Show download pdf controls
  • AMIT tax schedule

    You must lodge at least one AMIT tax schedule with your tax return.

    An AMIT may make an irrevocable election to treat separate classes of interests in the trust as separate AMITs. If the trustee has chosen to apply separate AMIT treatment, you must complete one AMIT tax schedule for each class. For detailed instructions on the AMIT tax schedule, see Completing the AMIT tax schedule.

    Capital gains tax (CGT) schedule

    You must lodge a Capital gains tax (CGT) schedule 2020 with the AMIT's tax return if the AMIT’s total 2019–20:

    • capital gains are greater than $10,000, or
    • capital losses are greater than $10,000.

    CGT schedule for separate AMIT classes

    Multi-class AMITs electing for classes to be treated as separate AMITs must lodge a separate CGT schedule for each class of interest that has total capital gains or losses that exceeds the threshold amounts. Do not lodge a CGT schedule for the multi-class AMIT as a whole, even if in aggregate the total capital gains or losses of the AMIT meet the thresholds.

    The CGT schedule has fields to allow AMITs to separately identify the class to which the CGT schedule relates, and capture certain class-related CGT information. These new fields are described below.

    Name of AMIT class

    Enter the unique name and number for each separate AMIT class. This must match the name that you used on the AMIT tax schedule for that class. This ensures that each class can be easily identified.

    We recommend that the name and number of an AMIT class remain consistent in subsequent years, and that you avoid reusing the name if the class ceases.

    Example

    An AMIT has an Australian equities class and a foreign equities class which it elects to treat as separate AMITs. A separate AMIT tax schedule is prepared for each, showing the names of the AMIT classes as:

    1 – Australian equities class, and

    2 – Foreign equities class.

    A separate CGT schedule will also need to be completed for each of the AMIT classes provided that the AMIT class has a capital gain or loss greater than $10,000.

    End of example
    Total capital gains from transfers to other classes

    Complete this question if:

    • the trustee has answered Yes to separate AMIT classes, and
    • the trustee has transferred CGT assets between separate AMIT classes during 2019–20.

    Enter the amount of the total capital gains that arose for the AMIT class for the income year because of the transfer of CGT assets to other AMIT classes.

    If you have no total capital gains amount for the income year for these transfers, enter 0.

    Total capital losses from transfers to other classes

    Complete this question if:

    • the trustee has answered Yes to separate AMIT classes, and
    • the trustee has transferred CGT assets between separate AMIT classes during 2019–20.

    Enter the amount of the capital losses that arose for the AMIT class for 2019–20 because of the transfer of CGT assets to other AMIT classes.

    If you have no total capital loss amount for 2019–20 for these transfers, enter 0.

    See also:

      Last modified: 09 Sep 2020QC 62633