Trustee liabilities for AMITs
Trustees of AMITs are liable to pay income tax on certain amounts, see AMIT trustee taxation.
It is important you show the taxable amount at each item. That is, the amount on which you're liable to pay tax. Don't write the amount of tax to be paid. We will apply the relevant tax rate to the amount entered.
Where the trustee of an AMIT is liable to pay tax, the amount of tax payable by the trustee will be set out in a notice of assessment issued to the trustee.
If the trustee is liable to pay tax under sections 276-405, 276-410 or 276-415 of the ITAA 1997, the Commissioner may fully or partially remit the tax, under section 276-430, if satisfied that there is no detriment to the revenue.
For example, remission of tax may be considered to the extent that a shortfall of an income character or an over of a non-refundable tax-offset character would have been attributed to tax-exempt entities.
Submit any requests for the exercise of the Commissioner's discretion to remit income tax under section 276-430 via the Online services for business or Online services for agents and include the reasons for your request.
Is any tax payable by the trustee?
Under the AMIT regime, the members, not the trustee, are generally taxed on amounts of an assessable income character attributed to them and entitled to credits from attributed tax offset amounts.
However, there are situations where tax may also be payable by the trustee, typically in respect of amounts of an income character that have been under-attributed to members, or amounts of a tax offset character that have been over-attributed to members.
If the trustee is liable to pay tax in respect of any trustee liabilities, answer Yes at this question even if payments have been made in advance.
Trust component deficit of character relating to tax offset
You must adjust trust components for unders, overs and rounding adjustments under section 276-305, 276-310 and 276-315 of the ITAA 1997. If the net adjustment would result in a trust component being a negative amount, the trust component is reduced to zero and there will be a trust component deficit equal to the remaining adjustment amount under section 276-320.
If the deficit relates to a tax offset (other than foreign income tax offsets), the trustee is required to pay tax on the deficit under section 276-340. This recognises that the overall amount of that offset previously attributed to members, is more than the tax offset of the AMIT.
Enter at this item the total of any amounts you're liable to pay tax on under section 276-340.
Shortfall in determined member components of character relating to assessable income
At this item, complete the label Shortfall in determined member components of character relating to assessable income.
Under section 276-405 of the ITAA 1997, the trustee of an AMIT is liable to pay tax on the shortfall between a determined member component of an assessable income character and the member component of that character.
The determined member component is the amount the AMIT advised its member in the member statement (AMMA statement). The member's member component is the amount attributed to the member fairly and reasonably in accordance with the constituent documents of the AMIT and without regard to the member's tax characteristics.
Write at this item the total of any amounts you're liable to pay tax on under section 276-405.
Excess in determined member components of character relating to tax offset
At this item, complete the label Excess in determined member components of character relating to tax offset.
Under section 276-410 of the ITAA 1997, the trustee of an AMIT is liable to pay tax on any excess of a determined member component of a tax offset character over the member component of that character.
Write at this item the total of any amounts you're liable to pay tax on under section 276-410.
Determined Trust Component Amounts that are not reflected in Member Components
At this item, complete the label Determined Trust Component Amounts that are not reflected in Member Components.
Under section 276-415 of the ITAA 1997 the trustee of an AMIT is liable to pay tax on the shortfall between total determined member components of a particular assessable income, exempt income or non-assessable non-exempt income character and the determined trust component of that character. Broadly, the shortfall represents income amounts of the AMIT that have not been effectively attributed to members.
Where the shortfall relates to character of a discount capital gain, you must double the shortfall amount and include it at this item. This represents the amount that would otherwise have been recognised by members under section 276-85.
The shortfall is reduced by the amount of any rounding adjustment deficit and any amount that is reflected in a shortfall in determined member component of character relating to assessable income. The first reduction is to ensure that trustees aren't taxed on relatively small amounts that inevitably arise from rounding variances between trust components and total member components. The second reduction is to prevent double taxation of amounts already assessable to the trustee under section 276-405.
Write at this item the total of any amounts you're liable to pay tax on under section 276-415.
Other trustee liabilities
The trustee of an AMIT is also liable to pay tax in the following situations:
- under section 276-105 on amounts of each foreign resident member's determined member components, where the AMIT is not a withholding MIT (see Statement of attribution for non-withholding MITs)
- pursuant to section 276-420 on under amounts of a character relating to assessable income not properly carried forward
- pursuant to section 276-425 on over amounts of a character relating to tax offset not properly carried forward.
For any trustee liability pursuant to sections 276-420 or 276-425, these assessments are typically initiated by the Commissioner when there is disagreement with the trustee concerning the amount of the income under-recognised or offset over-recognised in an income year. See, Law Companion Ruling LCR 2015/9 Attribution Managed Investment Trusts: trustee shortfall taxation – section 276-420.
In some situations, trustees may initiate an assessment under these provisions. If this applies to you, you must notify us in writing under section 275-605 on amounts of non-arm’s length income of a MIT determined by the Commissioner (who initiates these assessments). See Law Companion Ruling LCR 2015/15 Managed Investment Trusts: the non-arm's length income rule in sections 275-605, 275-610 and 275-615 of the Income Tax Assessment Act 1997.
