• Entrepreneurs tax offset information

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    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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    Share of net small business entity income M

    Show each beneficiary's share of net small business entity income.

    This is worked out by multiplying the trust's net small business entity income by the beneficiary's percentage share of the trust income.

    You will need to advise a beneficiary of the trust's aggregated turnover for the year to assist them in working out their entitlement to the entrepreneurs tax offset.

    If there is trust income to which no beneficiary is presently entitled, show that share of the trust's small business entity income at M under Income to which no beneficiary is presently entitled at the end of item 65.

    If the trustee is assessable on a part of the net income under section 99 or 99A, multiply the trust's net small business entity income by the percentage of the trust's total distributable income to which no beneficiary was presently entitled and record the result at M under Income to which no beneficiary is presently entitled at the end of item 65.

    The total of all the label M amounts for each completed statement of distribution must equal the amount of net small business entity income shown at ENet small business entity income item 61 on the trust tax return.

    Last modified: 13 Aug 2014QC 28037