changed, enter the code for the name of the State or Territory (as per the list of allowable values as listed in the taxonomy) of the previous postal address of the trust exactly as it appeared on the last lodged tax return. Postal address on previous tax return if it has changed- State Business address of main business - State: Enter the appropriate code for the state of the business address of the main business. This is the place where most of the business decisions are made. Business address of main business - State- Business and professional items Beneficiary residential address - State: Enter the appropriate code for the state of the current residential address. If the residential address has not changed, enter the address exactly as shown on the last tax return lodged. Residential or Business address of beneficiary - State - Australia only Tax Agent telephone area code: Enter the agent's telephone area code. This element is used to capture the area code for a fixed line number. Tax Agent telephone area code Mail recipient telephone area code: Enter the prefix or area code of a daytime contact telephone number of the trustee. Phone number area code of mail recipient- Non-individual trustee Tax Agent telephone number: Enter the agent's telephone number. Enter the telephone number without the service line code, area code or the country code. This is a mandatory field. Tax Agent telephone number Mail recipient telephone number: Enter the daytime contact telephone number of the trustee. Do not include the prefix or area code of the contact telephone number. This is a mandatory field. Daytime contact phone number of mail recipient- Non-individual trustee Tax Agent telephone service line code: Enter the tax agent telephone service line code; either '01' for Mobile or '02' for Land line or fixed line. This is a mandatory field. Tax Agent telephone service line code Mail recipient telephone service line code: Enter the mail recipient telephone service line code; either '01' for Mobile or '02' for Land line or fixed line. This is a mandatory field. Telephone service line code of mail recipient Tax Agent telephone usage code: The tax agent telephone usage code should be set to 03 for Contact. This is a mandatory field. Tax Agent telephone usage code Mail recipient telephone usage code: The mail recipient telephone usage code should be set to 03 for Contact. This is a mandatory field. Telephone usage code of mail recipient Consolidated subsidiary member indicator: Set the field to TRUE to indicate that the trust was a consolidated subsidiary member of a consolidated group at any time during the income year. In this case the tax return is for the period during which the trust was not a subsidiary member of a consolidated group in the income year. If Status of business - Consolidated Subsidiary Member is completed, the trust does not need to complete an International Dealings Schedule. Also, the trust does not need to complete a capital gains tax schedule. Set the field to FALSE to indicate that the trust was NOT a consolidated subsidiary member of a consolidated group at any time during the income year. Consolidation status- Consolidated subsidiary member indicator Business name of main business - currency code: The main business name currency code must be set to C for Current. This is a mandatory field. Business name of main business- Currency code- Business and professional items Trust current name - currency code: The Trust current name currency code must be set to C for Current. This is a mandatory field. Currency code of trust Mail recipient trustee non-individual name - currency code: Mail recipient trustee non-individual name currency must be set to C for Current. This is a mandatory field. Name currency code of mail recipient- Non-individual trustee Beneficiary non-individual - Name currency code: The Beneficiary non-individual name currency code must be set to C for Current. This is a mandatory field. Name currency code of non-individual beneficiary Trust previous name - currency code: The Trust previous name currency code must be set to P for Previous. This is a mandatory field. Previous name of trust- Currency code Business name of main business - type code: The main business name type code must be set to MTR for The main name that the organisation trades under or the name by which suppliers or customers know the organisation. This is a mandatory field. Business name of main business- Type code- Business and professional items Trust current name - type code: The Trust current name type code must be set to MN for Main or legal name. This is a mandatory field. Name type code of trust Mail recipient trustee non-individual name - type code: The mail recipient trustee non-individual name type code should be set to MN for Main. This is a mandatory field. Name type code of mail recipient- Non-individual trustee Beneficiary non-individual - Name type code: The Beneficiary non-individual name type code must be set to MN for Main or legal name. This is a mandatory field. Name type code of non-individual beneficiary Trust previous name - type code: The Trust previous name type code must be set to MN for Main or legal name. This is a mandatory field. Previous name of trust- Name type code Business name of main business: Enter the current business name on the tax return. The business name of the main business activity should be consistent from year to year, except in the year of a name change or if it is no longer the main business. If the business name is legally changed, written advice of the change should be sent to the Tax Office at the time the change is made. This is a mandatory field. Business name of main business- Business and professional items Trust current name: Enter the full title of an organisation's name by which it trades or is recognised under. The trust name should be consistent from year to year, except in the year of a name change. If the trust name is legally changed, advise the Tax Office in writing at the time the change is made. This is a mandatory field. Name of trust Mail recipient trustee non-individual name: If applicable, enter the name of the legal entity if the trustee is a company. If the trust comprises the property of a bankrupt and the estate is being administered by the Official Receiver, enter OFFICIAL TRUSTEE IN BANKRUPTCY in the field provided for the company name. This is a mandatory field. Name of mail recipient- Non-individual trustee Beneficiary non-individual name: Enter the name of the company. If the trust comprises the property of a bankrupt and the estate is being administered by the Official Receiver, enter OFFICIAL TRUSTEE IN BANKRUPTCY in the box provided for the company name. Leave the individual name blank. This is a mandatory field. Name of non-individual beneficiary Trust previous name: If the trust name has changed, enter the previous name exactly as shown on the last tax return lodged. This is a mandatory field. Previous name of trust Beneficiary Date of birth: If the beneficiary is under 18 years of age at 30 June of the income tax year, enter the birth date. Date of birth of beneficiary Date of death: Enter the date of death if the code '059' (for Deceased Estate) was used to previously inform the 'Type of Trust' field. Date of death Mail recipient trustee individual - Name currency code: Mail recipient trustee individual name currency must be set to C for Current. This is a mandatory field. Name currency code of mail recipient- Individual trustee Beneficiary individual - Name currency code: The Beneficiary individual name currency code must be set to C for Current. This is a mandatory field. Name currency code of individual beneficiary Mail recipient trustee individual - Family name: Enter the surname or family name of the trustee. This is a mandatory field. Surname/family name of mail recipient- Individual trustee Beneficiary Individual - Family name: Enter the surname or family name the trustee to whom the distribution statement should be sent. This is a mandatory field. Surname/family name of individual beneficiary Mail recipient trustee individual - Given name: Enter the first or given name of the trustee. First given name of mail recipient- Individual trustee Beneficiary Individual - Given name: Enter the first name or given name of the trustee to whom the distribution statement should be sent. First given name of individual beneficiary Mail recipient trustee individual - Suffix: If applicable, enter the suffixes of the trustee as per the allowable values as listed in the taxonomy. Suffix of mail recipient- Individual trustee Beneficiary individual - Suffix: The Beneficiary inidividual suffix may be set to any of the accepted values as per the AS4590 standard Suffix of individual beneficiary Mail recipient trustee individual - Other given name: Enter the second or subsequent name of the trustee. Other given names of mail recipient- Individual trustee Beneficiary Individual - Other given names: Enter the other given names of the trustee to whom the distribution statement should be sent. Other given names of individual beneficiary Mail recipient trustee individual - Name type code: The mail recipient trustee individual name type code should be set to LGL for Legal. This is a mandatory field. Name type code of mail recipient- Individual trustee Beneficiary individual - Name type code: The Beneficiary individual name type code must be set to LGL for Legal. This is a mandatory field. Name type code of individual beneficiary Mail recipient trustee individual - Title: Enter the recipient trustee individual title as per the allowable values as listed in the taxonomy. Title of mail recipient- Individual trustee Beneficiary individual - Title: The Beneficiary inidividual title may be set to any of the allowable values as listed in the taxonomy. Title of individual beneficiary Tax Agent Declaration Person Name: It may contain a complete name (first, family and other given names) or parts of it. This representation of a person's name is commonly used where the name is not used for proof of identity matching hence it is not required to be strongly validated. Examples of its use are: The name of the person who is used as a contact on behalf of an Organisation or the name of the recipient of a correspondence. This is a mandatory field. Tax Agent Declaration Person Name Tax Agent contact name: Enter the agent contact name. This element is used to capture the Title, First name, other name and full name of the Tax Agent. This is a mandatory field. Tax Agent contact name Reporting Party Declaration Person Name: It may contain a complete name (first, family and other given names) or parts of it. This representation of a person's name is commonly used where the name is not used for proof of identity matching hence it is not required to be strongly validated. Examples of its use are: The name of the person who is used as a contact on behalf of an Organisation or the name of the recipient of a correspondence. This is a mandatory field. Reporting Party Declaration Person Name Was any beneficiary who was not a resident of Australia at any time during the year of income, 'presently entitled' to a share of the income of the trust?: If No, set the field to FALSE.. Otherwise set the field to TRUE for Yes and ensure that the details of the beneficiaries and the assessable amounts of the net income to which each beneficiary - who is a non-resident at the end of the income year - is presently entitled are entered under Non-resident beneficiary additional information in the Statement of distribution. This is a mandatory field. Overseas transactions- Was any beneficiary who was not a resident of Australia at any time during the income year, 'presently entitled' to a share of the income of the trust? Trust current postal address - Usage code: The trust current postal address usage code should be set to POS for Postal. This is a mandatory field. Current postal address of trust- Usage code Trust previous return postal address - Usage code: The trust previous postal address usage code should be set to POS for Postal. This is a mandatory field. Postal address on previous tax return if it has changed- Usage code Business address of main business - Usage code: The main business address usage code should be set to BUS for Business. This is a mandatory field. Business address of main business- Usage code Beneficiary residential address - Usage code: The beneficiary residential address usage code should be set to RES. This is a mandatory field. Residential or Business address of beneficiary- Usage code Trust current postal address - Country Code: The Trust current postal address country code is to be set to any of the allowable codes as listed in the taxonomy. Current postal address of trust- Country Code Trust previous return postal address - Country code: The Trust previous postal address country code is to be set to any of the allowable codes as listed in the taxonomy. Postal address on previous tax return if it has changed- Country code Business address of main business - Country code: The main business address country code may be set to any of the codes as listed in the taxonomy. Business address of main business- Country code- Business and professional items Beneficiary residential address - Country Code: The Beneficiarys residential address country code may be set to any of the allowable codes as listed in the taxonomy. Residential or Business address of beneficiary - Country Code Trust current postal address - Country: This field should be left blank. Current postal address of trust- Country if outside Australia Trust previous return postal address - Country: This field should remain blank Postal address on previous tax return if it has changed- Country if outside Australia Business address of main business - Country: This field should remain blank. Business address of main business- Country- Business and professional items Beneficiary residential postal address - Country: This field should remain blank. Residential or Business address of beneficiary - Country if outside Australia Charity indicator?: Set the field to TRUE to indicate if the trust is also a charitable trust, otherwise set to FALSE to indicate that it is not. Charity indicator Description of main business or professional activity: Describe as accurately as possible the business activity from which the trust derived the most gross income for example, beef cattle breeding, vegetable growing, clothing manufacturing, confectionary wholesaling, domestic appliance retailing, investing in shares and stocks, investing in residential property. Do not use general descriptions such as farming, manufacturing, wholesaling, investing, trust, etc. Description of main business or professional activity PP - share of net income from trusts action code: Enter any of the trust codes listed below: '039' - Cash management unit trust '059' - Deceased estate '071' - Discretionary trust - income from investment activities '072' - Discretionary trust - income fromservice and/or management services '077' - Discretionary trust - income is from trading activites '089' - Fixed unit trust - other than a public trust described in P or Q '090' - Fixed trust - other than fixed unit trust or public trust '112' - Hybrid trust '179' - Public unit trust (listed) - other than a cash management unit trust '184' - Public unit trust (unlisted) - other than a cash management unit trust Primary production- Share of net income from trusts action code Non PP - share of net income from trusts, less net capital gains, foreign income and franked distributions action code. Enter the code from list below that best describes the type of trust from which the distribution is made. D - Deceased estate, F - Fixed trust - other than a fixed unit trust or public unit trust described in U, P or Q, H - Hybrid trust, S - Discretionary trust - where the main source of income of the trust is from service and/or management activities, T - Discretionary trust - where the main source of income of the trust is from trading activities, I - Discretionary trust - where the main source of income of the trust is from investment activities, M - Cash management unit trust, U - Fixed unit trust - other than a public unit trust described in P or Q, P - Public unit trust (listed) - other than a cash management unit trust, Q - Public unit trust (unlisted) - other than a cash management unit trust Non-primary production- share of net income from trusts, less net capital gain, foreign income and franked distributions action code Mail recipient trustee individual - Name usage code: The name usage code should be set to 'MailRecipient'. This is a mandatory field. Name usage code of mail recipient- Individual trustee Beneficiary individual - Name usage code: The Beneficiary individual name usage code should be set to 'Contact'. This is a mandatory field. Name usage code of individual beneficiary Tax Agent Declaration Person Name - usage code: The Tax Agent declaration person name usage code must be set to DeclarationSignatory. This is a mandatory field. Tax Agent Declaration Person Name - usage code Tax Agent contact name - usage code: The Tax Agent contact name usage code must be set to Contact. This is a mandatory field. Tax Agent contact name- usage code Reporting Party Declaration Person Name - usage code: The Reporting Party declaration person name usage code must be set to DeclarationSignatory. This is a mandatory field. Reporting Party Declaration Person Name - usage code Tax Agent Declaration Statement Type Code: The Tax Agent