Assessable income of the CCIV sub-fund trust
This section includes:
Characters
You must show, on an aggregated basis, how you worked out your determined trust components for the listed categories of character. These are the amounts you used as the basis for attribution to your members.
You must show total amounts for characters grouped by their relationship to:
- assessable income (excluding capital gains)
- assessable income (capital gains)
- exempt income
- non-assessable non-exempt (NANE) income
- a tax offset.
See, section 995-1 of the ITAA 1997 for the meanings of assessable income, exempt income, non-assessable non-exempt income and tax offset.
Income – other than capital gains
Write the income amounts in the relevant fields.
Assessable income
Write the assessable income for trust components of a non-CGT assessable income character (non-CGT assessable characters).
Don't include any amount relating to Non-concessional MIT income (NCMI) or Excluded from NCMI at this label as these amounts are included at the NCMI, Excluded from NCMI (other than build to rent) and BTR excluded from NCMI – non primary production labels and form part of Total Assessable Income.
Don't include amounts relating to your net capital gain for the income year. Report the amounts relating to your net capital gain (if any) separately.
Direct deductions
Your direct deductions are allowable deductions for 2024–25 that directly related to deriving the assessable income of the non-CGT assessable character.
Don't include amounts such as general fund management and administration expenses or other overheads that have only an indirect relationship with the assessable income of the non-CGT assessable income characters.
Other deductions
Your other deductions are allowable deductions for 2024–25 that had an indirect relationship to deriving the assessable income of the non-CGT assessable characters, but were allocated against that income on a reasonable basis in working out the relevant trust components.
Non-concessional MIT income (NCMI)
Subject to certain exceptions, an amount of a fund payment will be NCMI if it is attributable to income that is either:
- MIT cross staple arrangement income
- MIT trading trust income
- MIT residential housing income
- MIT agricultural income.
Write the total amount of income other than capital gains that are NCMI. NCMI is included in the calculation of Total Assessable Income.
Excluded from NCMI (other than build to rent)
Write the total amount of assessable income other than capital gains that are Excluded from NCMI (other than build to rent).
Include amounts that are attributable to income that would be NCMI but for:
- an approved economic infrastructure facility (see section 12-437 of Schedule 1 to the TAA)
- transitional – MIT cross staple arrangement income (see section 12-440 of Schedule 1 to the TAA)
- transitional – MIT trading trust income (see section 12-447 of Schedule 1 to the TAA)
- transitional – MIT residential housing income (see section 12-451 of Schedule 1 to the TAA)
- transitional – MIT agricultural income (see section 12-449 of Schedule 1 to the TAA).
Do not include amounts here that are amounts that are attributable to income referable to an active build to rent development.
The Excluded from NCMI (other than build to rent) label is not included in assessable income but is included in the calculation of Total Assessable Income.
BTR excluded from NCMI – non primary production
If you answered B for BTR MIT at MIT type you must answer this question. Write the total amount of assessable income other than capital gains that are BTR excluded from NCMI – non primary production.
Include amounts that are attributable to income referable to an active build to rent development.
The BTR excluded from NCMI – non primary production label is not included in assessable income but is included in the calculation of Total Assessable Income.
Trust components
Write the total amount of your trust components of the non-CGT assessable income characters worked out under Subdivision 276-E of the ITAA 1997. This is the amount of the trust component after you have allocated deductions, but before making any adjustments for unders, overs or rounding adjustments.
Under 276-265(3) of the ITAA 1997, if the total of your assessable income for the income year didn't exceed the total of your deductions, each trust component would be NIL and you would write zero (0) at both assessable income trust component labels.
For the rules to work out trust components, see:
- section 276-260 of the ITAA 1997
- Law Companion Ruling LCR 2015/8 Attribution Managed Investment Trusts: the rules for working out trust components – allocation of deductions.
Total unders
Write the total amount of unders (worked out under section 276-345) discovered in the income year relating to the non-CGT assessable income characters.
