Ceasing to be an AMIT or attribution CCIV sub-fund
You cease to be an AMIT or attribution CCIV sub-fund if you:
- were an AMIT or attribution CCIV sub-fund for an income year
- aren't eligible to be an AMIT or attribution CCIV sub-fund in a later income year.
If you cease to be an AMIT or attribution CCIV sub-fund, you must:
- lodge for the later income year a tax return for the entity type that matches your change in circumstances – either, a trust tax return or company tax return
- lodge an AMIT tax schedule with the tax return, if any unders or overs are discovered.
Unders and overs
If you're not eligible to be an AMIT or attribution CCIV sub-fund for an income year, you must work out the unders or overs of a particular character that relate to an income year that you were an AMIT or attribution CCIV sub-fund.
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
- arise and be dealt with in the income year in which they are discovered, called the 'discovery year', rather than the income year they relate to.
Where you have an under or over in the later income year (the discovery income year), you must work out, as if you were an AMIT or attribution CCIV sub-fund, the:
- unders and overs
- effect of unders and overs on trust components.
You must report any unders or overs in the discovery year in an AMIT tax schedule and lodge it with the relevant tax return. You don't need to complete all items, see Completing the AMIT tax schedule.
You must consider unders and overs in working out your net income, exempt income, non-assessable non-exempt (NANE) income and tax offsets, in accordance with Subdivision 276-K of the Income tax Assessment Act 1997 (ITAA 1997).
Group characters by their relationship to either:
- assessable income (excluding capital gain amounts)
- a tax offset.
For more information on the definition of these terms, see section 995-1 of the ITAA 1997.
Completing the AMIT tax schedule
If you cease to be an AMIT or attribution CCIV sub-fund, complete the following items on the AMIT tax schedule:
- Trust Information
- Income (other than capital gains)
- Income (capital gains)
- Exempt income
- Non-assessable non-exempt income (NANE income)
- Tax offsets.
The amounts you include in the AMIT tax schedule should reflect the total of all relevant unders or overs discovered in the income year worked out under section 276-345 of the ITAA 1997.
Trust information
Complete the following:
- Period (start date of period and end date of period)
- Tax File Number (TFN)
- Australian Business Number (ABN
- Name of Trust.
You do not need to complete any other items in the Trust information section.
Income (other than capital gains)
Include at this item only unders or overs in respect of assessable income characters that relate to income (other than capital gains).
Report amounts relating to income (other than capital gains) in the relevant fields below:
- Total unders – enter the total amount of unders discovered in the income year for the non-CGT assessable income characters that relate to a year that the entity was an AMIT or attribution CCIV sub-fund
- Total overs – enter the total amount of overs discovered in the income year for the non-CGT assessable income characters that relate to a year that the entity was an AMIT or attribution CCIV sub-fund.
When you cease to be an AMIT or attribution CCIV sub-fund, don't report amounts in the fields below:
- Assessable income
- Direct deductions
- Other deductions
- Non-concessional MIT income (NCMI)
- Excluded from NCMI (other than build to rent)
- BTR excluded from NCMI – non primary production
- Trust components
- Determined trust components
- Carry-forward trust component.
Income (capital gains)
Include at this item only unders or overs in respect of assessable income characters that relate to your net capital gain (CGT assessable income characters).
Report amounts relating to income (capital gains) in the relevant fields below:
- Total unders – enter the total amount of unders discovered in the income year relating to your net capital gain that relates to a year that the entity was an AMIT or attribution CCIV sub-fund
- Total overs – enter the total amount of overs discovered in the income year relating to your net capital gain that relates to a year that the entity was an AMIT or attribution CCIV sub-fund.
When you cease to be an AMIT or attribution CCIV sub-fund, don't report amounts in the fields below:
- Net capital gain
- Direct deductions
- Other deductions
- Non-concessional MIT Income (NCMI)
- Excluded from NCMI (other than build to rent)
- BTR excluded from NCMI capital gains
- Trust components
- Determined trust components
- Carry-forward trust component deficits.
Exempt income
You don't need to enter an amount for this item.
Non-assessable non-exempt income (NANE income)
You don't need to enter an amount for this item.
Tax offsets
You must work out whether you have an under or over for this character of trust component. To the extent you have an under or an over in the discovery income year that relates to a year that the entity was an AMIT or attribution CCIV sub-fund, you must consider the trust component increase or decrease resulting from the under or over in working out your tax position for the income year.
Report amounts relating to tax offsets in the relevant fields below:
- Total unders – enter the total amount of unders discovered in the income year for all characters relating to tax offsets that relate to a year that the entity was an AMIT or attribution CCIV sub-fund
- Total overs – enter the total amount of overs discovered in the income year for your characters relating to tax offsets that relate to a year that the entity was an AMIT or attribution CCIV sub-fund.
When you cease to be an AMIT or attribution CCIV sub-fund, don't report amounts in the fields below:
- Trust components
- Determined trust components
- Trust component deficits.
Items that do not need to be completed
If you cease to be an AMIT or Attribution CCIV sub-fund, you do not need to complete the following sections on the AMIT tax schedule:
- Key Financial Information
- Tax Losses information
Key financial information
You don't need to complete this section.
Tax losses information
You don't need to complete this section.
Continue to: Contact details and supporting information
Return to: Instructions to complete the AMIT tax schedule 2025