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Instructions to complete the trust tax return

Last updated 25 May 2022

Instructions for how to complete the Trust tax return 2022.

Trust information
Instructions to complete the information that identifies the trust in the tax return.

Family trust election status and interposed entity election status
Instructions to complete family trust or interposed entity election, trust type, CCIV referable shares and MIT details.

Business description and status – items 1 to 2
Instructions to complete items 1 to 2 in the tax return that relate to the trusts business description and status.

Income excluding foreign income – items 5 to 15Instructions to complete items 5 to 15 business income and expenses – excluding foreign income.

Deductions – items 16 to 20Instructions to complete items 16 to 20 in the tax return relating to deductions for the trust.

Capital gains – item 21
Instructions to complete item 21 in the tax return relating to capital gains for the trust.

Foreign income – items 22 to 24
Instructions to complete items 22 to 24 in the tax return relating to foreign income of the trust.

Tax losses deducted – item 25
Instructions to complete item 25 in the tax return relating to tax losses of the trust.

Total net income or loss – item 26
Instruction to complete item 26 total net income or loss in the tax return for the trust.

Losses information – item 27
Instructions to complete item 27 in the tax return, losses information for the trust.

Landcare and water facility tax offset – item 28
Instructions to complete item 28 in the tax return to claim the landcare and water facility tax offset for the trust.

Overseas transactions – item 29
Instructions to complete item 29 in the tax return relating to overseas transactions for the trust.

Personal services income – item 30
Instructions to complete item 30 in the tax return relating to personal services income for individuals in the trust.

Taxation of financial arrangements – item 31
Instructions to complete item 31 in the tax return relating to taxation of financial arrangements (TOFA) for the trust.

Non-concessional MIT income – item 32
Instructions to complete item 32 in the tax return relating to non-concessional managed investment trust (MIT) income.

Key financial information – items 33 to 36
Instructions to complete items 33 to 36 in the tax return relating to key financial information for the trust.

Business and professional items – items 37 to 51
Instructions to complete items 37 to 51 in the tax return relating to business and professional items for the trust.

Tax offsets – items 52 to 54
Instructions to complete items 52 to 54 in the tax return relating to tax offsets for the trust.

Medicare levy reduction or exemption – item 55
Instructions to complete item 55 in the tax return relating to the Medicare levy reduction or exemption of the trustee.

Income of the trust estate – item 56
Instructions to complete item 56 in the tax return relating to income of the trust estate.

Statement of distribution – item 57
Instructions to complete item 57 in the tax return, statement of distribution to beneficiaries of the trust.

Trustee choice, beneficiaries and non resident trust – items 58 to 60
Instructions to complete items 58 to 60 in the tax return for the trust.

Declarations
Instructions for how to complete the declarations on the Trust tax return.

QC99037