declaration statement type code must be set to TrueAndCorrect. This is a mandatory field. Tax Agent Declaration Statement Type Code Reporting Party Person Declaration Statement Type Code: The Reporting Party declaration statement type code must be set to TrueAndCorrect. This is a mandatory field. Reporting Party Person Declaration Statement Type Code Tax Agent Declaration Signatory Identifier Text: The identifier used can be specified by the ABR credential owner providing it allows identification. Examples of suitable identifiers include a user login, a full name or an E-mail address. This is a mandatory field. Tax Agent Declaration Signatory Identifier Text Reporting Party Person Declaration Signatory Identifier Text: The identifier used can be specified by the ABR credential owner providing it allows identification. Examples of suitable identifiers include a user login, a full name or an E-mail address. This is a mandatory field. Reporting Party Person Declaration Signatory Identifier Text Tax Agent Declaration Signature Date: The Tax Agent declaration signature date should be the actual date the declaration was made. This is a mandatory field. Tax Agent Declaration Signature Date Reporting Party Person Declaration Signature Date: The Reporting Party person declaration signature date should be the actual date the declaration was made. This is a mandatory field. Reporting Party Person Declaration Signature Date Tax Agent Declaration Statement Accepted Indicator: The Tax Agent declaration statement accepted indicator must be set to True if the statemet is accepted, and set to False if the statement is not accepted. This is a mandatory field. Tax Agent Declaration Statement Accepted Indicator Reporting Party Person Declaration Statement Accepted Indicator: The Reporting Party person declaration statement accepted indicator must be set to True if the statemet is accepted, and set to False if the statement is not accepted.This is a mandatory field. Reporting Party Person Declaration Statement Accepted Indicator Tax Agent Declaration Statement Text: The Tax Agent declaration statement text should constist of a confirmation of the details required. This is a mandatory field. Tax Agent Declaration Statement Text Reporting Party Person Declaration Statement Text: The Reporting Party person declaration statement text should constist of a confirmation of the details required. This is a mandatory field. Reporting Party Person Declaration Statement Text Final tax return: Set the field to TRUE to indicate if this return is the final return. Attach a statement headed "Final trust tax return" to the trust tax return showing the reason further tax returns will not be lodged, and the manner of disposal of any assets of the trust if not disclosed elsewhere on that tax return. If this is not the final tax return, set the field to FALSE. This is a mandatory field. Final tax return- indicator Hours taken to prepare and complete this form: Enter the hours taken to prepare and complete this form. When completing this question consider the time, rounded up to the nearest hour, that the business spent: - reading the instructions - collecting the necessary information to complete this return - making any necessary calculations - actually completing the return Hours taken to prepare and complete this form Year of return: Enter the financial year or income year which the information provided in the report refers to. This is a mandatory field. The year the Trust tax return relates to Is any tax payable by the trustee?: If the trustee is liable to pay any tax and payments have been made in advance, set the field to TRUE. Otherwise set to FALSE. This is a mandatory field and cannot be left blank. Is any tax payable by the trustee? Bank State Branch number: Enter the Bank State Branch (BSB) code. Bank account details now need to be provided anew each year. Complete the BSB, Account number and Account name boxes. This is a mandatory field. Bank State Branch (BSB) number Account name: Enter the name of the financial account that the client has elected to receive payments such as refunds or credits. Bank account details now need to be provided anew each year. Complete the BSB, Account number and Account name boxes. Enter the account name, as shown on the account records. Do not enter the account type - for example savings, cheque or mortgage offset. Include spaces between each word and between initials in the account name. Joint accounts are acceptable. The account name must not exceed 32 characters. Account name (not showing account type eg. savings) Account number: Enter the bank account number. Bank account details now need to be provided anew each year. Complete the BSB, Account number and Account name boxes. Do not include spaces in the account number. This is a mandatory field. Account number Financial Institution branch name: Enter the branch name of the financial institution Financial Institution branch name Financial Institution name: Enter the name of the financial institution Financial Institution name Trust ABN: Enter the Australian Business Number (ABN) of the trust if it is registered in the Australian Business Register. Australian Business Number of trust Mail recipient trustee non-individual - ABN: If the trustee is a company, enter the Australian Business Number (ABN) of the company. ABN of mail recipient- Non-individual trustee Payer's Australian Business Number: Enter the Payer's Australian Business Number. Payer's Australian Business Number- Other Australian income Tax Agent Client's reference: Enter the client's reference. This element is used for correspondence or contact by the ATO to the Tax Agent to facilitate the identification of their client. Tax Agent Client's reference Tax Agent reference number: Enter the Tax Agent Number (TAN). If the TAN consists of only seven digits, it is an old registration and will need to have a '0' (zero) added in front of the first four digits of the TAN. Tax Agent number Beneficiary trailing numeric: Enter the TFN of each beneficiary entitled, presently entitled or having an indefeasible and vested interest. If the TFN is not shown, show the beneficiary's address for the service of notices. If the beneficiary is a trustee of another trust, show the name and TFN of the trust. A trust cannot have more than 49 Trailer numbers. Beneficiary TFN trailing numeric Beneficiary TFN: Enter the tax file number of the beneficiary of the trust TFN of beneficiary All current assets: Enter the amount of all current assets of the trust including, cash on hand, accounts receivable, short-term bills receivable, inventories and cash at bank. Also include the amount shown at Trade debtors. All current assets- Key financial information Total assets: Enter the amount of all the trust's assets, including current, fixed, tangible and intangible assets. Also include the amount shown at All current assets. Total assets- Key financial information Trade debtors: Enter the total amounts owing to the trust at year end for goods and services provided during the income year - that is, current trade debtors. Also include this amount at All current assets. Trade debtors- Business and professional items All current liabilities: Enter the amount of the total obligations payable by the partnership or trust within the coming year. Also include the amount shown at Trade creditors. All current liabilities- Key financial information Total liabilities: Enter the amount of all the trust's liabilities, including other creditors and deferred liabilities such as loans secured by mortgage and long-term loans. Also include the amount shown at All current liabilities. Total liabilities- Key financial information Trade creditors: Enter the total amounts owed by the trust at year end for goods and services received during the income year - that is, current trade creditors. Also include this amount at All current liabilities. Trade creditors- Business and professional items Closing stock: Enter the total value of all trading stock held by the trust at the end of the income year or accounting period. For Small business entities only need to account for changes in the value of trading stock if the value of stock on hand at the start of the income year and a reasonable estimate of the value of stock on hand at the end of the income year varies by more than $5,000. Small business entities who wish to do so can still conduct a stocktake and account for changes in the value of trading stock. If the difference between the value of opening stock and a reasonable estimate of closing stock is more than $5,000 the trust must account for the change in the value of the trading stock. If the difference referred to above is $5,000 or less and the trust chooses not to account for this difference, the closing stock value is the same as the value at Opening stock. Do not enter the reasonable estimate. For all other businesses and Small business entities where the difference is more than $5,000. Show the total value of all trading stock on hand at the end of the income year or accounting period for which the trust tax return is being prepared. The amount is the value calculated for income tax purposes. If the partnership or trust is registered for GST, the value of closing stock (other than items the supply of which was not a taxable supply) should not include an amount equal to the input tax credit that would arise if the partnership or trust had acquired the item solely for business purposes at the end of the income year. Input tax credits do not arise for some items of trading stock, such as shares. Include motor vehicle floor plan stock and work in progress of manufactured goods. Do not include any amount for closing stock of a business that ceased operations during the income year. For non-STS businesses show the total value of all trading stock on hand at the end of the income year or accounting period for which the partnership or trust tax return is being prepared. The amount is the value calculated for income tax purposes. If the partnership or trust is registered for GST, the value of closing stock (other than items the supply of which was not a taxable supply) should not include an amount equal to the input tax credit that would arise if the partnership or trust had acquired the item solely for business purposes at the end of the income year. Input tax credits do not arise for some items of trading stock, such as shares. Include motor vehicle floor plan stock and work in progress of manufactured goods. Do not include any amount for closing stock of a business that ceased operations during the income year. Show this amount at Total business income. Different methods can be used to value the same item of trading stock in different income years, and similar items using different methods in the same income year. However, the opening value of an item in a particular income year must equal the closing value for that item inthe previous income year. The trust cannot reduce the value of stock on hand by creating reserves to offset falls in the value of stock or any other factors. Closing stock- Business and professional items Opening stock: Enter the total value of all trading stock on hand at the beginning of the income year or accounting period for which the trust tax return is being prepared. The opening value of an item of stock must equal its closing value in the previous year. If there was no trading stock in the previous year, the value of trading stock at the start of the year is zero. This might occur in the case of a new business or in the first year. Include motor vehicle floor plan stock and work in progress of manufactured goods. Exclude any amount that represents opening stock of a business that commenced operations during the income year. Show this amount at Expenses, Cost of sales. Opening stock- Business and professional items Net capital gain: Enter the amount of the trust's net capital gain. The trust's net capital gain is the total capital gains it made for the income year less its current year capital losses, prior year net capital losses, CGT discount and any other relevant concessions. Relevant concessions are the small business: - 50% active asset reduction - 15-year asset exemption - retirement exemption - rollover relief. Net capital gain Beneficiary share - Capital gains: Enter the relevant field with each beneficiaries share of capital gains in whole dollars only. The total of all the shares must equal the amount at Capital gains on the trust tax return. Capital gains - Beneficiary share No beneficiary presently entitled - Net capital gain: Enter the share of net capital gains to which no beneficiary is entitled. The total of all the shares on the distribution statement must equal the amount at Net capital gain on the trust tax return. Net capital gain- No beneficiary presently entitled Dividends - Franked amount: Enter the amount of franked dividends received before any TFN amounts were withheld. Dividends- Franked amount Did you sell any goods or services using the Internet?: Set the field to TRUE to indicate that if, in deriving income, the internet was used to receive orders for goods and/or services - receive payment for goods and/or services deliver goods and/or services. Set the field to FALSE if the internet was used only to advertise goods or services, give support to customers, buy stock or do banking only. Did you sell any goods or services using the Internet? Other Australian income - Type of income: Enter the type of other Australian income. This is a mandatory field. Other Australian income - Type of income Section 40-880 deduction: Enter the amount of the total of the trust's deductions allowable under section 40-880. Taxpayer's are provided a five-year write-off for certain business related capital expenditure incurred in relation to a past, present or proposed business. The deduction applies to business-related capital expenditure incurred after 30 June 2005. Generally, the expenditure is only deductible to the extent the business is, was or is proposed to be carried on for a taxable purpose. A deduction cannot be claimed for capital expenditure to the extent that it: - can be deducted under another provision of the income tax laws - forms part of the cost of a depreciating asset the Trust holds, used to hold or will hold - forms part of the cost of land - relates to a lease or other legal or equitable right - would be taken into account in working out an assessable profit or deductible loss - could be taken into account in working out a capital gain or a capital loss from a CGT event - would be specifically not deductible under the income tax laws if the expenditure was not capital expenditure - is specifically not deductible under the income tax laws for a reason other than that the expenditure is capital expenditure - is of a private or domestic nature - is incurred in relation to gaining or producing exempt income or non-assessable non-exempt income - is excluded from the cost or cost base of an asset because, under special rules in the UCA or capital gains tax regimes respectively, the cost or cost base of the asset was taken to be the market value, or - is a return of or on capital (for example, distributions by trustees) or a return of a non-assessable amount (for example, repayments of loan principal). The Trust deducts 20% of the qualifying capital expenditure in the year it is incurred and in each of the following four years. Section 40-880 deduction Capital works deductions: Enter the amount of capital works deductions. Calculate the total deduction amount for capital works for an income year for rental buildings only. Capital works deductions may be available for capital expenditure on the construction of buildings and structural improvements and extensions, alterations or improvements to either of those. A percentage of that expenditure may be eligible as a deduction. Capital works deductions are not available for expenditure on plant. Rent- Capital works deductions Foreign resident withholding expenses: Enter the amount of all expenses directly relating to gaining the income shown at Gross payments subject to foreign resident withholding. These amounts should not be shown at any other expenses label. Do not include any expenses that were incurred in gaining income that is not assessable in Australia. There will not be any primary production amounts for this field. Foreign resident withholding expenses- Australian business expenses Forestry managed investment scheme deduction: Enter the total amount of deductible payments made to an FMIS. Forestry managed investment scheme deduction- Amount Deduction for project pool: Enter the amount of deduction for project pool. Show the Trust's deductions for project amounts that are allocated to project pools. Taxpayer's can allocate certain capital expenditure incurred after 30 June 2001 directly connected with a project that is carried on, or proposed to be carried on, for a taxable purpose to a project pool and write it off over the project life. The capital expenditure, known as a project amount, must be expenditure incurred: - to create or upgrade community infrastructure for a community associated with the project - this expenditure must be paid, not just incurred, to be a project amount - for site preparation for depreciating assets (other than in draining swamp or low-lying land or in clearing land for horticultural plants including grapevines) - for feasibility studies for the project - for environmental assessments for the project - to obtain information associated with the project - in