1 Description of main business activity
Describe as accurately as possible the business activity from which the trust derived most of its gross income. For example, beef cattle breeding, vegetable growing, clothing manufacturing, confectionary wholesaling, domestic appliance retailing, investing in shares and stocks, investing in residential property.
Don't use general descriptions such as farming, manufacturing, wholesaling or investing.
Industry code
Show at label A Industry code the appropriate industry code for the trust’s main business.
Use the Business industry code tool to find the correct code. Code the business activity as accurately as possible. The industry code is made up of 5 digits. For example, if the industry is ‘dairy cattle farming’, the code in the tax return is shown as 01600.
An incorrect code may result in taxpayers not receiving a necessary service or material from us or could lead to incorrect targeting of audits. The industry code provided is also used to publish industry benchmarks in Taxation statistics.
The industry coding regime used by us 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.
2 Status of business
Print X at label B1 Multiple business, B2 Ceased business, or B3 Commenced business to represent the appropriate description for the status of the business.
If more than one selection applies, select the first applicable option. If none of the selections applies, leave labels B1 to B3 blank.
Consolidation status
Print X at label Z2 Consolidated subsidiary member if the trust was a subsidiary member of a consolidated group or MEC group at any time during the income year.
In this case the tax return is for the period during which the trust was not a subsidiary member of a consolidated group or MEC group in the income year (non-membership period). It will be necessary to complete an applicable schedule for periods attributable to the non-membership period.
For more information on reporting multiple non-membership periods during the year, see the Consolidation reference manual:
- Part C – Detailed information
- C9 – Determine tax liabilities, manage obligations and C9-5: Worked examples.
If the trust was a member of a consolidated group or MEC group for the whole income year, the responsibility for preparing the schedules will rest on the head company of the group.
Entity status
Complete entity status at labels G1 and G2 (if applicable).
Significant global entity
Print X at label G1 Significant global entity if the entity was a significant global entity (SGE) for the income year.
An entity is a SGE if it is any of the following:
- 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 were a listed company. Disregard any exceptions in accounting principles that may permit an entity not to consolidate with other entities.
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 global parent entity has been given a notice by the Commissioner determining that its annual global income would have been A$1 billion or more for the period had global financial statements been prepared.
For more information about the definition of a SGE and what it means to be a SGE, see Significant global entities.
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 label G2, and may have additional reporting obligations.
Country-by-country reporting entity
Print X at label G2 Country by country reporting entity if the entity was a country by country (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 group may be a group that is consolidated for accounting purposes as a single group or 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 under the SGE definition, the exception to consolidation in the accounting principles related to investment entities is not disregarded. That is, if applicable, the investment entity exception in the accounting principles should be applied when determining whether an entity is a CBC reporting entity.
If an entity was a CBC reporting entity for the whole or part of the preceding income year, it may have CBC reporting obligations.
For more information about the definition of a CBC reporting entity and CBC reporting obligations, see Country-by-country reporting.
Continue to: Income excluding foreign income – item 5
Return to: Instructions to complete the Trust tax return 2024