Using the trust information to complete your trust income schedule

Trust statement of distribution

Where a trustee provides you with a copy of the statement of distribution with regards to your specific distribution, the labels on the trust income schedule are an exact match for the statement of distribution.

For the 2026 income year only, labels B1, B2 and B3 of Item 58 in the statement of distribution are not an exact match to the trust income schedule. Table 1 below shows where to include the amounts in the trust income schedule.

Table 1: Statement of distribution and related trust income schedule labels
Statement of distribution label	Trust income schedule label
Item 58 – Share of income label B1 Non - PP MIS amount	Not required
Item 58 – Share of income label B2 Non - PP NCMI	Label B1 Non PP - NCMI
Item 58 – Share of income label B3 Non - PP Excluded from NCMI	Label B2 Non PP - Excluded from NCMI

Where a trustee provides you with advice rather than a copy of the statement of distribution with regards to your specific distribution, the Trust tax return instructions 2026 provides definitions of each income label amount. See, Statement of distribution – item 58.

Managed fund tax statement

Where a managed fund provides you with a tax statement with regards to your specific distribution, table 2 below shows where to include the amounts on your managed fund tax statement in the trust income schedule.

If a label isn't in the trust income schedule, you'll need to look at the instructions for your tax return to determine if the amounts are reported elsewhere.

Where your managed fund provides you with a consolidated tax statement, you aren't required to disaggregate the income amounts provided by your fund.

Table 2: Tax statement and related trust income schedule labels
Tax statement label	Trust income schedule label
Item 13 – label A Share of credit for foreign resident withholding amounts (excluding capital gains)	Label L Share of credit for tax withheld – foreign resident withholding (excluding capital gains)
Item 13 – label B Share of National rental affordability scheme tax offset	Label R Share of National rental affordability scheme tax offset
Item 13 – label C Franked distributions from trusts	Label U Franked distributions
Item 13 – label L Share of net income from trusts	Share of income – label A Primary production
Item 13 – label P Share of credit for tax withheld where Australian business number not quoted	Label C Credit for tax withheld where ABN not quoted
Item 13 – label Q Share of franking credit from franked dividends	Label D Franking credit
Item 13 – label R Share of credit for tax file number amounts withheld from interest, dividends and unit trust distributions	Label E TFN amounts withheld
Item 13 – label S Share of credit for tax paid by trustee	Not required
Item 13 – label U Share of net income from trusts, less capital gains, foreign income and franked distributions	Share of income – label B Non-primary production
Item 13 – label X Other deductions relating to amounts shown at share of net income from trusts	Not required
Item 13 – label Y Other deductions relating to non-primary production income	Not required
Item 18 – label A Net capital gain Capital gain tax information – additional information for item 18: Capital gains – Discount method Capital gains – other method	Label F Capital gains
Item 18 – label H Total capital gains Capital gain tax information – additional information for item 18: Capital gains – Discount method Capital gains – other method.	Label F1 Gross capital gain
Either: AMIT CGT gross up amount (Contained within the ‘Components of attribution’ section of the managed fund tax statement), or CGT concession amount (Contained within the 'Components of a distribution' section of the managed fund tax statement)	Label F3 CGT discount applied
Item 18 – label X Credit for foreign resident capital gains withholding amounts	Label Z Share of credit for foreign resident capital gains withholding amounts
Item 19 – label K CFC income	Label G Attributed foreign income
Item 19 – label B Transferor trust income	Label G Attributed foreign income
Item 20 – label E Assessable foreign source income	Not required
Item 20 – label F Australian franking credits from a New Zealand franking company	Label N Australian franking credits from a New Zealand franking company
Item 20 – label M Other net foreign source income	Label H Other assessable foreign source income
Item 20 – label O Foreign income tax offset (see Note)	Label I Foreign income tax offset
Item 20 – label R Net foreign rent	Label H Other assessable foreign source income
Item T7 – label K Early stage venture capital limited partnership tax offset	Label T Early stage venture capital limited partnership tax offset
Item T8 – label L Early stage investor tax offset	Label J Early stage investor tax offset
Item 24 - label V Other income Category 4: Rebates	Not required

Note: If only part of a foreign capital gain is assessable in Australia (for example, the gain is subject to the discount capital gains concessions in Division 115 of the Income Tax Assessment Act 1997), you must apportion the foreign tax paid on the gain. This includes where a foreign capital gain is distributed to a unitholder of a managed investment trust (MIT) or attribution managed investment trust (AMIT).

In such circumstances, when calculating your FITO the 'Foreign tax offset applicable to discountable capital gains' at Part C of the Attribution managed investment trust member annual statement and standard distribution statement must be reduced for discounted capital gains. For more information, see Guide to foreign income tax offset rules 2026.

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