seeking to obtain a right to intellectual property - for ornamental trees or shrubs. Project amounts also include mining capital expenditure and transport capital expenditure. The expenditure must not otherwise be deductible or form part of the cost of a depreciating asset. The deduction for project amounts allocated to a project pool commences when the project starts to operate. Deduction for project pool TOFA gains from unrealised movements in the value of financial arrangements: Enter the amount of TOFA gains from unrealised movements TOFA gains from unrealised movements in the value of financial arrangements- Taxation of financial arrangements Forestry managed investment scheme income: Enter the total income from the following activities for each FMIS in which the trust holds a forestry interest. Thinning receipts: If the trust received thinning proceeds from its forestry interest, include the actual amount received. Sale and harvest receipts - forestry interest no longer held: If the trust ceased holding its forestry interest as a result of a CGT event (because it sold its interest or it received harvest proceeds), include the market value of the forestry interest at the time of the CGT event. Sale and harvest receipts - forestry interest still held: If a CGT event happened and the trust still held its forestry interest (because it sold part of its interest or there was a partial harvest), include the amount by which the market value of the forestry interest was reduced. Forestry managed investment scheme income PP - Distribution from partnerships: Enter the amount of primary productions income or loss distribution from other partnerships. Primary production- Distribution from partnerships Deductions relating to Australian investment income: Enter the amount of deductions relating to Australian investment income the expenses incurred in earning interest and dividends. Deductions relating to Australian investment income Other deductions not claimable at any other item - amount: Enter the amount of each item of deduction only not claimable at any other item. If the trust is registered for GST, exclude any input tax credit entitlements for expenses incurred by the trust. This is a mandatory field. Other deductions not claimable at any other item- Amount Other deductions not claimable at any other item - name: Enter any deductible losses and outgoings not already claimed by the trust at any other items relating to Australian source income. If the trust is registered for GST, exclude any input tax credit entitlements for expenses incurred by the trust. This is a mandatory field. Other deductions not claimable at any other item - Name of item Enter the total of all other business expenses for the income year which have not already been included at Expenses, for example, travel expenses. All other expenses- Australian business expenses Depreciation expenses: Enter the amount of expenses incurred from the decline in value of business assets over a financial year for small business entities if the trust is an eligible small business entity and has chosen to use the simplified depreciation rules, enter the total depreciation deductions being claimed by the trust under the simplified depreciation rules and the Uniform Capital Allowances (UCA) rules. For all other trusts, enter the book depreciation expenses for depreciating assets other than for those assets allocated in a prior year to a general STS pool or a long-life STS pool. For assets allocated to such a pool, include at this field the amount of the pool deduction to be claimed for tax purposes. This amount does not include profit on the sale of a depreciating asset or loss on the sale of a depreciating asset. The accounting or book depreciation may differ from the deduction for the decline in value of depreciating assets. For more information about the small business entity depreciation rules, see the tax office publication Guide to concessions for small business entities. Depreciation expenses- Australian business expenses PP - Other deductions relating to share of net income: Enter the trust's deductions for its own expenses relating to primary production share of net income from other trusts. If any expenses have been prepaid, the amount that can be claimed relating to share of net income may be affected by the prepayment provisions. Expenses listed here that are costs associated with borrowing and servicing debt may not be allowable deductions under the thin capitalisation rules. The disallowed amount reduces the amount that would otherwise be shown. Primary production- Deductions for expenses relating to share of net income from other partnerships and trusts Non PP - Deductions relating to share of net income in labels B and R: Enter the trust's deductions for its own expenses for non-primary production share of net income from other partnerships or trusts. If any expenses have been prepaid, the amount that can be claimed may be affected by the prepayment provisions. Expenses listed here that are costs associated with borrowing and servicing debt may not be allowable deductions under the thin capitalisation rules. If FTDT (Family trust distribution tax) has been paid on income or capital of another partnership or trust, that income or capital is not included in the assessable income. A deduction can not be claimed for any losses or outgoings incurred in deriving an amount which is excluded from assessable income. Non-primary production- Deductions for expenses relating to share of net income from other partnerships and trusts less foreign income, net capital gains and franked distributions Landcare operations and deduction for decline in value of water facility: Enter the amount of landcare operations and deduction for decline in value of water facility. A Trust can claim a deduction in the year it incurs capital expenditure on a landcare operation for land in Australia. Unless the trust is a rural land irrigation water provider, the deduction is available to the extent the Trust uses the land for either: - a primary production business, or - in the case of rural land, a business for the purpose of producing assessable income from the use of that land - except a business of mining or quarrying. The Trust may claim the deduction even if it is only a lessee of the land. A rural land irrigation water provider is an entity whose business is primarily and principally supplying water to entities for use in primary production businesses on land in Australia or businesses (except mining or quarrying businesses) using rural land in Australia. A Trust cannot claim a deduction if the capital expenditure is on plant unless it is on certain fences, dams or other structural improvements. A Trust can claim a deduction for the decline in value of a water facility. A water facility is plant or a structural improvement, or an alteration, addition or extension to plant or a structural improvement, that is primarily or principally for the purpose of conserving or conveying water. A deduction for the decline in value of a water facility can be claimed in equal instalments over three years. Unless the trust is an irrigation water provider, the expenditure must be incurred primarily and principally for conserving or conveying water for use in a primary production business the trust conducts on land in Australia. The trust may claim the deduction even if it is merely a lessee of the land. The deduction is reduced where the facility is not wholly used for either: - carrying on a primary production business on land in Australia, or - a taxable purpose - for example, producing assessable income. An irrigation water provider is an entity whose business is primarily and principally the supply of water to entities for use in primary production businesses on land in Australia. If the Trust is an irrigation water provider, it must incur the expenditure primarily and principally for the purpose of conserving or conveying water for use in primary production businesses conducted by other entities on land in Australia - being entities supplied with water by the Trust. The deduction is reduced if the facility is not used wholly for a taxable purpose. Landcare operations and deduction for decline in value of water facility Total TOFA losses: Enter the total amount of TOFA losses Total TOFA losses- Taxation of financial arrangements Royalty expenses overseas: Enter the amount of royalty expenses paid to non-residents during the income year. The amount is included in Expenses, Total royalty expenses, plus or minus any reconciliation adjustment for royalty expenses that was included at Reconciliation items, Expense reconciliation adjustments. An amount of tax - withholding tax - is generally withheld from royalties paid or payable to non-residents and from royalties derived by a resident through an overseas branch. This amount must be remitted to the Tax Office. A deduction cannot be claimed unless any withholding tax has been remitted. Ensure an 'International dealings schedule' (IDS) is completed when a value greater than zero is present at label 'Royalty expenses overseas'. Royalty expenses overseas Beneficiary share - of income (PP income): Enter the amount of each beneficiary's share of income (whole dollars only) in relation to primary production income. Share of income- Primary production- Beneficiary share Beneficiary share - of income (non-PP income): Enter the amount each beneficiary's share of income (whole dollars only) in relation to non-primary production income. Share of income- Non-primary production- Beneficiary share Excepted net income: Enter the amount of excepted net income. An amount included in the assessable income that has been paid to the trustee of a trust on behalf of a minor is excepted income only to the extent that the assessable trust income would if derived by the minor beneficiary, be excepted income, superannuation pensions and similar payments, which are employment income, are paid to a trustee on behalf of a minor. Payments of this kind are excepted income in the hands of the trustee. Share of the trust income to which a beneficiary is presently entitled is excepted income - that is, income not subject to tax at the higher rate applicable to a minor. Excepted net income Total TOFA gains: Enter the total amount of TOFA gains Total TOFA gains- Taxation of financial arrangements Other assessable foreign source income - Gross: Enter the gross amount of assessable income derived from foreign sources, including amounts distributed from other partnerships and trusts and New Zealand dividends and supplementary dividends. Include any foreign tax paid on that income. Do not include: - any income which is exempt from tax in Australia or treated as non-assessable non-exempt income. - any amount of New Zealand imputation credits - any amount of Australian franking credits attached to dividends from a New Zealand franking company. Show these amounts at Australian franking credits from a New Zealand company - income already shown at Attributed foreign income - any foreign source capital gains or capital losses. Gross amount of Other assessable foreign source income, excluding income shown at Attributed foreign income Amount of other Australian income: Enter the total amount of income relating to Other Australian income items i.e. those that have not been brought to account as income elsewhere in the return. This is a mandatory field. Amount of Other Australian income PP - Other business income: Enter the amount of other business income and expenses such as revenue arising from the sale of goods, services rendered, disposal of depreciated assets and royalties. Primary production- Other business income- Australian business income Non PP - Other business income: Enter the amount of other business income and expenses such as revenue arising from the sale of goods, services rendered, disposal of depreciated assets and royalties. Non-primary production- Other business income- Australian business income Non PP - Distribution from partnerships less foreign income: Enter the amount of non-primary production income or loss distributions from other partnerships including any share of credit for tax withheld from foreign resident withholding that is attached to the distribution (also include the share of credit at Share of credit from foreign resident withholding). If the distribution includes franked dividends from a franking entity, check the advice detailing the distribution to ensure that the amounts to be included at this label represent both the partnership's or trust's share of the franked dividend and its share of the franking credit attached to the franked dividend. The franking credit is also included at Share of franking credit from franked dividends. Do not show any dividends or franking credits indirectly received that were attributable to distributions from a New Zealand franking company at this label. (If the partnership or trust received dividends or franking credits indirectly from a New Zealand franking company, see Other assessable foreign source income). This amount can be a negative number to indicate a loss. Non-primary production- Distribution from partnerships less foreign income Enter the net income-related reconciliation adjustments. The amounts included here fall into two classes that either increase or reduce the net adjustment that is, either income add backs - amounts not shown in the accounts, but which are assessable income, including timing adjustments with these items increase the total amount shown or income subtractions - income shown in the accounts, which is not assessable income, including timing adjustments. These items reduce the total amount shown. Reconciliation items- Income reconciliation adjustments- Australian business income The trust's share of the franked distribution (described as franked dividends, franked distributions or attributable franked distributions) plus its share of the franking credit attached to the franked distribution. Franked distributions from trusts Interest expenses overseas: Enter the amount of interest paid on money borrowed from overseas sources. Also include this amount at Expenses, Total interest expenses. Ensure an 'International dealings schedule' (IDS) is completed when a value greater than zero is present at label 'Interest expenses overseas'. Interest expenses overseas Interest deductions: Enter the total deductible amount of interest expenses incurred in earning rental income. If borrowed monies are used to finance a property investment, interest paid on the borrowing generally is deductible. However, the thin capitalisation rules may apply to reduce interest deductions. These rules place a limit on the amount of interest and other borrowing costs that can be deducted for Australian tax purposes. Rent- Interest deductions TOFA transitional balancing adjustment: Enter the amount of TOFA transitional balancing adjustment TOFA transitional balancing adjustment- Taxation of financial arrangements Dividends - Unfranked amount: Enter the gross amount of unfranked dividends, and the unfranked amount of partially franked dividends, received before any TFN amounts were withheld. Do not include a dividend paid under a demerger unless the head entity of the demerger group has elected that it be treated as an assessable dividend. Dividends - Unfranked amount Distribution from ordinary or statutory income - The amount paid to the beneficiary during the income year by the closely held trust. This is positioned in the 'Annual Trustee payment report Information' section of the statement of distribution for each beneficiary. Distribution from ordinary or statutory income during income year Credit for interest on early payments - amount of interest: Enter the calculated interest amount of 50 cents or more for early payment. Do not show actual payments. Early payment interest is payable only where the tax is actually paid more than 14 days before the due date for payment. Amounts which may attract early payment interest include payments of: - income tax (including Medicare levy) - a penalty on the shortfall of income tax relating to an amended assessment for income years up to and including 1999-2000 - an interest charge for lodging a late income tax return for income years up to and including 1999-2000 - an interest on the shortfall of income tax relating to an amended assessment for income years up to and including 1999-2000 - a shortfall interest charge. Credit for interest on early payments- amount of interest Purchases and other costs: Enter the cost of direct materials used for manufacture, sale or exchange in deriving the gross proceeds or earnings of the business. Former STS taxpayers - If the trust is continuing in the STS this year and has chosen to continue using the STS accounting method, only show purchases and other costs which the trust has paid. Purchases and other costs- Business and professional items Gross interest: Enter the gross amount of interest from banks and credit unions, building societies, debentures, notes and deposits, income accrued on discounted or deferred interest securities, government securities, Australian Government loans issued before 1 November 1968 and interest paid by the Tax Office. The total - that is the gross amount of interest received or credited - must be included in assessable income. Do not include non-share dividends received from holding a non-share equity interest. If the partnership or trust holds such an interest, the issuer is obliged to forward a dividend statement with details of the dividends, which