If the trustee is liable to pay tax under sections 276-420 or 276-425, the Commissioner may fully or partially remit the tax, under section 276-430, if satisfied that there is no detriment to the revenue.
For example, remission of tax may be considered to the extent that a shortfall of an income character or an over of a non-refundable tax-offset character would have been attributed to tax-exempt entities.
Submit any requests for the exercise of the Commissioner's discretion to remit income tax under section 276-430 through the Online services for business Secure mail and include the reasons for your request. Alternatively, your registered tax agent can send a request through Online services for agents Client communication.
Additional information
Follow the steps below to complete this section of the tax return.
Final tax return
Answer Yes or No as appropriate.
If you don't expect to lodge further AMIT tax returns, enter 'Final trust tax return' in the Additional Information field and explain both:
- the reason that further tax returns will not be lodged
- the manner of disposal of any assets of the AMIT, if not disclosed elsewhere on the tax return.
Significant global entity
Complete this item if the entity was a significant global entity (SGE) for the income year.
An entity is a SGE if it is either:
- a global parent entity with an annual global income of A$1 billion or more
- a member of a group of entities consolidated for accounting purposes, and one of the other group members is a global parent entity with an annual global income of A$1 billion or more
- a member of a notional listed company group, and one of the other group members is a global parent entity with an annual global income of A$1 billion or more.
A notional listed company group is a group of entities that would be required to be consolidated for accounting purposes as a single group, on the assumption that an entity of the group was a listed company. You should disregard any exceptions to consolidation in the accounting principles or commercially accepted principles related to accounting (CAAP) when determining whether a group of entities would be required to be consolidated for accounting purposes. Also disregard any rule in those principles providing that entities are not required to be consolidated as a single group because the effect of consolidating would be immaterial based on the size of the entities, or for other reasons.
An entity is also a SGE if it is a global parent entity, or a member of an actual or notional accounting consolidated group which includes a global parent entity, and the Commissioner has given a notice determining that its annual global income would have been A$1 billion or more for the period had global financial statements been prepared.
If you are a SGE, you also need to consider whether you are a country-by-country (CBC) reporting entity. CBC reporting entities must complete the country-by-country (CBC) reporting entity label and may have additional reporting obligations.
Country-by-country (CBC) reporting entity
Complete this item if the entity was a CBC reporting entity for the income year.
An entity is a CBC reporting entity if it is either:
- a CBC reporting parent
- a member of a CBC reporting group, and one of the other group members is a CBC reporting parent with an annual global income of A$1 billion or more.
A CBC reporting parent is an entity with an annual global income of A$1 billion or more that is not an individual, and, if it is a member of a CBC reporting group, is not controlled by any other entity within the CBC reporting group according to the applicable accounting principles or CAAP.
A CBC reporting group refers to either:
- a group that is consolidated for accounting purposes as a single group
- a notional listed company group.
A notional listed company group is a group of entities that would be required to be consolidated for accounting purposes as a single group, on the assumption that an entity of the group were a listed company.
Unlike the SGE definition, certain exceptions to consolidation in the accounting principles or CAAP are taken into account in working out the membership of the CBC reporting group. Where such exceptions apply, the CBC reporting group may have fewer members than the equivalent SGE group. It is noted that entities that are not required to be considered under the accounting principles or CAAP based on materiality may also be members of the CBC reporting group.
If an entity was a CBC reporting entity for the whole or part of the preceding income year, it may have CBC reporting obligations in relation to the current income year.
For more information about the definition of a CBC reporting entity and what it means to be a CBC reporting entity, see Country-by-country reporting.
Industry code
Show the appropriate industry code for the AMIT’s main business. Use the Business industry code tool to search by the business activity description to find the correct code.
The industry code is made up of 5 digits. For example, if the industry is ‘commercial non-residential property investment’, the code to show on the tax return is 67120.
An incorrect code may result in:
- you not receiving a necessary service or material from us
- us incorrectly targeting audits.
The industry code provided is also used to publish industry benchmarks in Taxation statistics.
The industry coding regime we use is a modified version of the Australian and New Zealand Standard Industrial Classification (ANZSIC)External Link, produced jointly by the Australian Bureau of Statistics (ABS) and Statistics New Zealand.
Description of main business activity
Describe as accurately as possible the business activity from which the AMIT derived most of its gross income, for example, investing in shares and stocks or investing in commercial non-residential property. Don't use general descriptions such as investing.
Electronic funds transfer (EFT)
We need your financial institution details to pay any refund owing to the AMIT, even if you have provided them to us before.
Complete the:
- bank state branch (BSB) number – this 6 digit number identifies the financial institution (don't include spaces or hyphens)
- account number – this number should not have more than 9 characters (don't include spaces)
- account name – your account name should be as shown on your bank account records. It should include spaces between each word and between initials. If your account name exceeds 32 characters, provide the first 32 characters only.
Continue to: Transactions, thin capitalisation and key financial information
Return to: Instructions to complete the AMIT tax return 2025