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  • Partnership, trust or managed fund distribution letters

    We may send you a letter if we are advised by a partnership, trust or managed fund that you were a beneficiary and paid a distribution and this doesn't match the amount you declared in your tax return.

    The letter will include a schedule that compares the details you declared in your tax return with the information we have.

    If you have a myGov account that is linked to ATO online services, we’ll send the letter to your myGov Inbox titled: We have found an error in your income tax return.

    If you don’t have a myGov account, we’ll send the letter to the most recent postal address we have for you.

    On this page:

    What you need to do

    Review the schedule and compare the information it contains with your records. You can then determine if you agree or disagree with the amended details.

    If you have a question, phone us on 1300 768 912 and select option 3 between 8.00am and 6.00pm, Monday to Friday. Quote the reference number found at the top right of your letter when you contact us.

    If the income has been declared in an associated tax return (for example, a superannuation fund), you need to advise us of the TFN and distributions shown on that tax return.

    Ask the entity to record that TFN on their records. This will assist us to match the distributions to the correct tax return in future years.

    Find out about:

    Distributions schedule – sample

    Below is a sample distributions schedule for the year ended 30 June <CCYY>. Keep in mind that your schedule will contain the relevant information from your tax return compared with information we hold and may not look exactly the same. Use the definitions to help understand your schedule.

    Table 1: Reported income statement summary

    Income difference ($)

    Overclaimed amount ($)

    Penalty rate on the extra tax owing (%)

    $1,200

    $0

    $0

    Table 2: Breakdown of dividends or income as reported by third parties

    Source of income or credit

    Income
    type

    Account number or
    Payer ABN

    Income
    amount ($)

    Credit
    amount ($)

    ABCD Invest Trust

    TNI

    12345678A9/1

    $1,200

    $0

    Note:

    • /I at the end of the account number represents trust units held individually.
    • /J at the end of the account number represents trust units held jointly, and this is your share of the unit trust distribution.

    Schedule definitions

    The following definitions will help you understand your schedule:

    • Income difference – the amount of income not declared in your tax return.
    • Penalty rate on the extra tax owing – the penalty rate that applies to the extra tax owing.
    • Available credit – the amount of credit you have not claimed which is available to you.
    • Overclaimed credit – the amount of credit you claimed which is above the total credit available to you.
    • Source of income orcredit – each source of partnership, trust or managed fund distribution income paid to you, as reported to us.
    • Income or credit type – a three-digit code indicating the type of income or credit you received. The reverse side of your schedule provides an explanation of each code.
    • Account number orPayer ABN – the account number or payer ABN for each source of distribution income reported to us.
    • Income amount – the income amount reported to us.
    • Credit amount – the credit amount reported to us.

    If you agree

    If you agree with our information you don’t need to do anything. We'll send you an amended notice of assessment 28 days after the date shown on your letter. If you have a myGov account linked to ATO online services, your amended notice will be sent to your myGov inbox.

    Once you receive your amended notice of assessment you'll need to pay any amounts you owe us by the due date.

    If you disagree

    If you disagree with the details reported, you need to let us know before the due date noted on your letter. You can contact us by either:

    Be aware that the internet is not a secure environment. We don't control the path of inbound and outbound emails. If you choose to communicate with us by email the privacy of your personal information can't be guaranteed.

    Once we've assessed your response, you'll receive an amended notice of assessment. The case officer reviewing your supporting documents may contact you if we require additional information.

    Supporting documents

    If you disagree with information contained in the letter from us about your partnership, trust or managed fund distributions, we may ask you to provide the following supporting documents:

    • a copy of your annual tax statement confirming the correct details
    • a financial statement or breakdown from the other entity, showing the distributed amount
    • a letter from your financial institution confirming the total distributions paid in the financial year or correct account holder.
    Last modified: 22 Feb 2021QC 43495