should be shown at Dividends. Further information on non-share dividends and non-share equity interests is in Debt and equity tests. Gross interest including Australian Government loan interest Bad debts: Enter the amount of bad debts expense incurred for the income year. Enter recovery of bad debts at Other business income field. A deduction for bad debts cannot be claimed unless the debt which is bad has previously been included in assessable income, or is for money lent in the ordinary course of the business of the lending of money by a trust carrying on that business. A deduction can be claimed for partial debt write-offs where only part of a debt is bad and is written off. Bad debts- Australian business expenses Cost of sales: Enter the cost of anything produced, manufactured, acquired or purchased for manufacture, sale or exchange in deriving the gross proceeds or earnings of the business. This includes freight inwards and may include some external labour costs if these are recorded in the cost of sales account in the normal accounting procedure of the business. Cost of sales- Australian business expenses Total interest expenses: Enter the total interest incurred on money borrowed within Australia and overseas to acquire income-producing assets, to finance business operations or to meet current business expenses. Do not include interest expenses claimable against rental income. Inform the amount of interest not allowable at Reconciliation items, Expense reconciliation adjustments. Total interest expenses- Australian business expenses Lease expenses: Enter the amount of expenditure incurred through both finance and operating leases on leasing assets, such as motor vehicles, plant or other equipment. Do not include the cost of leasing real estate. If an amount of lease expense is not allowable as a deduction, such as amounts disallowed under the thin capitalisation rules, add back the amount at Reconciliation items, Expense reconciliation adjustments. Lease expenses- Australian business expenses Enter the total motor vehicle running expenses only. These expenses include fuel, repairs, registration fees and insurance premiums. Do not include, lease expenses, interest expenses or depreciation expenses. Motor vehicle expenses- Australian business expenses Rent expenses: Enter the amount of expenditure incurred as a tenant for the rental of land and buildings used in the production of income. Rent expenses- Australian business expenses Enter the amount at the expenditure on repairs and maintenance of plant, machinery, implements and premises. Write back any non-deductible expenditure, such as items of a capital nature or amounts relating to private use of an item shown at Reconciliation items, Expense reconciliation adjustments. For repairs, as long as it is not expenditure of a capital nature, deduct the cost of repairs to property, plant, machinery or equipment used solely for producing assessable income or in carrying on a business for that purpose. Repairs and maintenance- Australian business expenses Intangible depreciating assets first deducted: Enter the amount of intangible depreciating assets first deducted. If the Trust is a small business entity using the simplified depreciation rules, do not include an amount at this item. A depreciating asset that the Trust holds starts to decline in value from the time the trust uses it (or installs it ready for use) for any purpose, including a private purpose. However, the Trust can only claim a deduction for the decline in value to the extent it uses the asset for a taxable purpose, such as for producing assessable income. If the Trust has allocated any intangible depreciating assets with a cost of less than $1,000 to a low-value pool for the income year, include the cost of those assets. Do not reduce the cost for estimated non-taxable use. Do not include expenditure on in-house software which has been allocated to a software development pool. For more information on decline in value, see the Tax Office publication Guide to depreciating assets. Intangible depreciating assets first deducted Other depreciating assets first deducted: Enter the amount of other depreciating assets first deducted. If the Trust is a small business entity using the simplified depreciation rules, do not include an amount at this label. A depreciating asset that the Trust holds starts to decline in value from the time the Trust uses it (or installs it ready for use) for any purpose. However, the Trust can only claim a deduction for the decline in value to the extent it uses the asset for a taxable purpose, such as for producing assessable income. Show the cost of all depreciating assets (other than intangible depreciating assets) for which the Trust is claiming a deduction for the decline in value for the first time. If any assets (other than intangible depreciating assets) costing less than $1,000 have been allocated to a low-value pool for the income year, also include the cost of those assets . Do not reduce the cost for any estimated non-taxable use. For more information on decline in value, see the Tax Office publication Guide to depreciating assets. Other depreciating assets first deducted Attributed foreign income - Listed country: Enter the amount of gross attributed foreign income from controlled foreign entities and transferor trusts of listed countries (formerly known as broad-exemption listed countries). Show also the amount of income attributed from a transferor trust that is a listed country trust estate. Attributed foreign income- Listed country Attributed foreign income - Section 404 country: Enter the amount of attributed foreign income from controlled foreign entities in section 404 countries. Also show the amount of income attributed from a transferor trust if the entire income and profits of the trust are subject to tax in a section 404 country. Do not include the amount if it is shown at Listed Country. Attributed foreign income- Section 404 country Attributed foreign income - Unlisted country: Enter the amount of attributed foreign income from controlled foreign entities in unlisted countries. Also show the amount of income attributed from a transferor trust if the amount has not been shown at Listed Country or Section 404 country. Attributed foreign income- Unlisted country Beneficiary share - Other assessable foreign source income: Enter each beneficiary's share of Other assessable foreign source income. The total of all the shares must equal the amount of net foreign source income shown at Net Other assessable foreign source income on the trust tax return. Other assessable foreign source income- Beneficiary share No beneficiary presently entitled - Other assessable foreign source income: Enter the share of other assessable net foreign source income to which no beneficiary is entitled. The total amount of shares on the distribution statement must equal the total amount shown on the trust tax return. Other assessable foreign source income- No beneficiary presently entitled Beneficiary share - Foreign income tax offset: Enter each beneficiaries share of foreign tax credits .The total of all the shares must equal the amount of foreign tax credit shown at Foreign tax credits on the trust tax return. Foreign income tax offset - Beneficiary share No beneficiary presently entitled - Foreign income tax offsets: Enter the amount of any foreign tax credit claimed against foreign source income to which no beneficiary is entitled. The total amount of shares on the distribution statement must equal the total amount shown on the trust tax return. Foreign income tax offsets - No beneficiary presently entitled Foreign income tax offset: Enter the amount of foreign tax credits. Foreign income tax offset Death benefit employment termination payment where the beneficiary is a non dependant taxable component: Enter the amount of Death benefit employment termination payment where the beneficiary is a non dependant taxable component. An ETP paid to a trustee is taxed in the hands of the trustee in the same way that it would be taxed if paid directly to a beneficiary. That is, the portions of the payment are subject to tax to the extent that the beneficiary is a dependant or a non-dependant of the deceased. The employer should have provided a PAYG Payment Summary - employment termination payment which shows the components of the payment. The tax-free component of an employment termination payment received by a trustee is not subject to tax, regardless of whether the beneficiary is a dependant or a non-dependant. To the extent that the beneficiary of the estate is a dependant, taxable component amounts up to the ETP cap are not subject to tax and are not shown in the return. Amounts above the ETP cap are assessable income and should be shown. Taxable component of a Death benefit employment termination payment where the beneficiary is a non-dependant Death benefit employment termination payment where the beneficiary is a dependant taxable component: Enter the amount of Death benefit employment termination payment where the beneficiary is a dependant taxable component. An ETP paid to a trustee is taxed in the hands of the trustee in the same way that it would be taxed if paid directly to a beneficiary. That is, the portions of the payment are subject to tax to the extent that the beneficiary is a dependant or a non-dependant of the deceased. The employer should have provided a PAYG Payment Summary - employment termination payment which shows the components of the payment. The tax-free component of an employment termination payment received by a trustee is not subject to tax, regardless of whether the beneficiary is a dependant or a non-dependant. To the extent that the beneficiary of the estate is a dependant, taxable component amounts up to the ETP cap are not subject to tax and are not shown in the return. Amounts above the ETP cap are assessable income and should be shown. Taxable component of a Death benefit employment termination payment where the beneficiary is a dependant Death benefit superannuation lump sum payment where the beneficiary is a non dependant taxed element: Enter the taxed element of a lump sum payment made to a beneficiary because of the death of a superannuation fund member. Death benefit employment termination payments (ETPs) and superannuation lump sums paid to trustees of deceased estates should be entered in this field. A superannuation death benefit paid to a trustee is taxed in the hands of the trustee in the same way that it would be taxed if paid directly to a beneficiary. That is, portions of the payment are subject to tax to the extent that the beneficiary is a dependant or a non-dependant of the deceased. There is no tax payable to the extent that the payment is made to a dependant or eligible non-dependant of the deceased. Eligible non-dependants of deceased members of the Australian Defence Force and Australian police forces (including Australian Protective Services) who have died in the line of duty are to be treated as dependants for tax purposes. The tax-free component of a superannuation death benefit received by a trustee is not subject to tax, regardless of whether the beneficiary is a dependant or non-dependant. To the extent that a non-dependant is the beneficiary of the estate, the taxable component of the payment is assessable income. Taxed element of a Death benefit superannuation lump sum payment where the beneficiary is a non dependant Death benefit superannuation lump sum payment where the beneficiary is a non dependant untaxed element: Enter the untaxed element. Death benefit employment termination payments (ETPs) and superannuation lump sums paid to trustees of deceased estates are reported at this item. A superannuation death benefit paid to a trustee is taxed in the hands of the trustee in the same way that it would be taxed if paid directly to a beneficiary. That is, portions of the payment are subject to tax to the extent that the beneficiary is a dependant or a non-dependant of the deceased. There is no tax payable to the extent that the payment is made to a dependant or eligible non-dependant of the deceased. Eligible non-dependants of deceased members of the Australian Defence Force and Australian police forces (including Australian Protective Services) who have died in the line of duty are to be treated as dependants for tax purposes. The tax-free component of a superannuation death benefit received by a trustee is not subject to tax, regardless of whether the beneficiary is a dependant or non-dependant. To the extent that a non-dependant is the beneficiary of the estate, the taxable component of the payment is assessable income. Untaxed element of a Death benefit superannuation lump sum payment where the beneficiary is a non dependant Superannuation expenses: Enter the amount of employee superannuation expenses incurred for the income year. Employers are entitled to a deduction for contributions made to a complying superannuation, provident, benefit or retirement fund, or retirement savings account (RSA), where the contribution is to provide superannuation benefits for employees or to provide benefits to the employee's dependants on the employee's death. Superannuation benefits mean payments for superannuation member benefits or superannuation death benefits. A deduction can be claimed in the income year in which the contributions are made. Contributions made to a non-complying fund are not allowable as a deduction and do not count towards superannuation guarantee obligations. Superannuation expenses- Australian business expenses PP - Gross payments where ABN not quoted: Enter the amount of gross income received by the trust that was subject to withholding where an ABN was not quoted. This includes amounts of tax withheld. If an amount is shown at Business income and expenses- Primary production - Gross payments where ABN not quoted and/or Business income and expenses- Non-primary production - Gross payments where ABN not quoted, complete a Non-individual PAYG payment summary schedule and attach the completed schedule to the trust tax return. Enter the corresponding amount of tax withheld at Tax withheld where ABN not quoted. Primary production- Gross payments where ABN not quoted- Australian business income Non PP - Gross payments where ABN not quoted: Enter the gross income received by the trust that was subject to withholding where an ABN was not quoted. This includes amounts of tax withheld. If an amount is shown at Business income and expenses- Primary production - Gross payments where ABN not quoted and/or Business income and expenses- Non-primary production - Gross payments where ABN not quoted, complete a Non-individual PAYG payment summary schedule and attach the completed schedule to the trust tax return. Enter the corresponding amount of tax withheld at Tax withheld where ABN not quoted. Non-primary production- Gross payments where ABN not quoted- Australian business income Bonuses from life insurance companies and friendly societies: Enter the amount of bonuses from life insurance companies and friendly societies. A trust is regarded as having received a bonus if it re-invests or otherwise deals with the bonus during the income year. Do not include the amount shown on a bonus certificate if the trust: - received it because of death, accident, illness or other disability suffered by the person on whose life the policy was effected - received it under a policy held by a superannuation fund or scheme, an approved deposit fund or a pooled superannuation trust - can show that the amount was received because of serious financial difficulties, or - received a bonus certificate in respect of an amount allocated to increase the amount receivable on surrender or maturity. Bonuses from life insurance companies and friendly societies- Other Australian income Gross payment: Enter the amount of gross payments. Include the total gross amount before amounts are withheld. Show the gross payments in whole dollars. Gross payment- Other Australian income Non PP - Gross payments subject to foreign resident withholding: Enter the amount of gross payments to the trust that were regulated foreign resident income. Gross payments include amounts withheld. Do not include payments where the amount was varied to nil under the foreign resident withholding measure because the income was not taxable under a double tax agreement. If an amount is shown at Business income and expenses- Non-primary production- Gross payments subject to foreign resident withholding, complete a Non-individual PAYG payment summary schedule and attach the completed schedule to the trust tax return. Non-primary production- Gross payments subject to foreign resident withholding- Australian business income Payments to associated persons: Enter the amounts, including salaries, wages, commissions, superannuation contributions or allowances, paid to the trustee's relatives or partnerships in which a relative of the trustee is a partner. Also include the amounts of salaries and wages paid to an associated person, relative, principal, agent, related entity and/or associate entity at Total salary and wage expenses. Payments to associated persons- Business and professional items Lump sum for unused leave after 15/08/78: Enter the Lump sum amount paid for unused annual leave after 15 August 1978. It can be any of the following lump sum amounts paid for: - unused long service leave that accrued after 15 August 1978 if the individual left a job because of bona fide redundancy, invalidity or under an approved early