myTax 2019 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.

On this page

• Essentials
• Do not show at this section
• Completing this section
• More information

Essentials

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

Your share of net trust income

Your trustee should provide you with details about your share of the trust's net income or all of your trust entitlements. If you have not received a statement of distribution or advice from the trustee, contact your trustee.

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.

If you were entitled to an amount of trust income at 30 June 2019, you need to include your share of the net income of the trust in your 2018–19 tax return even if you did not receive an amount from the trust until after 30 June 2019.

If your trust income is from a managed fund, you should enter this information in the Managed funds section. In addition, other categories of income from a trust should be entered in different sections. For more information, see Do not show at this section.

If you have not shown your trust income in another section, you must show your share of the net income of a managed fund at the Business/sole trader, partnership and trust income section, including a cash management trust, money market trust, mortgage trust, unit trust or managed fund such as a property trust, share trust, equity trust, growth trust, imputation trust or balanced trust. If you are unsure whether you have invested in such a trust, check with your advisor or the entity in which you have invested.

Statement of distribution or advice from the trustee

A statement of distribution or advice from the trustee may show the following details in relation to your share trust net income for tax purposes:  

• the amount of any primary production income or loss and the amount of any non-primary production income or loss
• the amount of any franked distribution from a trust
• the amount of attributed foreign income and other foreign source income
• the amount of any income on which family trust distribution tax or trustee beneficiary non-disclosure tax has been paid
• that you are a chosen beneficiary if you are the beneficiary of a discretionary primary production trust that has made a loss
• your entitlement to any of the following credits or tax offsets
  • credit for amounts of tax withheld because the trust failed to quote its Australian business number
  • credit for amounts of tax withheld by the trustee of a closely held trust because you did not provide your TFN
  • credit for amounts of tax withheld due to the imposition of non-resident withholding tax or managed investment trust withholding tax from trust income you received when you were a resident
  • share of the 'national rental affordability scheme' tax offset
  • allowable franking credits from franked dividends
  • credit for tax file number amounts withheld
  • credit for tax paid by the trustee.

Other things to consider

If any of the following apply, also see Other things to consider:

• your trust income includes dividends with Australian franking credits from a New Zealand franking company
• your trust income is described as tax-free, tax deferred, tax exempted or a capital gains tax (CGT) concession
• you are a foreign resident who has received a fund payment from a managed trust on which tax was withheld
• you are the principal beneficiary of a special disability trust

Depreciation and capital expenses

You generally can't deduct spending on capital assets immediately; instead you claim the cost over time, reflecting the asset's depreciation (or decline in value). For more information, see Guide to depreciating assets.

You can use the Depreciation and capital allowances tool to work out any decline in value deduction as well as any deductible balancing adjustment when you stop holding a depreciating asset.

The tool can be accessed in the Deductions section on the Prepare return screen.

Do not show at this section

Do not show trust income from a managed fund at this section. You should 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)'.

Do not show the following income at this section or you may be taxed incorrectly:

• 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 instructed otherwise) or any distribution in relation to a foreign resident capital gains withholding credit. Show these in the Capital gains or losses section.
• Income from a public trading trust or a corporate unit trust. Show this in the Dividends section.
• 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 or 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 in the Offsets section.
• Share of credits for tax paid by the trustee if you are the principal beneficiary of a special disability trust. Show these in the Offsets section.

If you can't see these sections, use the Personalise return screen to select those sections that apply to you. For further help with personalising your return, see How to personalise your return.

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.
   • 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 the 'Use the depreciation and capital allowances tool' link.
   • 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.