Total overs
Write the total amount of overs (worked out under section 276-345) discovered in the income year relating to the non-CGT assessable income characters.
Determined trust components
Write the total amount of your determined trust components (worked out under section 276-255) for the non-CGT assessable income characters (incorporating applicable unders or overs and rounding or other adjustments under Subdivision 276-F).
Carry-forward trust component deficits
Write the total amount of your carry-forward trust component deficits (worked out under section 276-330) for the non-CGT assessable income characters.
These amounts are to be carried forward and applied to reduce the trust component of the same character in the next income year.
Income – capital gains
Write the capital gains amounts in the relevant fields.
Net capital gain
Write your net capital gain for the income year. Include only amounts in respect of assessable income characters that relate to your net capital gain (CGT assessable income characters).
Don't include NCMI, Excluded from NCMI (other than build to rent) or BTR excluded from NCMI capital gains at this label.
Direct deductions
Your direct deductions are deductions for the income year that directly related to the net capital gain. Note that amounts which relate solely to capital gains aren't allowable deductions under section 51AAA of the ITAA 1936.
Don't include amounts such as general fund management and administration expenses and other overheads that have only an indirect relationship with the net capital gains which make up the trust components of the CGT assessable income characters (CGT assessable income characters).
Other deductions
Your other deductions are deductions for the income year where:
- the deductions had an indirect relationship to the CGT assessable income characters against which they were deducted or the excess amount of any deduction directly related to non-CGT assessable characters remaining after being applied to those characters
- these deductions have been allocated against your CGT assessable income characters on a reasonable basis.
Non-concessional MIT income (NCMI)
Write the aggregate amount of all capital gains which are included in the assessable income of a MIT as NCMI. NCMI is included in the calculation of total assessable income.
Excluded from NCMI (other than build to rent)
Write the aggregate amount of all capital gains categorised as Excluded from NCMI (other than build to rent). Do not include amounts here that are amounts that are attributable to capital gains that would be NCMI but for being referable to an active build to rent development.
Excluded from NCMI (other than build to rent) is included in the calculation of Total assessable income.
BTR excluded from NCMI capital gains
If you answered B for BTR MIT at MIT type you must answer this question. Write the aggregate amount of all capital gains categorised as BTR excluded from NCMI capital gains. Include amounts here that are amounts that are attributable to capital gains that would be NCMI but for being referable to an active build to rent development.
BTR excluded from NCMI capital gains is included in the calculation of Total assessable income.
Trust components
Write the amount of your net capital gain remaining after allocation of deductions.
This means you're to show your total trust components of assessable income characters relating to capital gains (worked out under Subdivision 276-E of the ITAA 1997) after allocation of deductions but before making any adjustments for unders, overs or rounding adjustments.
Under 276-265(3) of the ITAA 1997, if the total of your assessable income for the income year did not exceed the total of your deductions, each trust component would be NIL and you would write zero (0) at both assessable income trust component labels.
For the rules to work out trust components, see:
- section 276-260 of the ITAA 1997
- Law Companion Ruling LCR 2015/8 Attribution Managed Investment Trusts: the rules for working out trust components – allocation of deductions.
Total unders
Write the total amount of unders (worked out under section 276-345) discovered in the income year, relating to your net capital gain.
Total overs
Write the total amount of overs (worked out under section 276-345) discovered in the income year, relating to your net capital gain).
Determined trust components
Write the total amount of determined trust components (worked out under section 276-255) relating to your net capital gain for the income year (incorporating any unders or overs and rounding or other adjustments under Subdivision 276-F where applicable).
Carry-forward trust component deficits
Write the total amount of your carry-forward trust component deficits (worked out under section 276-330) for all trust components of characters relating to your net capital gain).
These amounts are to be carried forward and applied to reduce the trust component of the same character in the next income year.
Exempt income
Instructions to complete the exempt income of the CCIV sub-fund trust.