retirement scheme, - unused annual leave if the individual left their job because of bona fide redundancy, invalidity or under an approved early retirement scheme, - unused long service leave that accrued after 15 August 1978 and before 18 August 1993 if the individual did not leave their job because of bona fide redundancy, invalidity or under an approved early retirement scheme, or - unused annual leave that accrued before 19 August 1993 if the individual did not leave their job because of bona fide redundancy, invalidity or under an approved early retirement scheme. Lump sum for unused leave after 15/08/78- Other Australian income Lump sum for unused leave before 16/08/78: Enter the amount of 5% of unused long service leave which the taxpayer accumulated before 16 August 1978. Lump sum for unused leave before 16/08/78- Other Australian income Fringe benefit employee contributions: Enter the amount of fringe benefit employee contributions. This includes all payments the trust has received from recipients of fringe benefits. Fringe benefit employee contributions- Business and professional items Contractor, sub-contractor and commission expenses: Enter the amount of expenditure incurred for labour and services provided under contract other than those in the nature of salaries and wages. Payments to self-employed people such as consultants and contractors including payments subject to a PAYG voluntary agreement to withhold and payments made under a labour hire arrangement of commissions paid to people not receiving a retainer, agency fees (such as advertising), service fees (such as plant service), management fees, consultant fees. Contractor, sub-contractor and commission expenses- Australian business expenses Amendment Indicator: Set the field to TRUE if this is an amendment to the current years return. Otherwise set the field to FALSE. Amendment indicator The reason provided by the user for the lodgement of an amendment. Amendment Reason The order in which amendments need to be submitted for TRT. Amendment sequence number Identifies if the lodgment of the amendment is due to an ATO error or a taxpayer error. Amendment type code Beneficiary share - Attributed foreign income: Enter each beneficiary's share of attributed foreign income. The total of all the shares must equal the sum of any attributed foreign income shown at Attributed Foreign income on the trust tax return. Attributed foreign income- Beneficiary share No beneficiary presently entitled - Attributed foreign income: Enter the share of Attributed foreign income to which no beneficiary is entitled. The total amount of shares on the distribution statement must equal the total amount shown on the trust tax return. Attributed foreign income- No beneficiary presently entitled Tax withheld from Australian Government pensions and allowances: Enter the amount of Tax withheld from Australian Government pensions and allowances. This refers to all income from the following government payments - parenting payment (partnered) - Newstart allowance - youth allowance - mature age allowance - partner allowance - sickness allowance - special benefit - widow allowance - austudy payment - exceptional circumstances relief payment or farm help income support - ABSTUDY living allowance and the taxpayer was 16 years or older - payment under the Veterans' Children Education Scheme and the taxpayer was 16 years or older - Training for Employment Program allowance; New Enterprise Incentive Scheme allowance; textile, clothing and footwear special allowance; Green Corps training allowance; or other taxable Commonwealth education or training payments - an income support component from a Community Development Employment Project (CDEP) - shown as 'CDEP Salary or Wages' on the taxpayer's PAYG payment summary - individual non business - a CDEP scheme participant supplement. Show the amount under other Australian income. This field can be negative to indicate a loss. Tax withheld from Australian Government pensions and allowances- Other Australian income Was any beneficiary in this trust, who was under a legal disability on 30th June 2010, also presently entitled to a share of the income of another trust estate?: If yes then set the field to TRUE, if No then set the field to FALSE to identify whether the trustee is liable to pay tax on the share of net income of the trust to which a beneficiary who is under 18 years of age is presently entitled. Where the beneficiary is presently entitled to income from more than one trust, the beneficiary's share of net income from each of the trusts is taken into account in working out the tax rate to apply in the trustee's assessment on behalf of the beneficiary. Where the beneficiary is presently entitled to income from one or more other trusts, give the following information for each of those trusts: - the name of the trust - the tax office at which the trust tax return is lodged - the trust TFN - the income to which the beneficiary is presently entitled. If a trustee is unable to provide any part of this information, they must supply all the relevant details that are available, along with the name and address of the parent or guardian of the beneficiary. This is a mandatory field. Was any beneficiary in this trust, who was under a legal disability on 30th June of the current income year, also presently entitled to a share of the income of another trust? TFN amounts withheld from dividends: Enter the total of TFN amounts withheld from dividends received, less any refund of TFN amounts withheld Dividends- TFN amounts withheld from dividends No beneficiary presently entitled - PP income: Enter the share of PP income to which no beneficiary is entitled. The total amount of shares on the distribution statement must equal the total amount shown on the tax return. Primary production share of income- No beneficiary presently entitled No beneficiary presently entitled - Non-PP income: Enter the share of non-PP income to which no beneficiary is entitled. The total amount of shares on the distribution statement must equal the total amount shown on the tax return. Non-primary production share of income - No beneficiary presently entitled Unpaid present entitlement to a private company: Enter any amounts from the net income of the trust from this year or a previous year of income to which a private company is presently entitled and that it remains unpaid by the 'lodgment day'. Unpaid present entitlement to a private company- Business and professional items Unpaid present entitlement to a private company code: If the amount is greater than zero, enter "D" where, during the income year, the trustee of the trust estate: - made a payment that is attributable to an unrealised gain that discharged or reduced a present entitlement - made a loan, or - forgave a debt in favour of a shareholder (or an associate of a shareholder) of a private company with the unpaid present entitlement. Enter "X", if none of the above transactions took place. Unpaid present entitlement to a private company code- Business and professional items TFN amounts withheld from gross interest: Enter any TFN amounts withheld from gross interest where a TFN has not been provided to the investment body. TFN amounts withheld from gross interest Did you make a gain, loss or balancing adjustment from a financial arrangement subject to the TOFA rules?: Set the field to TRUE if the trust made a gain, loss or balancing adjustment from a financial arrangement subject to the TOFA rules, otherwise set the field to FALSE. Did you make a gain, loss or transitional balancing adjustment from a financial arrangement subject to the TOFA rules? Commonwealth of Australia government pensions and allowances tax offset code: Enter a value from the list of enumerated values: 'I' - Living apart due to illness or one in a nursing home 'J' - S, P, and I apply 'P' - You and your spouse (married or defacto) lived together 'Q' - S and P apply 'S' - Single, widowed or separated Commonwealth of Australia government pensions and allowances tax offset code- Other Australian income Dividends - Franking credit: Enter the amount of franking credits received directly from a paying company. The amount at Dividends- Franking credit is distributed to the partners, beneficiaries or trustee and is allowed as a tax offset to reduce their tax payable. Dividends- Franking credit Beneficiary - For each trustee beneficiary indicate whether you will be making a TB Statement. For each trustee beneficiary indicate whether you will be making a TB Statement- TB statement information A new code box within the statement of distribution for each beneficiary is required where for each beneficiary must choose from the following: - I for individual - T for Trust - C for Company - P for Partnership - F for Fund - S for SMSF Beneficiary entity type code Other rental deductions: Enter the total of other deductible expenses incurred in earning rental income. If the trust is registered for GST and GST is payable in relation to rental income, exclude any input tax credit entitlements that arises in relation to expenses from the amount shown at Rent - Other rental deductions. Expenses listed here that are costs associated with borrowing and servicing debt may not be allowable deductions under the thin capitalisation rules. Deductions for the decline in value of depreciating assets used to earn rental income are generally shown at Other rental deductions. However, if the trust has allocated some of these assets to a low-value pool, the deductions may need to be shown at Other deductions. Rent- Other rental deductions Tax losses deducted: Enter the total amount of prior year tax losses deducted in respect of the current year. Exclude: - foreign source losses - the film component of any tax loss (film loss). A film loss can only be deducted from net film exempt income or assessable film income. Tax losses deducted Share of franking credit from franked distributions: Enter the amount of the trust's share of any franking credits from an Australian franking company received through another partnership or trust. Show franking credits received directly from a paying Australian franking company at Franking credit under dividends. Do not show franking credits relating to a dividend received through another partnership or trust if any of the following apply: - They were attributable to a distribution from a New Zealand franking company. - The holding period rule and related payments rule were not satisfied in relation to the dividend. - FTDT has been paid on the dividend paid or credited by a company which has made an interposed entity election. The dividend is excluded from assessable income. A franking credit or tax offset cannot be claimed for any franking credit attached to that dividend. - The trustee of a closely held trust is subject to UBNT on a share of net income of that trust. The trustee beneficiary (and as a result any subsequent beneficiary) does not need to include that share of net income in their own assessable income and a credit or tax offset cannot be claimed for any franking credit attached to that dividend Share of franking credit from franked distributions Beneficiary share - Franking credit: Enter the amount of franking credits for franked dividends that has been distributed to a beneficiary. This amount is a component of Share of franking credit from franked dividends and Franking credit recorded in the return. Include the beneficiaries share of franking credit received directly from a franking entity or received through a partnership or trust. Franking credit- Beneficiary share No beneficiary presently entitled - Franking credit: Enter the share of Franking credit to which no beneficiary is presently entitled. The total amount of shares on the distribution statement must equal the total amount shown on the tax return. Franking credit- No beneficiary presently entitled Beneficiary share - Australian franking credits from a New Zealand franking company: Enter the amount of Australian franking credits from a New Zealand franking company. Include the beneficiaries share of Australian franking credit received from a New Zealand franking company, including any amounts received through a partnership or trust. If the beneficiary is under a legal disability or it is income to which no beneficiary is presently entitled and in which no beneficiary has an indefeasible vested interest, the trustee will be assessed on the income. Include the amount of Australian franking credits attached to a New Zealand dividend allowed to the trustee. Australian franking credits from a New Zealand company- Beneficiary share No beneficiary presently entitled - Australian franking credits from a New Zealand company: Enter the share of Australian franking credits from a New Zealand company to which no beneficiary is entitled. The total amount of shares on the distribution statement must equal the total amount of Australian franking credits from a New Zealand company shown on the tax return. Australian franking credits from a New Zealand company- No beneficiary presently entitled Australian franking credits from a New Zealand franking company: Enter the amount of Australian franking credits that are included in the net income of the trust because of franked dividends received from a New Zealand franking company directly or indirectly through another partnership or trust. Australian franking credits from a New Zealand franking company- Other assessable foreign source income, excluding income shown at Attributed foreign income Spouse's current year taxable income: Enter the amount of taxable income of the beneficiary's spouse. If the beneficiary had no spouse or had a spouse who had no taxable income write zero (0) at Medicare levy reduction or exemption. Spouse's current year taxable income-if nil write '0'- Medicare levy reduction or exemption Number of dependent children and students: Enter the number of the beneficiary's dependant children and students. Number of dependent children and students- Medicare levy reduction or exemption Exemption - number of days full levy exemption action code: If you have completed Medicare levy reduction or exemption- Full levy exemption- Number of days and the beneficiary has been issued with a Medicare exemption certificate, enter "C", otherwise leave the field blank. For relevant year rates please refer to the Individual Medicare levy rates page, available on www.ato.gov.au. Full levy exemption-number of days action code - Medicare levy reduction or exemption Exemption - number of days full levy exemption: Enter the number of days in the income year for which the beneficiary was entitled to the full Medicare levy exemption. For relevant year rates please refer to the Individual Medicare levy rates page, available on www.ato.gov.au Full levy exemption-number of days- Medicare levy reduction or exemption Exemption - number of days half levy exemption: Enter the number of days during the income year for which the beneficiary was entitled to a half Medicare levy exemption. For relevant year rates please refer to the Individual Medicare levy rates page, available on www.ato.gov.au Half levy exemption-number of days- Medicare levy reduction or exemption Share of credit for TFN amounts withheld from interest, dividends and unit trust distributions: Enter the amount of share of credit for TFN amounts withheld from interest and dividends. Unless the trust claimed an exemption or lodged a TFN, the investment body may withhold amounts from interest, dividends and unit trust distributions. These are called 'TFN amounts withheld'. The current rate is 46.5% of the payment made. Inform the relevant field of the share of the net amount of TFN amounts withheld on interest, dividends and unit trust distributions relating to a distribution from another partnership or trust. Credits for TFN amounts withheld are allowed in the assessments of the partners, beneficiaries or trustees. Share of credit for TFN amounts withheld from interest, dividends and unit trust distributions Share of credit for tax withheld where ABN not quoted: If the income shown includes any share of amounts withheld where an ABN was not quoted, enter the share of that credit. Share of credit for tax withheld where ABN not quoted Beneficiary share - Credit for tax withheld where ABN not quoted: Enter the amount of Credit for tax withheld where ABN not quoted that has been distributed to a beneficiary. The total of shares equals the sum of any credit shown on the trust tax return at: - Tax withheld where ABN not quoted, and - Share of credit for tax withheld where ABN not quoted. Credit for tax withheld where ABN not quoted- Beneficiary share No beneficiary presently entitled - Credit for tax withheld where no ABN quoted: Enter the share of credit for tax withheld where an Australian Business Number (ABN) was not quoted to which no beneficiary is entitled. The total amount of shares on the distribution statement must equal the total amount shown on the tax return. Credit for tax withheld where ABN not quoted-No beneficiary presently entitled Tax withheld where ABN not quoted: Enter the total of amounts withheld from income subject to withholding where an ABN was not quoted. This amount equals the sum of the amounts shown in the tax withheld boxes on the Non-individual PAYG payment summary schedule. Do not include any share of amounts withheld that is a distribution from another trust where an ABN was not quoted. Show this at Share of credit for tax withheld where ABN not quoted. If an amount of tax withheld is show, the corresponding