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Completing the AMIT tax schedule

Last updated 26 June 2023

Instructions for completing an AMIT tax schedule.

About the AMIT tax schedule

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

The name, TFN and ABN shown here must match the information you have entered on the AMIT tax return.

You may leave fields blank in the schedule if they do not apply to your circumstances.

Separate AMIT classes and the AMIT tax schedule

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.

You must also complete the following separate AMIT fields on each schedule.

Name of AMIT class

Enter a unique name and number for the AMIT 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 a name if the class ceases.

Example: Separate AMIT schedule for each class

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

  1. Australian equities class
  2. Foreign equities class.
End of example

Is this the final schedule for this class?

Answer Yes or No as appropriate.

Number of members in the AMIT class at the end of the income year

Enter the number of members in the AMIT classes at the end of 2022–23. This field must contain a number, even if there is only one member.

Enter only the number of owners shown in the AMIT's membership records. A single entity (such as a custodian) that is identified in the AMIT's membership records as holding membership interests in respect of more than one specific entity should be counted as a separate member in respect of each specific entity.

Example: Identify number of members

Membership records for an AMIT class show a parcel of units held by X Custodian on behalf of Entity A, and a separate parcel held by X Custodian on behalf of Entity B. These should be treated as 2 separate members for the purposes of this question. If the record shows a parcel held by X Custodian without any reference to the underlying clients, it would be counted as a single member. You do not need to trace through to underlying interests not shown in the membership records.

End of example

Ceasing to be an AMIT

A trust that was an AMIT for an income year, and is not eligible to be an AMIT in a later income year must lodge:

  • a Trust tax return for the later income year, or
  • any alternative return that the trust's changed circumstances require, and
  • may be required to lodge an AMIT tax schedule with the trust return.

A trust that is not eligible to be an AMIT for an income year must continue to work out the unders or overs that relate to a year that the trust was an AMIT.

Where the trust has an under or over in the later income year (the discovery year), it must work out the unders and overs and their effect on trust components as if it were an AMIT. The trust must then take these amounts into account in determining the trust's net income, exempt income, NANE income and tax offsets, in accordance with Subdivision 276-K of the ITAA 1997.

You are required to report any unders or overs in the discovery year in an AMIT tax schedule and lodge it with the trust return.

Broadly, unders and overs can only arise in income years that fall within the period of review (generally 4 years) for the original income year (the base year) that the under or over relates to.

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.

For the meanings of assessable income, exempt income, non-assessable non-exempt income and tax offset, see section 995-1 of the ITAA 1997.

Assessable income - AMIT tax schedule

Income – other than capital gains

Assessable income

Enter the assessable income for trust components of a non-CGT assessable income character (non-CGT assessable characters). Do not include any amount relating to NCMI or Excluded from NCMI at this label as these amounts are included at the NCMI and Excluded from NCMI label and form part of Total Assessable Income.

Do not 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 2022–23 that directly related to deriving the assessable income of the non-CGT assessable character.

Do not 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 2022–23 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.

If you incur expenditure that had an indirect relationship to deriving the assessable income and for which you are eligible to claim the small business skills and training boost (or bonus deduction), or the technology investment boost (or bonus deduction), you claim an amount equal to 120% of the relevant expenditure. If you incurred eligible expenditure in the 2021-22 income year and are claiming the 20% boost in your 2022-23 return, you claim an amount equal to 20% of the relevant expenditure.

If you are an early balancer, do not claim the skills and training bonus deduction, or the technology investment bonus deduction, in your 2022-23 income tax return. If you incur eligible expenditure for either bonus deduction in your 2022-23 income year, you claim the bonus deduction in your 2023-24 income tax return.

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:

  • MIT cross staple arrangement income
  • MIT trading trust income
  • MIT residential housing income, or
  • MIT agricultural income.

Enter 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

Amounts that are attributable to income that would be NCMI but for:

  • an approved economic infrastructure facility (refer to subsection 12-437(5) of Schedule 1 to the TAA)
  • Transitional – MIT cross staple arrangement income (refer to section 12-440 of Schedule 1 to the TAA)
  • Transitional – MIT trading trust income (refer to section 12-447 of Schedule 1 to the TAA)
  • Transitional – MIT residential housing income (refer to section 12-451 of Schedule 1 to the TAA)
  • Transitional – MIT agricultural income (refer to section 12-449 of Schedule 1 to the TAA)

Excluded from NCMI – Enter the total amount of assessable income other than capital gains that are Excluded from NCMI.

Excluded from NCMI is not included in Assessable income but included in the calculation of Total Assessable Income.

For the rules to work out trust components, see:

  • section 276-260 of the ITAA 1997
  • LCR 2015/8 Attribution Managed Investment Trusts: the rules for working out trust components – allocation of deductions

Trust components

Enter 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 did not exceed the total of your deductions, each trust component would be NIL and you would show '0' at both assessable income trust component labels.

