• Partnership, trust or managed fund distributions

    We may send you a letter if we are advised by a partnership, trust, or managed fund that you were paid a distribution and this does not match the amount you declared in your tax return.

    The letter will include a schedule showing the discrepancy between your distributions as reported to us by each partnership, trust or managed fund and your tax return.

    If the income has been declared in an associated tax return (for example, a superannuation fund), advise us of the TFN and distributions shown on that tax return.

    Ask the entity to record that TFN on their records. This will assist us to match the distributions to the correct tax return in future years.

    Understanding your distributions schedule

    Below is a sample schedule. Keep in mind that your schedule will contain your details and may not look exactly like this one.

    Sample distributions schedule

    Reported income / credits schedule
    for the year ended 30 June 2015

    Income discrepancy:

    $1,200

     

    *Credit: $0

     

    Penalty rate on the extra tax owing:

    0%

     

     

     

    Source of income/credit

    Income
    type

    Account number/
    Payer ABN

    Income
    amount $

    Credit
    amount $

    ABCD Invest Trust

    TNI

    12345678A9/1

    1,200

    0

    Note
    /I at the end of the account number represent trust units held individually.
    /J at the end of the account number represents trust units held jointly, and this is your share of the unit trust distribution.

    * Displays 'Available credit' if amount is negative or 'Over claimed credit' if amount is positive.

    The following definitions will help you understand your schedule:

    • Income discrepancy – The amount of income not declared in your tax return.
    • Penalty rate on the extra tax owing – The penalty rate that applies to the extra tax owing.
    • Available credit – The amount of credit you have not claimed which is available to you.
    • Overclaimed credit – The amount of credit you claimed which is above the total credit available to you.
    • Source of income/credit – Each source of partnership, trust or managed fund distribution income paid to you, as reported to us.
    • Income/credit type – A three-digit code indicating the type of income or credit you received. The reverse side of your schedule provides an explanation of each code.
    • Account number / Payer ABN – The account number or payer ABN for each source of distribution income reported to us.
    • Income amount – The income amount reported to us.
    • Credit amount – The credit amount reported to us.

    Next step:

    Last modified: 11 Feb 2016QC 43495