gross income must be declared under Income - Gross payments where ABN not quoted. Tax withheld where ABN not quoted Tax withheld from lump sum for unused leave after 15/08/78: Enter the amount of Tax withheld from lump sum amounts paid for: - unused long service leave or annual leave that accrued after 15 August 1978 if the individual left a job because of bona fide redundancy, invalidity or under an approved early retirement scheme, - unused annual leave if the individual left their job because of bona fide redundancy, invalidity or under an approved early retirement scheme, - unused long service leave that accrued after 15 August 1978 and before 18 August 1993 if the individual did not leave their job because of bona fide redundancy, invalidity or under an approved early retirement scheme, or - unused annual leave that accrued before 19 August 1993 if the individual did not leave their job because of bona fide redundancy, invalidity or under an approved early retirement scheme. Tax withheld from lump sum for unused leave after 15/08/78- Other Australian income Tax withheld from lump sum for unused leave before 16/08/78: Enter the amount of tax withheld on five per cent of lump sum payments paid for unused long service leave which the taxpayer accumulated before 16 August 1978. Tax withheld from lump sum for unused leave before 16/08/78- Other Australian income Tax withheld from salary or wages: Enter the total amount of tax withheld by employers from salary and wage payments included in the income from the trust. Tax withheld from salary or wages- Other Australian income Australian annuities and superannuation income stream tax withheld: Enter the amount of tax withheld for Australian annuities and superannuation income. Australian annuities and superannuation income stream tax withheld- Other Australian income Australian annuities and superannuation income stream Taxable component "Taxed element": Enter the amount of taxed element of Australian annuities and superannuation income. Australian annuities and superannuation income stream Taxable component "Taxed element"- Other Australian income Australian annuities and superannuation income stream Lump sum in arrears "Taxed element": Enter the amount of taxed element of the Lump sum in arrears component of Australian annuities and superannuation income. Australian annuities and superannuation income stream Lump sum in arrears "Taxed element"- Other Australian income Australian annuities and superannuation income stream Taxable component "Untaxed element": Enter the amount of untaxed element of Australian annuities and superannuation income. Australian annuities and superannuation income stream Taxable component "Untaxed element"- Other Australian income Australian annuities and superannuation income stream Lump sum in arrears "Untaxed element": Enter the amount of Untaxed element of the Lump sum in arrears component of Australian annuities and superannuation income. Australian annuities and superannuation income stream Lump sum in arrears "Untaxed element"- Other Australian income Beneficiary - TB statement tax preferred amoun: Instructions for completing the TB statement: To make a correct TB statement you must complete the following for each trustee beneficiary: 1 Beneficiary details: For resident beneficiaries show the name of the trustee beneficiary and their TFN. For non-resident beneficiaries show the name of the trustee beneficiary and their address. 2 TB statement Information a) Set the field to TRUE to indicate you are making a TB statement for this trustee beneficiary. b) At P show any tax-preferred amounts to which the trustee beneficiary is presently entitled. If there are no tax-preferred amounts, show zero at P. c) At Q show any untaxed part of a share of net income to be included in the assessable income of the trustee beneficiary. If there is no untaxed part of a share of net income, show zero at Q. A tax-preferred amount is income of the trust that is not included in its assessable income in working out its net income or capital of the trust. Tax preferred amounts- TB statement information Beneficiary - TB statement untaxed part of share of net income: Instructions for completing the TB statement: To make a correct TB statement you must complete the following for each trustee beneficiary: 1 Beneficiary details: For resident beneficiaries show the name of the trustee beneficiary and their TFN. For non-resident beneficiaries show the name of the trustee beneficiary and their address. 2 TB statement Information a) Set the field to TRUE to indicate you are making a TB statement for this trustee beneficiary. b) At P show any tax-preferred amounts to which the trustee beneficiary is presently entitled. If there are no tax-preferred amounts, show zero at P. c) At Q show any untaxed part of a share of net income to be included in the assessable income of the trustee beneficiary. If there is no untaxed part of a share of net income, show zero at Q. A tax-preferred amount is income of the trust that is not included in its assessable income in working out its net income or capital of the trust. Untaxed part of share of net income- TB statement information Total share of credit for TFN amounts withheld from payments from closely held trusts: This will be the sum of all beneficiary amounts entered in the 'Share of credit for TFN amounts withheld from payments from closely held trusts'. Credit for TFN amounts withheld from payments from closely held trusts Share of credit for TFN amounts withheld from payments from closely held trusts: If the income shown includes any share of amounts withheld where a TFN was not quoted from payments from closely held trusts, enter the share of that credit. Share of credit for TFN amounts withheld from payments from closely held trusts - Beneficiary share TFN amounts withheld from payments - Total amount withheld from payments from closely held trusts due to the TFN not being provided. This is positioned in the 'Annual Trustee payment report Information' section of the statement of distribution for each beneficiary. Total TFN amounts withheld from payments No beneficiary presently entitled - Share of credit for TFN amounts withheld from payments from closely held trusts: If the income shown includes any share of TFN amounts withheld from payments from closely held trusts to which no beneficiary is entitled, enter the share of that credit. The total amount of shares on the distribution statement must equal the total amount of credit shown on the tax return. Share of credit for TFN amounts withheld from payments from closely held trusts - No beneficiary presently entitled The expenses incurred in earning franked distributions (described as franked dividends, franked distributions or attributable franked distributions). Deductions relating to franked distributions Did you have a CGT event during the year?: If the trust had a CGT event happen during the income year, or if the trust received a distribution of a capital gain from a trust, set the field to TRUE, otherwise set the field to FALSE. A CGT schedule is to be completed with the trust tax return if the trust had: - total current year capital gains for the income year greater than $10,000, or - total current year capital losses for the income year greater than $10,000. However, if the trust was a subsidiary member of a consolidated group at the end of the income year and has indicated this in the return a CGT schedule does not need to be completed. If the answer to this question is affirmative (True), the following question relating to forestry managed investment scheme interest must also be answered. This is a mandatory field. Did you have a CGT event during the year? Family Trust Election Status - Specified Income Year: If applicable, enter the year in which the family trust election was made. If the trustees have previously made a family trust election specifying an income year before the 2007-08 income year, enter the appropriate income year. If the trustees have previously made a family trust election specifying an income year before the 2004-05 income year and took advantage of the one-off opportunity in PS LA 2004/1 (GA) to specify an earlier year, enter the earlier income year specified. If the trustees are making a family trust election specifying the 2004-05 or later income year, enter the appropriate income year and complete a Family trust election, revocation or variation 2008 specifying the 2004-05 or later income year. Valid years are 1995 onwards. If the trustees of the trust have not made or are not making a family trust election, leave this field blank. Family Trust Election Status - Specified Income Year Interposed Entity Election revocation code: If applicable, enter the code "R" for Revoke if the interposed entity election made by the trust is being revoked from a time in the income year, otherwise leave blank. An Interposed entity election or revocation form must be completed, if "R" is entered, and lodged with the tax return of the trust. This label is used as a trigger to ensure the revocation is attached to the Trust Tax Return. Interposed entity election revocation- code Interposed Entity Election Status - Specified Income Year: If applicable, enter year in which the interposed entity election was made. If the trustees have previously made one or more interposed entity elections specifying a day in an income year before the 2007-08 income year, enter either the income year that has been specified in the interposed entity election made by the trustees (if only one interposed entity election has been made), or the earliest income year which has been specified in all of the interposed entity elections made by the trustees (if more than one interposed entity election has been made) unless the trustees are making one or more interposed entity elections specifying a day in the 2004-05 or later income year. If so, enter 2005 or the later income year in the box at this item. If the trustees have previously made one or more elections specifying a day in an income year before the 2004-05 income year and took advantage of the one-off opportunity in Law Administration Practice Statement PS LA 2004/1 (GA) Lodgment opportunity for family trust and interposed entity elections to specify an earlier year, enter the earliest income year specified, unless the trustees are making one or more elections specifying a day in the 2004-05 or later income year. If the trustees are making one or more interposed entity elections specifying a day in the 2004-05 or later income year, enter the latest income year specified in the box at this item and complete an Interposed entity election or revocation 2008 for each interposed entity election specifying a day in the 2004-05 or later income year. Valid years are 1995 onwards. If the trustees of the trust have not made or are not making any interposed entity elections, leave this field blank. Interposed Entity Election Status- Earliest income year specified Trading stock election: The partnership or trust may elect to value an item of trading stock below the lowest value of cost, market selling value, or replacement value, because of obsolescence or any other special circumstances. The value it elects must be reasonable. If an election is made, set the field to TRUE otherwise set the field to FALSE. Trading stock election- Business and professional items Tax losses carried forward to later income years: Enter the undeducted amount of tax losses incurred by the trust that can be carried forward to a later income year. Net exempt income reduces a current year tax loss. If there is any excess exempt income, then the prior year tax losses will be reduced. Tax losses carried forward may be affected by the commercial debt forgiveness provisions. Do not include any net capital losses to be carried forward to later income years. Tax losses carried forward to later income years Net capital losses carried forward to later income years: Enter the total of any unapplied net capital losses from collectables and all other CGT events. This information is calculated or transferred from: - the CGT summary worksheet, or - the CGT schedule, if a schedule is required. If the trust is required to complete a losses schedule, the amount shown at Net capital losses carried forward to later income years in part A of that schedule must be the same as the amount shown on the trust tax return. Net capital losses carried forward to later income years Family Trust Election revocation - code: If applicable, enter the code indicating that the Family Trust Election is being revoked. Enter "R" for Revoked if the family trust election made by the trust is being revoked from a time in that income year, or the code "V" for Variation if the trustee is varying the specified individual of a previously made family trust election. Complete a Family trust election, revocation or variation form. Family trust election revocation/variation- code For managed investment trust, has the trustee made an election into capital account treatment?: Set the field to TRUE to indictae the trustee has made an election into capital account treatment. Otherwise set the field fo FALSE. If the trust is a managed investment trust, has the trustee made an election into capital account treatment?- Managed investment trusts Beneficiary (non resident) - s98(3) assessable amount: Enter the amount of net income of the trust on which the trustee is liable on behalf a non resident company or individual beneficiary under section 98. s98(3) assessable amount- Non-resident beneficiary additional information Beneficiary (non resident) - s98(4) assessable amount: Enter the amount of net income of the trust on which the trustee is liable on behalf a non resident trustee beneficiary under section 98. s98(4) assessable amount- Non-resident beneficiary additional information Share of credit for tax withheld from foreign resident withholding: Amounts may be withheld from some payments to specific recipients due to the operation of the foreign resident withholding measure. These payments relate to entertainment or sports activities, construction and related activities and casino gaming junket activities. Enter the trust's share of any foreign resident withholding credits received from other partnerships and/or trust. Ensure that this amount is included in the gross distribution amount at Distribution from partnerships, less foreign income or Distribution from trusts, less net capital gain and foreign income. Share of credit for tax withheld from foreign resident withholding Beneficiary share - Credit for tax withheld - foreign resident withholding: Enter each beneficiary's share of credit for tax withheld where income is subject to foreign resident withholding. Show whole dollars only. The total must equal the total amount of credit shown on the tax return. Credit for tax withheld-foreign resident withholding- Beneficiary share No beneficiary presently entitled - Credit for tax withheld - foreign resident withholding: Enter the share of credit for tax withheld where income is subject to foreign resident withholding to which no beneficiary is entitled . The total amount of shares on the distribution statement must equal the total amount of credit shown on the tax return. Credit for tax withheld - foreign resident withholding-No beneficiary presently entitled Credit for tax withheld - foreign resident withholding: Enter the total amount of tax withheld from payments subject to foreign resident withholding. Do not include any share of foreign resident withholding credits distributed to the trust from other partnerships and/or trusts. These are shown under partnership and trusts distribution. If a credit is claimed for tax withheld under foreign resident withholding, the corresponding gross payment must be shown under income Gross payments subject to foreign resident withholding. Credit for tax withheld- foreign resident withholding Income derived outside Australia to which no beneficiary is presently entitled: If the trust is a non-resident trust, enter the amount of income derived outside of Australia to which no beneficiary is presently entitled. Leave blank if applicable. Income derived outside Australia to which no beneficiary is presently entitled Transactions with specified countries: After considering the following questions set the field to TRUE for Yes or FALSE for No: Did you send any funds or property to, or receive any funds or property from any of the countries listed? This includes sending or receiving funds or property indirectly - for example, through another entity or country. Do you have the ability to control the disposition of any funds, property, investments, or any other assets located in any of the countries listed? This includes: a. funds or assets that may be located elsewhere but are controlled or managed from one of the countries listed, and b. where you have an expectation that you are able to control the disposition of the funds or assets, or you have the capacity to control the disposition indirectly - for example, through associates. This is a mandatory field. Were any funds or property sent to, or received from, a specified country? OR Does the fund have the ability or expectation to control the disposition of any funds, property, assets or investments located in or elsewhere, but controlled or managed from one of those countries? Industry code: Enter the appropriate industry code for the trust's main business. Refer to the taxonomy for the list of allowable codes. Code the business activity as accurately as