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  • Appendix 12: Trust assessment codes

    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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    Table 13.1

    INTER VIVOS TRUSTS, including discretionary trusts

    Assessment codes

    Resident beneficiary

    Non-resident beneficiary

    The beneficiary is presently entitled to a share of the income of the trust and is:

     

    • over 18 years of age and under a legal disability or an excepted person

     

    25*

    125*

    • a prescribed person receiving excepted income only

     

    26*

    126*

    • a prescribed person receiving eligible income only

     

    27*

    127*

    • a prescribed person receiving excepted and eligible income only

     

    28*

    128*

    • a prescribed person receiving eligible income from more than one trust

     

    29*

    129*

    • not under any legal disability

     

    30

    138*

    • a company

     

    34

    139*

    • a trustee

     

    35

    140**

    • the principal beneficiary of a special disability trust

     

    45*

    145*

    No beneficiary is presently entitled to a share of the income of the trust and is:

     

    • a resident or non-resident trust where no beneficiary is presently entitled to income

     

    36*#

     

    • a bankrupt estate

     

    37*

     

    • a resident or non-resident trust where no beneficiary is presently entitled to income and to which subsection 99A(2) of the ITAA 1936 is to be applied.

     

    37* #

     

    Deceased estate

    Assessment codes

    Resident beneficiary

    Non-resident beneficiary

    The beneficiary is presently entitled to a share of the income of the trust and is:

     

    • under a legal disability

     

    11*

    111*

    • not under a legal disability

     

    12

    118*

    • a company

     

    13

    119*

    • a trustee

     

    14

    120**

    No beneficiary is presently entitled to a share of the income of the trust and:

     

    • the deceased person died less than three years before the end of the income year

     

    15* #

     

    • the deceased person died more than three years before the end of the income year

     

    16* #

     

    • it is a non-resident trust

     

    17*

     

    * Tax assessable to the trustee

    **Codes 120 and 140 apply if the beneficiary of the trust is a non-resident trustee.

    # Use these codes, as appropriate, where the resident trustee is making a choice to be assessed to a capital gain or gains on behalf of a beneficiary or beneficiaries at item 55.

    If you have used codes 35 or 140 (inter vivos trusts) or 14 or 120 (deceased estates) you may be required to complete a TB statement, see appendix 11.

    Last modified: 12 Feb 2019QC 44346