Determined trust components
Write the total amount of your determined trust components (incorporating any applicable unders or overs and rounding or other adjustments under Subdivision 276-F) of all your characters relating to exempt income (as defined in section 6-20 of the ITAA 1997).
Exempt income is worked out for the purposes of trust components from the perspective of the CCIV as trustee and under the assumptions in section 276-265 of the ITAA 1997 that the CCIV was liable to pay tax and was an Australian resident.
The amount you show at this item is the amount of net exempt income (worked out under section 36-20) remaining after the calculation of any 2023–24 tax losses and the application of any prior year tax losses under sections 36-10 and 36-15, respectively, of the ITAA 1997.
Non-assessable non-exempt income (NANE)
Instructions to complete the non-assessable non-exempt (NANE) income of the CCIV sub-fund trust.
Determined trust components
Write the total amount of your determined trust components (incorporating any applicable unders or overs and rounding or other adjustments under Subdivision 276-F) of all your characters relating to NANE income (as defined in section 6-23 of the ITAA 1997).
NANE income is worked out for the purposes of trust components from the perspective of the trustee, and under the assumptions in section 276-265 of the ITAA 1997 that the trustee was liable to pay tax and was an Australian resident.
Tax offsets and tax losses information
Instructions to complete the tax offsets for all your characters and the tax losses as relevant to your circumstances.
Tax offsets
Follow the steps below to complete this section of your income tax return.
Trust components
Write the total amount of your trust components (worked out under section 276-260) of all characters relating to tax offsets.
Total unders
Write the total amount of unders (worked out under section 276-345) discovered in the income year for all characters relating to tax offsets.
Total overs
Write the total amount of overs (worked out under section 276-345) discovered in the income year for your characters relating to tax offsets.
Determined trust components
Write the total of your determined trust components (worked out under section 276-255) of all of your characters relating to tax offsets, including any adjustments under Subdivision 276-F.
Trust component deficits
Write the total amount of trust component deficits (worked out under section 276-320) for all of your characters relating to tax offsets.
Tax losses information
Instructions to complete the tax losses information.
Balance of tax losses brought forward from prior income years
Write zero (0) at this label if the period covered by this return is your first year of operation.
Net forgiven amount of debt
Tax losses brought forward are reduced by commercial debt forgiveness amounts (Division 245 of the ITAA 1997). If a commercial debt you owed was forgiven during 2024–25, then you should apply the net forgiven amount to reduce your following attributes in the order listed:
- tax losses
- net capital losses
- expenditures
- cost bases of certain CGT assets.
At this label, write the total net forgiven amount of debt for the income year 2024–25.
Write zero (0) at this label if the period covered by this return is your first year of operation.
For further information refer to Appendix 4: Commercial debt forgiveness of the Trust tax return instructions 2025.
Tax loss incurred (if any) during the current year
Write the entity's tax loss for 2024–25 disregarding net exempt income and excess franking offsets.
A limit applies to the amount you can deduct for gifts and contributions (section 26-55 of the ITAA 1997). A tax loss can't be produced or increased by the deduction allowable under Division 30 of the ITAA 1997.
Net exempt income
Write the amount of net exempt income (calculated under section 36-20) to be taken into account in calculating the entity's tax loss or carried forward tax loss.
Tax losses forgone
Write the amount of tax losses that have been forgone by the entity in this year, that is, tax losses that will not be deducted in a later income year.
For example, a CCIV sub-fund trust may not be able to deduct a tax loss because it doesn't meet the requirements of the trust loss rules in schedule 2F of the ITAA 1936.
Write zero (0) at this label if the period covered by this return is your first year of operation.
Tax losses deducted
Write zero (0) at this label if the period covered by this return is your first year of operation.
Tax losses carried forward to later income years
Write the total of tax losses to be carried forward to later income years.
Continue to: Statement of attribution for non-withholding attribution CCIV sub-fund
Return to: Instructions to complete the attribution CCIV sub-fund tax return 2025