possible. The industry code is made up of five digits. For example, if the industry is 'dairy cattle farming', the code on the tax return is shown as '01600'. An incorrect code may result in clients not receiving a necessary service or material from the Tax Office, or could lead to incorrect targeting of audits. The industry code provided is also used to publish industry benchmarks in Taxation statistics, available on our website. Industry code Type of trust: Enter the code from the table that best describes the type of trust for which the trust tax return is being lodged. The codes are: '059' for Deceased Estate, '090' for Fixed Trust - other than a fixed unit trust or public unit trust described in '089', '179', or '184', '112' for Hybrid Trust, '072' for Discretionary Trust - where the main source of income of the trust is from service and/or management activities, '077' for Discretionary Trust - where the main source of income of the trust is from trading activities, '071' for Discretionary Trust - where the main source of income of the trust is from investment activities, '039' for Cash Management Unit Trust, '089' for Fixed Unit Trust - other than a public unit trust described in '179' or '184', '179' for Public Unit Trust (listed) - other than a cash management unit trust, '184' for Public Unit Trust (unlisted) - other than a cash management unit trust. NEW CODE for Special Disability Trust This is a mandatory field. Type of trust- code Schedule A: A 3000-character free-text field to provide additional schedule related information that can't be provided on any other schedule Schedule A If beneficiary has no legal disability, the beneficiary will be assessed on their share of the franked distribution. Franked distributions - Beneficiary share No beneficiary is presently entitled to franked distribution. Franked distributions - No beneficiary presently entitled Net foreign income: Enter the amount of net income derived from foreign sources. This the gross amount less any deductions allowable to the trust against that income. Do not show a loss at this label. Net amount of Other assessable foreign source income, excluding income shown at Attributed foreign income Net Australian income or loss: Enter the amount of net income or loss relating to Australian income - that is, total Australian income minus total deductions. This is a mandatory field. Net Australian income or loss- excluding capital gains Net PP income or loss: Enter the net income or loss from primary production business. The net income or loss from business is total business income less total expenses incurred in producing that income, adjusted by any reconciliation items. Net Primary production income or loss- Australian business income and expenses Net non-PP income or loss: Enter the net income or loss from non-primary production business. The net income or loss is the total business income less total expenses incurred in producing that income, adjusted by any reconciliation items. Net Non-Primary production income or loss- Australian business income and expenses Under certain circumstances, the trustee may utilise a number of CGT exemptions and rollovers. Exemption or rollover code Under certain circumstances, the trustee may utilise a number of CGT exemptions and rollovers. Have you applied an exemption or rollover? PP - Assessable government industry payments: Enter the total amount of assessable government industry assistance. Medical practices should enter their Medicare payments at the Other business income field, not at the Assessable government industry payments field. Primary production- Assessable government industry payments- Australian business income Non PP - Assessable government industry payments: Enter the total amount of assessable government industry assistance. Examples are bounties, employee subsidies, export incentives grants, fuel grant under the energy grants credits scheme, fuel tax credits, industry restructure and adjustment payments, product stewardship (oil) benefit, producer rebate (wine equalisation tax). Non-primary production- Assessable government industry payments- Australian business income Total royalty expenses: Enter the total amount of royalty expenses for the income year. Include royalties paid to residents and non-residents. An amount of tax - withholding tax - is generally withheld from royalties paid or payable to non-residents and to overseas branches of residents. This must be remitted to the Tax Office. Royalties are payments made by a person (entity) for the use of rights owned by another person (entity). Total royalty expenses- Australian business expenses Gross rent: Enter the gross amount of rental income. This item cannot be a loss. Rental income includes booking or letting fees, bond moneys if the trust becomes entitled to retain them, any insurance payouts that compensate for lost or foregone rent and reimbursements from tenants of deductible expenses incurred. If the trust is registered for GST and GST is payable in relation to rental income, exclude the GST. Show rent from foreign sources at Other assessable foreign source income. Rent- Gross rent International dealings schedule must be completed where the answer = TRUE. Attributed foreign income- Did the entity have overseas branch operations or a direct or indirect interest in a foreign trust, controlled foreign company or transferor trust? Total adjustable values at end of income year Termination value of intangible depreciating assets: Enter the amount of termination value of intangible depreciating assets. If the Trust is a small business entity using the simplified depreciation rules, do not include an amount at this label. Otherwise, show the termination value of each intangible depreciating asset to which the UCA rules applied for which a balancing adjustment event occurred in the income year, - including assets allocated to a low-value pool. Do not show any consideration received during the income year for in-house software for which the Trust has allocated expenditure to a software development pool. A balancing adjustment event occurs if the Trust stops holding or using a depreciating asset or decides not to use it in the future - for example, assets sold. Generally, the termination value is the amount the Trust receives or is deemed to receive in relation to the balancing adjustment event. It also includes the market value of any non-cash benefits such as goods and services the Trust receives for the asset. For more information on balancing adjustment events, termination value, in-house software and software development pools, see the Tax Office publication Guide to depreciating assets. Termination value of intangible depreciating assets Termination value of other depreciating assets: Enter the amount of termination value of other depreciating assets. If the Trust is a small business entity using the simplified depreciation rules, do not include an amount at this label. Otherwise, show the termination value of each depreciating asset - other than intangible depreciating assets - for which a balancing adjustment event occurred in the income year, including assets allocated to a low-value pool. Do not show any consideration received during the income year for buildings or structures for which a deduction is available under the capital works provisions, assets used in research and development activities, or assets falling within the provisions relating to investments in Australian films. A balancing adjustment event occurs if the Trust stops holding or using a depreciating asset or decides not to use it in the future - for example, assets sold, lost or destroyed. Generally, the termination value is the amount the Trust receives or is deemed to receive in relation to the balancing adjustment event. It also includes the market value of any non-cash benefits such as goods and services the Trust receives for the asset. For more information on balancing adjustment events and termination value, see the Tax Office publication Guide to depreciating assets. Termination value of other depreciating assets Closing stock action code: Enter the code indicating the method used to value closing stock for income tax purposes. If you use more than one method, use the code for the method representing the greatest value. Allowable codes are: 'C' for Cost 'M' for Market selling value 'R' for Replacement value Closing stock action code- Business and professional items Did you recalculate the effective life for any of your assets this income year? Have you self-assessed the effective life of any of these assets? Enter the net expense-related reconciliation adjustments. The amounts included here fall into two classes that either increase or reduce the net adjustment that is, expense add backs - expenses shown in the accounts which are either not tax deductible or are only partly tax deductible, including timing adjustments. These items increase the total shown. Also expense subtractions - amounts not shown as expenses in the accounts but which are tax deductible, including timing adjustments. These items reduce the total amount shown Reconciliation items- Expense reconciliation adjustments- Australian business expenses The income of the trust estate for trust law purposes. It is the total distributable income of the trust being the amount that is legally available for distribution to trust beneficiaries in the income year. This calculation will depend largely on the terms of the trust and general trust law principles. You will therefore need to carefully consider the trust deed, the trust accounts and relevant resolutions to determine what the trust's distributable income is. If it's a loss or there is no income, the field should be populated with zero. Income of the trust estate The amount of income of the trust estate to which a beneficiary is presently entitled is determined and converted into a percentage of the total income of the trust estate that could have been distributed once the trustee's outgoings were taken into account. Unless the trust is subject to the streaming changes and has beneficiaries who are specifically entitled to amounts of capital gains or franked distributions, the beneficiary is generally assessed on that same percentage share of the whole of the trust's net income. Share of income of the trust estate - Beneficiary share Share of income of the trust estate - No beneficiary presently entitled PP - Assessable government industry payments - Code: If the PP Assessable government industry payments amount includes fuel tax credit or a product stewardship (oil) benefit, then enter 'D' here. Otherwise leave the field blank. Primary production- Assessable government industry payments Code- Australian business income Non PP - Assessable government industry payments - Code: If the Non-PP Assessable government industry payments amount includes fuel tax credit cleaner fuels grants or a product stewardship (oil) benefit, then enter 'D' here. Otherwise leave the field blank. Non-primary production- Assessable government industry payments Code- Australian business income National rental affordability scheme tax offset entitlement: Trustees entitled to the NRAS tax offset must show the entitlement at this item and at item 63 Statement of distribution. The amount of the entity's tax offset is the amount stated in the certificate issued by the Housing Secretary. However, if the Secretary issues the entity with an amended certificate under the National Rental Affordability Scheme Act 2008, the amount of the entity's tax offset is the amount stated in the amended assessment. National rental affordability scheme tax offset entitlement Beneficiary share - of National rental affordability scheme tax offset: A beneficiary is the name of a person who receives distributions from a trust. There are new reporting obligations for 2009 that apply to certain distributions to trustee beneficiaries of a closely held trust, within the meaning of the legislation. Failure to meet these reporting obligations may result in a liability for trustee beneficiary non-disclosure tax, currently imposed at a rate of 46.5%. If you are making a distribution to another trust (a trustee beneficiary) you should read all the information in Instruction appendix 12 before answering this question as these reporting obligations may apply to you. If you are not making a distribution to a trustee beneficiary or if after reading appendix 12 you do not meet the definition of a closely held trust then set the field to FALSE for No. Share of National rental affordability scheme tax offset- Beneficiary share No beneficiary presently entitled - Share of National rental affordability scheme tax offset: A non-beneficiary is where no beneficiary currently receives distributions from the trust. There are new reporting obligations that apply to certain distributions to trustee beneficiaries of a closely held trust, within the meaning of the legislation. Failure to meet these reporting obligations may result in a liability for trustee beneficiary non-disclosure tax, currently imposed at a rate of 46.5%. If you are making a distribution to another trust (a trustee beneficiary) you should read all the information in Instruction appendix 12 before answering this question as these reporting obligations may apply to you. If you are not making a distribution to a trustee beneficiary or if after reading appendix 12 you do not meet the definition of a closely held trust set the field to FALSE for No. Otherwise set the field to TRUE for Yes. Share of National rental affordability scheme tax offset- No beneficiary presently entitled Total salary and wage expenses action code: Enter the CODE that matches the description of the expense component where salary and wage expenses have been wholly or predominantly reported. - C = Included in the expense component of Cost of sales - A = Included in the expense component of All other expenses - B = Included in both the expense components of Cost of sales and All other expenses - O = Included in other than Cost of sales and/or All other expenses Total salary and wage expenses action code- Business and professional items Total salary and wage expenses: Enter the total salary, wages and other labour costs actually paid or payable to persons employed in the trust's business. However, exclude those costs for private domestic assistance or forming part of capital expenditure, as they are not deductible. These expenses include any salary and wage component of "Expenses, Cost of sales" that is, allowances, bonuses, casual labour, retainers and workers' compensation paid through the payroll. Include any salary or wages paid to an associated person, principal, agent, related entity and/or associate entity here and at "Payments to associated persons" Total salary and wage expenses- Business and professional items Beneficiary share - TFN amount withheld: Enter the amount of credit for amounts withheld from payments of interest, dividends and unit trust distributions by investment bodies because the recipient did not quote a fax file number (TFN) that has been distributed to a beneficiary. The total must equal the sum of TFN amounts withheld on interest, dividends and unit trust distributions at: - Share of credit for TFN amounts withheld from interest and dividends - TFN amounts withheld from gross interest, and - TFN amounts withheld from dividends. If the trust has no net income, the beneficiaries do not have a share of credit for the TFN amounts withheld. Instead, show the sum of the TFN amounts under Income to which no beneficiary is presently entitled. TFN amounts withheld- Beneficiary share No beneficiary presently entitled - TFN amount withheld: Enter the amount of credit for amounts withheld from payments of interest, dividends and unit trust distributions by investment bodies because the recipient did not quote a fax file number (TFN) to which no beneficiary is presently entitled. The total of shares on the distribution statement must equal the sum of TFN amounts withheld on interest, dividends and unit trust distributions at: - Share of credit for TFN amounts withheld from interest and dividends - TFN amounts withheld from gross interest, and - TFN amounts withheld from dividends. If the trust has no net income, the beneficiaries do not have a share of credit for the TFN amounts withheld. Instead, show the sum of the TFN amounts under Income to which no beneficiary is presently entitled. TFN amounts withheld- No beneficiary presently entitled The trust's deductions for its own expenses incurred in deriving its share of the franked distributions from trusts. Note post 2011 income year franked distributions and specific entitlements to these are generally dealt with under section 207 -55 and are calculated in accordance with a particular formula. Deductions relating to franked distributions from trusts Business premises test Employment test An individual or personal service entity will be treated as conducting a personal services business if at least one of the following four tests is satisfied: - The results test - The unrelated clients test - The employment test - The business premises test Do you hold a personal services business (PSB) determination in respect of any individual? An individual or personal services entity meets the results test in an ordinary year of income if, in relation to at least 75% of the entity's personal service income, the income is for "producing a result", the individual or entity is required to supply the plant and equiptment or tools of the trade needed to perform the