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  • myTax 2018 Trusts

    Complete this section if:

    • you received, or were entitled to:
      • income from a trust
      • a credit for amounts of tax paid on, or amounts withheld from, trust income
      • a share of the 'national rental affordability scheme' tax offset, or
       
    • you had an interest in a trust that made a loss from primary production.

    For further help about this section, use the left hand side table of contents.

    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.

    See also:

    Depreciation and capital allowances tool

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    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
      If you think that any details are wrong or are missing from the statement of distribution or advice you received from the trust, contact the trustee.
    • 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.
    1. Select Net trust income to expand the section.
    2. Add up your share of trust Primary production income and deductions, and enter the total in the corresponding fields.
    3. 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.

      MyTax will automatically calculate the Net primary production and Net non-primary production amounts.
      If the trust income includes professional income you must also include this in the Other income section. For more information, see Professional income.
    4. Add up your trust Share of credits from income and tax offsets, and enter the total in the corresponding fields. For more information, see Share of credits from income and tax offsets.
      If you enter an amount at Tax paid by trustee, you will need to:  
      • select the Situation
      • enter the Share of income and Tax credits.
      • For more information, see Tax paid by trustee.

       
    5. Select Save.
    6. Select Save and continue.

    Note:

    You may be entitled to the small business income tax offset if either of the following apply:

    • your share of net income included a share of net small business income
    • you had a farm management repayment or other amount you received as a beneficiary in a small business entity.

    Tax tip

    Keep a record of each share of net income from a trust with your other records.

    You need the following information:

    • name and tax file number of the trust
    • amount and source of each share of net income from a trust
    • amount of any taxable professional income
    • amount and type of deductions claimed, and
    • amount and type of any share of credits.
      Last modified: 28 Jun 2018QC 55618