Total unders

Enter 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

Enter 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

Enter 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

Enter 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

Include only amounts in respect of assessable income characters that relate to your net capital gain (CGT assessable income characters). Do not include NCMI or Excluded from NCMI at this label.

Net capital gain

Enter your net capital gain for the income year.

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 are not allowable deductions under section 51AAA of the ITAA 1936.

Do not 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).

Your other deductions are deductions for the income year that 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, and which have been allocated against your CGT assessable income characters on a reasonable basis.

Non-concessional MIT income (NCMI)

Enter 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

Enter the aggregate amount of all capital gains categorised as Excluded from NCMI. Excluded from NCMI is included in the calculation of total assessable income.

For the rules to work out trust components, see:

  • section 276-260 of the ITAA 1997
  • LCR 2015/8 Attribution Managed Investment Trusts: the rules for working out trust components – allocation of deductions

Trust components

Enter the amount of your net capital gain remaining after allocation of deductions.

This means you are 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 show '0' at both assessable income trust component labels.

Total unders

Enter the total amount of unders (worked out under section 276-345) discovered in the income year, relating to your net capital gain.

Total overs

Enter 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

Enter 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

Enter 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 - AMIT tax schedule

Determined trust components

Enter 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 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.

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 2022–23 tax losses and the application of any prior year tax losses under sections 36-10 and 36-15 respectively.

Non-assessable non-exempt income - AMIT tax schedule

Determined trust components

Enter 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 Non-assessable non-exempt (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 - AMIT tax schedule

Trust components

Enter the total amount of your trust components (worked out under section 276-260) of all characters relating to tax offsets.

Total unders

Enter 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

Enter 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

Enter 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

Enter the total amount of trust component deficits (worked out under section 276-320) for all of your characters relating to tax offsets.

Key financial information - AMIT tax schedule

Enter values for the relevant items for this class.

Total assets

Enter all the assets for this class, including fixed, tangible and intangible assets, and all current assets.

Total liabilities

Enter all of the liabilities for this class, including other creditors and deferred liabilities such as loans secured by mortgage and long-term loans.

Debt deductions

Enter the total debt deductions for this class, calculated in accordance with section 820-40 of the ITAA 1997. Broadly, this is the costs incurred in relation to a debt interest that, apart from the thin capitalisation rules, are otherwise deductible in Australia. The most common type of debt deduction is interest paid on a business loan.

Tax losses information - AMIT tax schedule

Complete the following tax loss items as relevant to your circumstances.

If the trustee has chosen to apply separate AMIT treatment, you must complete the information relevant to the AMIT class to which this schedule relates.

You do not need to lodge a separate Losses schedule.

Balance of tax losses brought forward from prior year

Show the undeducted amount of tax losses incurred by the entity and brought forward from 2021–22 under section 36-15 of the ITAA 1997.

Uplift of tax losses of designated infrastructure project entities

You are not required to complete this information.

Only a company or a fixed trust that is a designated infrastructure project (DIP) entity in an income year is able to uplift its unutilised tax losses before deducting them. For more information, see Designated infrastructure project entities.

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 2022–23, then you should apply the net forgiven amount to reduce your following attributes in the order listed:

  • deductible revenue losses
  • net capital losses
  • certain undeducted revenue or capital expenditure, and then
  • cost base of CGT assets.

Enter the total net forgiven amount applied to reduce tax losses (if any) incurred in years of income before 2022–23, the forgiveness year of income.

Tax loss incurred (if any) during current year

Enter the entity's tax loss for 2022–23 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 cannot be produced or increased by the deduction allowable under Division 30 of the ITAA 1997.

If the carried forward loss amount has increased due to discoveries made after lodging the 2021–22 AMIT tax return, include the amount of increase (increase adjustment) here. If you have identified several adjustments, whether they increase and decrease your carried forward loss amount, report only the total net figure, not each individual increase or decrease amount.

Net exempt income

Enter 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.

You must first deduct a prior year tax loss from any net exempt income in 2022–23.

Tax losses forgone

Enter 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, an AMIT may not be able to deduct a tax loss because it does not meet the requirements of the trust loss rules in schedule 2F of the ITAA 1936.

For more information, see Trust losses

Tax losses deducted

Enter tax losses deducted during the income year under section 36-15 of the ITAA 1997.

If the carried forward loss amount has decreased due to discoveries made after lodgment of the 2021–22 AMIT tax return, include the amount of decrease (decrease adjustment) here. If you have identified several adjustments, whether they increase and decrease your carried forward loss amount, report only the total net figure, not each individual increase or decrease amount.

Tax losses carried forward to later income years

Enter the total of tax losses to be carried forward to later income years.

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