Lodging an AMIT tax return
AMIT tax returns can only be lodged electronically.
For AMITs with an income year ending on 30 June, the AMIT income tax return is due to be lodged on or before 31 October 2016. The Commissioner may allow later lodgment dates in certain circumstances, see Due dates for lodging and paying.
If an AMIT has derived income, irrespective of the amount of income derived, an AMIT will have to lodge a return unless exempted by the Commissioner.
Trustees of trusts that are a trading trust within the meaning of Division 6C of the ITAA 1936 (or that otherwise carry on or control a trading business within the meaning of Division 6C) do not qualify to be an AMIT and do not complete this income tax return.
Trustees of trusts that satisfy the conditions of section 102J (corporate unit trusts) or section 102P (public trading trusts) of the ITAA 1936 in an income year are subject to the company tax arrangements and must lodge company tax returns.
Note: The repeal of Division 6B (including section 102J) applies for income years starting on or after 1 July 2016.
Lodging schedules with the AMIT return
The following schedules can be lodged with the AMIT tax return:
Do not lodge other schedules with your tax return unless instructed. Keep any other schedules or documents with the AMIT’s tax records.
Ceasing to be an AMIT
A trust that was an AMIT for an income year that is not eligible to be an AMIT in a later income year, ceases to be an AMIT in that later income year. In that case, the trust must lodge a trust tax return for that later income year, or if Division 6C applies, a company tax return for that later income year.
A trust that ceases to be an AMIT may be required to lodge an AMIT tax schedule with the trust return for an income year.
If you cease to be an AMIT, do not lodge an AMIT tax return.
Annual investment income reporting
Managed investment trusts, including AMITs, are required under subsection 393-10 of the Taxation Administration Act 1953 (the TAA) to lodge an Annual investment income report if they made distributions to unit holders during the year. The report requires details of distributions, including amounts attributed and the names of the payees. For more information, phone 132866.
Completing the tax return
This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.
End of attention
Tax file number (TFN)
Enter the TFN of the AMIT.
Name of trust
The AMIT name should be consistent from year to year. If the AMIT name is legally changed, you must advise us by updating your details at the time the change is made.
Australian business number (ABN)
Enter the ABN of the AMIT if the AMIT is registered on the Australian Business Register.
Enter on the AMIT tax return the following:
- Previous name of AMIT
- Current postal address
- Postal address on previous tax return.
C/– is the preferred format for ‘care of’.
Full name of the trustee to whom notices should be sent
If the trustee is a company, enter the name and ABN of the company. If the trustee is an individual, enter the surname or family name and given names of the trustee to whom notices should be sent.
Daytime contact phone number
Provide a phone number that the trustee can be contacted on during business hours.