This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.
End of attention
Final tax return
Answer Yes or No as appropriate.
If you do not expect to lodge further AMIT tax returns, enter 'Final trust tax return' in the Additional Information field and explain:
- the reason that further tax returns will not be lodged, and
- the manner of disposal of any assets of the AMIT, if not disclosed elsewhere on the tax return.
Account for electronic funds transfer (EFT)
We need your financial institution details to pay any refund owing to you, even if you have provided them to us before.
- bank state branch (BSB) number; this six-digit number identifies the financial institution (do not include spaces or hyphens)
- account number; this number should not have more than nine characters (do not include spaces)
- account name; your account name should be as shown on your bank account records. It should include spaces between each word and between initials. If your account name exceeds 32 characters, provide the first 32 characters only.
Description of main business activity
Describe as accurately as possible the business activity from which the AMIT derived most of its gross income, for example, investing in shares and stocks or investing in residential property. Do not use general descriptions such as investing.
Show the appropriate industry code for the AMIT’s main business. Use the Business industry code tool to search by the business activity description to find the correct code.
The industry code is made up of five digits. For example, if the industry is ‘commercial non-residential property investment’, the code to show on the tax return is 67120.
An incorrect code may result in:
- you not receiving a necessary service or material from us
- us incorrectly targeting audits.
The industry code provided is also used to publish industry benchmarks in taxation statistics.
The industry coding regime we use is a modified version of the Australian and New Zealand Standard Industrial Classification (ANZSIC), produced jointly by the Australian Bureau of Statistics (ABS) and Statistics New Zealand.
Credit for interest on early payments – amount of interest
Early payment interest is only due if you pay the tax more than 14 days before the due date of payment.
Date of payment is the date:
- shown on the receipt from us or the post office, or
- the payment is posted to us, plus three days, or
- shown on the taxpayer’s bank statement where payment is made through direct debit, that is, electronic funds transfer (EFT).
Enter only the interest amount (of 50 cents or more) that you calculated; do not show the actual payments you made.
Amounts that may attract early payment interest include payments of:
- income tax (including Medicare levy)
- a shortfall interest charge.
Amounts that are not directly paid but are reduced by crediting or applying an amount do not attract early payment interest. These amounts include:
- credit for instalments payable under the PAYG instalment regime
- credit for amounts withheld from withholding payments under the PAYG withholding regime
- an overpayment of other income tax liabilities
- a running balance account (RBA) surplus
- any other credit entitlement arising under a taxation law.
Early payment interest is also not payable on:
- any component of the payment that exceeds the amount due
- an amount for any period during which that amount also attracts interest on overpayment.
Where the trustee of an AMIT is liable to pay tax, we calculate early payment interest from the later of:
- the date of issue of the notice notifying the amount of tax or interest
- the date the early payment is made.
Interest is payable up to the due date for payment, but only on the amount of payment up to the value of the debt.
When we refund an amount that you paid before the day it became due, we do not pay interest on the amount for any period after the day we refund it.
Table 5 Interest rates for early payments calculation
Interest rate (p.a.)
1 July 2019 to 30 September 2019
1 October 2019 to 31 December 2019
1 January 2020 to 31 March 2020
1 April 2020 to 30 June 2020
If the early payment extends over two or more interest periods, calculate the interest for the number of days in each period.
Interest is calculated as follows:
Interest = (number of days ÷ 365) × amount of payment × interest rate for period
Note: (number of days ÷ 366) for a leap year.
Keep a record of the amount of early payment interest claimed. This interest is assessable as income in the income year it is paid or credited against another liability.