• What are the exceptions for trusts?

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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    We have noticed the following two types of trust income distributions being incorrectly reported at item 13.

    Where a trust distribution includes a capital gain - record this amount at item 18 of the individual return.

    TaxPack supplement 2011: item 18

    Where your client is an individual beneficiary and a trust distributes non-primary production foreign income to them - declare this income at the foreign income labels of the tax return at item 20.

    TaxPack supplement 2011: item 20

    Attention

    A partnership does not own assets for capital gains tax purposes. Each partner owns a proportion of each asset and must include their share of the capital gain or capital loss in their individual return at item 18.

    End of attention
    Further Information

    For more information, refer to:

    End of further information
    Last modified: 13 Oct 2011QC 25050