Trust tax return instructions 2022

Appendix 12: Trust assessment codes

Warning:

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

End of attention

Table 12.1: Inter-vivos trusts, including discretionary trusts and testamentary trusts – Part 1
The beneficiary is presently entitled to a share of the income of the trust and is:	Resident beneficiary assessment code	Non-resident beneficiary assessment code
over 18 years of age and under a legal disability or an excepted person	25 (see Note 1)	125 (see Note 1)
a prescribed person receiving excepted income only	26 (see Note 1)	126 (see Note 1)
a prescribed person receiving eligible income only	27 (see Note 1)	127 (see Note 1)
a prescribed person receiving excepted and eligible income only	28 (see Note 1)	128 (see Note 1)
a prescribed person receiving eligible income (or eligible and excepted income) from more than one trust	29 (see Note 1)	129 (see Note 1)
not under any legal disability note a minor is not under a legal disability where the trustee has deposited an amount in an FMD in the beneficiary's name out of the eligible trust distribution	30	138 (see Note 1)
a company (that is a base rate entity)	34	134 (see Note 1 and Note 4)
a company (that is not a base rate entity)	34	139 (see Note 1)
a trustee	35	140 (see Note 2)
the principal beneficiary of a special disability trust	45 (see Note 1)	145 (see Note 1)

Table 12.2: Inter-vivos trusts, including discretionary trusts, and testamentary trust – Part 2
No beneficiary is presently entitled to a share of the income of the trust and is:	Resident beneficiary assessment code	Non-resident beneficiary assessment code
a resident or non-resident trust where no beneficiary is presently entitled to income	36 (see Note 1 and Note 3)	-
a bankrupt estate	37 (see Note 1)	-
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 (see Note 1 and Note 3)	-

Table 12.3: Deceased estate – Part 1
The beneficiary is presently entitled to a share of the income of the trust and is:	Resident beneficiary assessment codes	Non-resident beneficiary assessment codes
under a legal disability	11 (see Note 1)	111 (see Note 1)
not under a legal disability	12	118 (see Note 1)
a company (that is not a base rate entity)	13	119 (see Note 1)
a company (that is a base rate entity)	13	134 (see Note 1 and Note 4)
a trustee	14	120 (see Note 2)

Table 12.4: Deceased estate – Part 2
No beneficiary is presently entitled to a share of the income of the trust and:	Resident beneficiary assessment codes	Non-resident beneficiary assessment codes
the deceased person died less than three years before the end of the income year	15 (see Note 1 and Note 3)	-
the deceased person died more than three years before the end of the income year	16 (see Note 1 and Note 3)	-
it is a non-resident trust	17 (see Note 1)	-

Note 1: Tax assessable to the trustee

Note 2: Codes 120 and 140 apply if the beneficiary of the trust is a non-resident trustee.

Note 3: 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 58 Choice for resident trustee to be assessed to capital gains on behalf of beneficiaries.

Note 4: A lower company tax rate may apply in respect of beneficiary companies that are a base rate entity. For more information, see Changes to company tax rates.

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.

Return to

Appendixes
Schedules
Instructions to complete the tax return

Last modified: 26 May 2022QC 68031