If you received, or were entitled to, a share of the income of a trust, you must show your share of the trust's net income (for tax purposes) at this section. If your trust income is from a managed fund, you can enter this information in the Managed funds section. If you can't see it go to the Personalise return screen and select the following:
- 'You had Australian interest or other Australian income or losses from investments or property'.
- 'Managed fund distributions (including where distribution has capital gains and foreign income)'.
The amount of your share of the trust's net income (for tax purposes) may be different from the actual distribution which you receive or are entitled to receive from the trust. Your trustee should provide you with details of your share of the trust's net income in your trusts statement of distribution or advice. If you have not been advised about your share of the trust's net income, contact your trustee.
If you have received, or are entitled to, an amount of income from a trust which includes a dividend with Australian franking credits from a New Zealand franking company, you may be eligible to claim Australian franking credits.
If you were entitled to an amount of trust income at 30 June 2017, you need to include your share of the net income of the trust in your 2016–17 tax return even if you did not receive an amount from the trust until after 30 June 2017. If you have not been advised about all of your trust entitlements, contact your trustee.
Do not show at this item:
- attributed foreign income from a trust (unless instructed otherwise), show this at Foreign entities in the Foreign income, assets and entities section
- any other foreign source income from a trust (unless instructed otherwise), show this at Other foreign income in the Foreign income, assets and entities section
- a capital gain from a trust (unless otherwise instructed) or any distribution in relation to a foreign resident capital gains withholding credit, show these at the Capital gains or losses section
- income from a public trading trust or a corporate unit trust, show this at the Dividends section
- that part of a distribution which relates to an amount of trust income on which family trust distribution tax has been paid, show this at Amount on which family trust distribution tax has been paid
- that part of a distribution which relates to an amount of trust income on which trustee beneficiary non-disclosure tax has been paid
- your entitlement to an early stage venture capital limited partnership (ESVCLP) tax offset or early stage investor tax offset as a beneficiary of a trust, show these at the Offsets section.
If you can't see the Foreign entities, Other foreign income, Capital gains or losses, Dividends, Amount on which family trust distribution tax has been paid or Offsets section, go to Personalise return screen and select the following:
For Foreign entities
- 'You had foreign income'
- 'Foreign entities'.
For Other foreign income
- 'You had foreign income'
- 'Other foreign income'.
For Capital gains or losses
- 'You had Australian interest, or other Australian income or losses from investments or property'
- 'Capital gains or losses that are not from a managed fund'.
For Dividends
- 'You had Australian interest, or other Australian income or losses from investments or property'
- 'Dividends'.
For Amount on which family trust distribution tax has been paid
- 'You are claiming tax offsets, adjustments or a credit for early payment'
- 'Amount on which family trust distribution tax has been paid'.
For Offsets
- 'You are claiming tax offsets, adjustments or a credit for early payment'
- 'Other tax offsets'
You may need to see Partnerships and trusts to complete this section. It contains information about:
- trust losses
- trust income or loss (including exception for primary producers)
- completing your claim for income averaging
- deductions that relate to trust amounts you have received
- landcare operations, water facilities, fencing assets or fodder storage assets
- share of credits from trusts
- professional income
- franking credits
- qualified persons.
Depreciation and capital allowances tool
You can use the Depreciation and capital allowances tool to work out any deductible decline in value. To access the tool, select the 'Work it out' link in the Deductions section on the Prepare return screen.
Completing this section
You will need:
- a statement of distribution or advice from the trustee showing details in relation to your share of trust net income for tax purposes
- details of any deductions you can claim against your share of the trust's net income that has not already been claimed by the trust.
- Select Net trust income to expand the section.
- Add up your share of trust Primary production income and deductions, and enter the total in the corresponding fields.
- Add up your share of trust Non-primary production income and deductions, and enter the total in the corresponding fields.
Note: If you used the Depreciation and capital allowances tool, fields containing information from the tool cannot be directly adjusted in myTax. To make any adjustments to this information, or to add new assets to the tool, select Work it out. - Add up your trust Share of credits from income and tax offsets, and enter the total in the corresponding fields.
If you enter an amount at Tax paid by trustee, you will need to:- select the Situation
- enter the Share of income
- enter the Tax credits.
- Select Save.
- Select Save and continue.