work, and the individual or eneity is liable for the cost of rectifying and defect in the work performed. Did you satisfy the results test in respect of any individual? Unrelated clients test Total amount of Australian Government pensions and allowances: Enter the total amount of Australian Government pensions and allowances. This refers to all income from the following government payments: - parenting payment (partnered) - Newstart allowance - youth allowance - mature age allowance - partner allowance - sickness allowance - special benefit - widow allowance - austudy payment - exceptional circumstances relief payment or farm help income support - ABSTUDY living allowance and the taxpayer was 16 years or older - payment under the Veterans' Children Education Scheme and the taxpayer was 16 years or older - Training for Employment Program allowance; New Enterprise Incentive Scheme allowance; textile, clothing and footwear special allowance; Green Corps training allowance; or other taxable Commonwealth education or training payments - an income support component from a Community Development Employment Project (CDEP) - shown as 'CDEP Salary or Wages' on the taxpayer's PAYG payment summary - individual non business - a CDEP scheme participant supplement. Show the amount under other Australian income. If the total amount of other Australian income is a loss, enter L in the box at the right of the amount. Total amount of Australian Government pensions and allowances- Other Australian income Superannuation lump sum - beneficiary type: Enter the appropriate code to identify the type of death benefit payment. The codes are: T - payment made to trustee of the estate of the deceased O - payment made directly to a non-dependant of the deceased D - payment made directly to a dependant of the deceased This is a mandatory field and cannot be left blank. Beneficiary type- Superannuation lump sums Employment termination payment - beneficiary type (non-dependent): Enter the appropriate code to identify the type of death benefit payment. The codes are: T - payment made to trustee of the estate of the deceased O - payment made directly to a non-dependant of the deceased D - payment made directly to a non-dependant of the deceased This is a mandatory field and cannot be left blank. Beneficiary type (non-dependent)- Employment termination payments Employment termination payment - beneficiary type (dependent): Enter the appropriate code to identify the type of death benefit payment. The codes are: T - payment made to trustee of the estate of the deceased O - payment made directly to a non-dependant of the deceased D - payment made directly to a dependant of the deceased This is a mandatory field and cannot be left blank. Beneficiary type (dependent)- Employment termination payments Superannuation lump sum - death benefit indicator: Set the field to TRUE if an employment termination payment or superannuation lump sum was received resulting from a person's death. Otherwise set the field to FALSE. This is a mandatory field and cannot be left blank. Death benefit indicator- Superannuation lump sums Employment termination payment - death benefit indicator (non-dependent): Set the field to TRUE if an employment termination payment or superannuation lump sum was received resulting from a person's death. Otherwise set the field to FALSE. This is a mandatory field and cannot be left blank. Death benefit indicator (non-dependent)- Employment termination payments Employment termination payment - death benefit indicator (dependent): Set the field to TRUE if an employment termination payment or superannuation lump sum was received resulting from a person's death. Otherwise set the field to FALSE. This is a mandatory field and cannot be left blank. Death benefit indicator (dependent)- Employment termination payments Landcare and water facility tax offset brought forward from prior years: Enter the total of any landcare and water facility tax offsets carried forward and available to be applied in this income year. The landcare and water facility tax offset is a carry-forward, non-refundable tax offset. Taxpayers can carry forward indefinitely any excess tax offset, after liabilities are met, to use against future income tax liabilities. Before the tax offset can be applied in a later income year, it must be successively reduced by any unused net exempt income derived in the year the tax offset arose and any subsequent income year - providing the taxpayer has a taxable income that year. The tax offset is reduced by 30 cents for each dollar of net exempt income for 2000-01 and later income years. Landcare and water facility tax offset brought forward from prior years Does your income include an individual's personal services income?: If the income of the trust includes an individual's Personal Services Income, set the field to TRUE to indicate Yes. Otherwise set the field to FALSE. If TRUE, complete a PSI schedule. Personal services income (PSI) is income that is mainly a reward for an individual's personal efforts or skills (or would mainly be such a reward if it was derived by the individual). A trust may derive income which includes the PSI of one or more individuals. Examples of PSI include: - income for the services of a professional practitioner in a sole practice - income derived under a contract which is wholly or principally for the labour or services of an individual - income for the exercise of professional skills by a professional sportsperson or entertainer - income for the exercise of personal expertise by a consultant. PSI does not include income that is mainly: - for supplying or selling goods - for example, from retailing, wholesaling or manufacturing - generated by an income-producing asset - for example, from operating a bulldozer - for granting a right to use property - for example, the copyright to a computer program, or - generated by a business structure - for example, a large accounting firm. If the trust receives an individual's PSI other than in the course of conducting a personal services business and does not promptly pay it to the individual as salary or wages: - the net amount of PSI is attributed to the individual and is not assessable to the trust, and - certain related expenses are not deductible under the special rules. Expenses specifically denied include rent, mortgage interest, rates and land tax for the residence of individuals (or their associates, such as a spouse) whose efforts or skills mainly generate the PSI for the trust, the costs of a second private use car, and payments of salary or wages and superannuation for associates to the extent such payments relate to non-principal work. The denied expenses also include the total amount of the deductions allowed to the individual for a net personal services income loss. This is a mandatory field. Does your income include an individual's personal services income? PP - Share of net income from trusts: Enter the amount of primary production share of net income from other trusts. Include income to which the trust became presently entitled in the income year but has not yet received. This amount can be a negative number to indicate a loss. Primary production- Share of net income from trusts Non PP - share of net income from trusts less net capital gains, foreign income and franked distributions: Enter the amount of non-primary production share of net income from other trusts. Include any share of credit for tax withheld from foreign resident withholding that is attached to the distributions. (Also include the share of credit at Share of credit from foreign resident withholding) Include any share of credit for tax withheld from managed investment trust fund payments that is attached to the distribution. The share of credit should also be included at Share of credit for tax withheld from managed investment trust fund payments. Include income to which the partnership or trust became presently entitled in the income year but has not yet received. This amount can be a negative number to indicate a loss. Non-primary production- share of net income from trusts less net capital gain, foreign income and franked distributions The balancing adjustment for an assessable balancing adjustment (both assessable or deductible) is worked out under sec 40-285 ITAA1997. Deductible balancing adjustments on the disposal of intangible depreciating assets Small business entity simplified depreciation - Deduction for certain assets (costing less than $6,500) depreciation - deduction for certain assets. Only complete - Deduction for certain assets (costing less than $6,500) Deduction for certain assets - Small business entity simplified depreciation Small business entity simplified depreciation - Deduction for general small business pool assets: Enter the amount of small business entity simplified depreciation - deductions for general small business pool assets. Deduction for general small business pool assets - Small business entity simplified depreciation These are deductions incurred by the individual but is generally restricted to an amount that an employee would have claimed. Total amount of deductions against PSI included at expense labels The balancing adjustment for an assessable balancing adjustment (both assessable or deductible) is worked out under sec 40-285 ITAA1997. Assessable balancing adjustments on the disposal of intangible depreciating assets This is income for an individual's personal exertion, irrespective of the fact it was income of the trust. Total amount of PSI included at income labels Status of business: Enter the appropriate code to indicate the current stage in the business lifecycle and/or whether the trust trades as multiple businesses and show the appropriate description for the status of the business. The codes are: MultipleBusiness = Multiple business, or CeasedBusiness = Ceased business, or CommencedBusiness = Commenced business. Status of business Non-resident trust estate?: If Yes then set the field to TRUE, if No then set the field to FALSE. A trust is a non-resident of Australia if: - no trustee was resident in Australia, and - the central management and control of the trust was not in Australia at any time during the income year. This is a mandatory field. Is the trust a non-resident trust? Beneficiary - Assessment calculation code: Enter an assessment calculation code for each beneficiary if the beneficiary is presently entitled to a share of the income of the trust and also against income to which no beneficiary has an indefeasible vested interest. Assessment calculation codes and values: 11: Deceased Estate - resident under a legal disability 12: Deceased Estate - resident not under a legal disability 13: Deceased Estate - resident company 14: Deceased Estate - resident trustee 15: Deceased Estate - no beneficiary entitled and date of death < three years before the end of the income year 16: Deceased Estate - no beneficiary entitled and date of death => three years before the end of the income year 17: Deceased Estate - non-resident trust 25: Inter Vivos - resident - non-minor under legal disability 26: Inter Vivos - resident - minor - excepted income only 27: Inter Vivos - resident - minor - eligible income only 28: Inter Vivos - resident - minor - eligible and excepted income 29: Inter Vivos - resident - minor - multiple trusts 30: Inter Vivos - resident - not under legal disability 34: Inter Vivos - resident - a company 35: Inter Vivos - resident - a trustee 36: Inter Vivos - no beneficiary entitled 37: Inter Vivos - bankrupt estate or no beneficiary entitled and 99A(2) 41: Manual Calculation - S99A deceased estate 45: Inter Vivos - resident - special disability trust 51: Manual Calculation - other 111: Deceased Estate - non-resident under a legal disability 118: Deceased Estate - non-resident not under a legal disability 119: Deceased Estate - non-resident company 120: Deceased Estate - non-resident trustee 125: Inter Vivos - non-resident - non-minor under legal disability 126: Inter Vivos - non-resident - minor - excepted income only 127: Inter Vivos - non-resident - minor - eligible income only 128: Inter Vivos - non-resident - minor - eligible and expected income 129: Inter Vivos - non-resident - minor - mulitple trusts 138: Inter Vivos - non-resident - not under legal disability 139: Inter Vivos - non-resident - a company 140: Inter Vivos - non-resident - a trustee 145: Inter Vivos - non-resident - special disability trust Assessment calculation code of beneficiary No beneficiary presently entitled - Assessment calculation code: Enter an assessment calculation code indicating that no beneficiary is presently entitled to a share of this income or has an indefeasible vested interest. Assessment calculation codes used for income to which no beneficiary is presently entitled and in which no beneficiary has an indefeasible vested interest, and the trustee's share of credit for tax deducted. The codes are split into two categories - Inter Vivos Trusts and Deceased Estates. 11: Deceased Estate - resident under a legal disability 12: Deceased Estate - resident not under a legal disability 13: Deceased Estate - resident company 14: Deceased Estate - resident trustee 15: Deceased Estate - no beneficiary entitled and date of death < three years before the end of the income year 16: Deceased Estate - no beneficiary entitled and date of death => three years before the end of the income year 17: Deceased Estate - non-resident trust 25: Inter Vivos - resident - non-minor under legal disability 26: Inter Vivos - resident - minor - excepted income only 27: Inter Vivos - resident - minor - eligible income only 28: Inter Vivos - resident - minor - eligible and excepted income 29: Inter Vivos - resident - minor - multiple trusts 30: Inter Vivos - resident - not under legal disability 34: Inter Vivos - resident - a company 35: Inter Vivos - resident - a trustee 36: Inter Vivos - no beneficiary entitled 37: Inter Vivos - bankrupt estate or no beneficiary entitled and 99A(2) 41: Manual Calculation - S99A deceased estate 45: Inter Vivos - resident - special disability trust 51: Manual Calculation - other 111: Deceased Estate - non-resident under a legal disability 118: Deceased Estate - non-resident not under a legal disability 119: Deceased Estate - non-resident company 120: Deceased Estate - non-resident trustee 125: Inter Vivos - non-resident - non-minor under legal disability 126: Inter Vivos - non-resident - minor - excepted income only 127: Inter Vivos - non-resident - minor - eligible income only 128: Inter Vivos - non-resident - minor - eligible and expected income 129: Inter Vivos - non-resident - minor - multiple trusts 138: Inter Vivos - non-resident - not under legal disability 139: Inter Vivos - non-resident - a company 140: Inter Vivos - non-resident - a trustee 145: Inter Vivos - non-resident - special disability trust Assessment calculation code- No beneficiary presently entitled If you answered Yes for the question relating to the aggregate amount of the transactions with international parties, complete and attach an International dealings schedule for the relevant year. Overseas transactions- Was the aggregate amount of your transactions or dealings with international related parties (including the value of any property or service transferred or the balance of any loans) greater than $2 million? Insert an assessment calculation code for each beneficiary presently entitled to a share of the income of the trust (even those beneficiaries under a legal disability on whose behalf the trustee will be assessed), and also for income to which no beneficiary is presently entitled and in which no beneficiary has an indefeasible vested interest. Assessment calculation code The trustee of a resident trust may choose (if permitted by the trust deed) to be assessed on a capital gain of the trust. This is allowed provided no beneficiary has received any amount referable to the gain during the income year or within two months of the end of the income year. The choice must be made in respect of the whole capital gain. Note post 2011 income year franked distributions and specific entitlements to these are generally dealt with under section 115-227 and are calculated in accordance with a particular formula. Amount of capital gains on which the trustee has chosen to be assessed on behalf of beneficiaries If you answered Yes for the question relating to the thin capitalisation provisions, complete and attach an International dealings schedule for the relevant year. Did the thin capitalisation provisions affect you? TRTLodgeRequest [Abstract] MailRecipient SuperannuationLumpSumWithholdingPaymentDetails EmploymentTerminationPaymentDetails EmploymentTerminationPaymentDetails OtherAustralianIncome IndividualNonBusinessWithholdingPaymentDetails SuperannuationIncomeStreamWithholdingPaymentDetails LumpSumInArrears OtherDeductions StatementOfDistributionToBeneficiary AnnualTrusteePaymentReportInformation IncomeNoBeneficiaryPresentlyEntitled INT Primary Items [Abstract] RP Primary Items [Abstract] RP LowCost Primary Items [Abstract] RP GeneralPool Primary Items [Abstract] RP JFOREIGN Primary Items [Abstract] RP JFOREIGN CFCLC Primary Items [Abstract] RP JFOREIGN CFC404 Primary Items [Abstract] RP JFOREIGN CFCUC Primary Items [Abstract] RP JAUS Primary Items [Abstract] RP JAUS Prim Primary Items [Abstract] RP JAUS NonPrim Primary Items [Abstract] RP Closing Primary Items [Abstract] RP Opening Primary Items [Abstract] RP TOFA Primary Items [Abstract] RP Prim Primary Items [Abstract] RP NonPrim Primary Items [Abstract]