Trust income and credits
You must show any income or credits you receive from any trust investment product on your tax return. This includes income or credits from a cash management trust, money market trust, mortgage trust, unit trust or managed fund such as a property trust, share trust, equity trust, growth trust, imputation trust or balanced trust. If you're unsure whether your trust investment product is one of these types of trusts, check with the trustee.
On your tax return, show:
- income and capital gains from a trust (including a managed fund)
- your share of a national rental affordability scheme tax offset.
You can also claim credits for tax:
- paid on or withheld from trust income
- withheld from fund payments from a managed investment trust
- withheld from trust income subject to foreign resident withholding
- withheld from trust income subject to non-resident withholding tax, if you were in fact a resident.
And you can claim a deduction for:
- an interest in a trust that made a loss from primary production activities.
Amounts in your trust distribution described as being tax-free, tax-deferred or tax-exempted, or as a capital gains tax (CGT) concession, are likely to be non-assessable payments that you do not have to declare as income. However, they may be relevant in determining the amount of a net capital gain or may affect the cost base of your unit or trust interest.
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New Zealand company - Australian franking credits
If you've received a distribution from a trust that includes a dividend with Australian franking credits from a New Zealand company, you may be eligible to claim the Australian franking credits (but you can't claim New Zealand imputation credits).
Sections within Managed investment trusts
Last Modified: Tuesday, 27 November 2012