Overview
From the 2024 income year, if an SMSF receives one or more distributions from trusts, including (ETFs, Managed Funds, & Stapled Securities), you must complete and attach a Trust Income schedule (TIS) to the SMSF Annual Return. The ATO expects any investment with trust income recorded in the SMSF Annual Return at item 11 Income – labels A, D, M or U2 to complete a Trust Income Schedule.
The Trust Income Schedule is located in the SMSF Annual Return.
How it affects Simple Fund 360
After Creating Entries for the 2024 Financial Year, Simple Fund 360 will automatically create a schedule for each Investment that receives a Distribution during the Financial Year.
The Tax components from an Annual Tax Statement that have been entered using the Distribution Tax Automation screen, received through a Wrap Feed, or manually entered into the Transaction screen will be populated into the schedule. There is also the option to enter the details via CSV using the template provided.
To download the template, click the down arrow on the right of the import CSV button on the Trust Income Schedule screen and then select download CSV template.
The ATO has provided instructions for the Trust identifier and to complete the identifier in the following order of priority:
Trust identifier
- For non-managed funds, provide either the ABN of the distributing trust or the ACN of the corporate trustee of the distributing trust.
The ABN or ACN can be saved within the Investment Security Screen.
Edit the relevant security and enter the ABN or ACN (or both.)
The ABN and ACN will be prefilled in the Trust Income Schedule. (By default, it will pre-fill the ABN if both ABN and ACN information are available.) - For managed funds, supply the investor number of the distributing trust. If a wrap account is set up for the fund, the investor number is obtained from the Feed Management database. Otherwise, users must manually input it on the Trust Income Schedule.
Yes, the ATO has confirmed that SMSF Trustees must still complete a Trust Income Schedule even though Section B Income of the SMSF Annual Return is empty.
No. The schedules are lodged with the Tax Return and covered by the return's trustee declaration.
What happens if I have a single-line wrap or the provider issues a consolidated Tax Statement?
The ATO have confirmed that this does not need to be broken down into individual securities where this is the case.
The Modernisation of Trust Administration Systems (MTAS) project is an ATO-wide strategy to improve the quality, accuracy and integrity of annual income tax return information reported by directors and shareholders. These changes include:
- Modifying the labels in the statement of distribution—which is part of the trust tax return—will improve the reporting of beneficiary details.
- Introducing a new schedule (trust income schedule) that all trust beneficiary types who receive trust income will need to lodge with their tax return. This will assist reporting and facilitate consistency of reporting across all beneficiary types.
You can learn more about the MTAS project and these changes at ato.gov.au/MTAS.
Please Note
Where the Trust entity is in Simple Invest 360, the inter-entity journals will automatically do this mapping.
|
Statement of distribution label |
23800 more details label |
|
Share of the trust income of trust estate W |
This is the Sum of transactions in the 23800 account in the current FY. |
|
Share of credit for tax withheld – foreign resident withholding (excluding capital gains) L |
Non Resident withholding tax |
|
AUS FC from NZ Company N |
Australian Franking Credits from |
|
Primary Production Income A |
Primary production income excluded from NCMI |
|
Primary Production - NCMI A1 |
Primary production income NCMI |
|
Primary Production - Excluded from NCMI A2 |
Other Primary Production Income |
|
Non-Primary Production B |
One of Dividends - Unfranked, Gross Interest, Other Income Or if negative, enter to Less Other allowable Trust Deductions |
|
Non-Primary Production NCMI B1 |
Other Income (Non-primary production) - NCMI |
|
Non-Primary Production Excluded from NCMI B2 |
Other Income (Non-primary production) - Excluded From NCMI |
|
Credits For Tax Withheld Where ABN Not Quoted C |
Less ABN not quoted tax withheld |
|
Franked distribution U |
Dividends - Franked (Reduce by franking credits amount) |
|
Franking credit D |
Franking Credits |
|
TFN Amount Withheld E |
TFN Amount Withheld |
|
Share of Credits From TFN Withheld From Payment From Closely Held Trust O |
Share of Credits From TFN Withheld From Payment From Closely Held Trust |
|
Capital gains F |
Discounted gains to one of Discounted Capital Gain TARP (Before Discount), Discounted Capital Gain NTARP (Before Discount), Note: The total Net capital gains distributed as per label F should equal the amounts entered to the total of the above labels. |
|
Gross capital gain F1 |
Gross Gain (the system will auto calculate this) |
|
Capital losses applied F2 |
Capital Loss Applied |
|
CGT discount applied F3 |
CGT Discount Applied (the system will auto calculate this) |
|
CGT small business concessions applied F4 |
Small Business CGT Concession |
|
NCMI capital gains F5 |
NCMI Capital Gain |
|
Excluded from NCMI capital gains F6 |
Excluded From NCMI Capital Gain |
|
Share of Credits For Foreign Resident Capital Gains Withholding Amounts Z |
Foreign resident capital gains withholding amounts |
|
Attributable Foreign Income G |
CFC Income |
|
Other Assessable Foreign Source Income H |
Assessable Foreign Source Income |
|
Foreign Income Tax Offset I |
Foreign Income Tax |
|
Share of National Rental Affordability Scheme Tax Offset R |
Share of National Rental Affordability Scheme tax offset |
|
Exploration Credits Distributed M |
Exploration credits distributed |
|
Early Stage Venture Capital Limited Partnership Tax Offset T |
Early-stage venture capital limited partnership tax offset |
|
Early-stage investor tax offset J |
Early-stage investor tax offset |
|
Div 6AA Eligible income C1 |
Div 6AA Eligible Income |
|
Share of net small business income Y |
Share of Net Small Business Income |
|
s98(3) assessable amount J |
Non Resident Beneficiary Additional Information s98(3)J |
|
s98(4) assessable amount K |
Non Resident Beneficiary Additional Information s98(4)K |
|
Total TFN amounts |
Total TFN Amounts Withheld From Annual Trustee Payments |
|
Trust income schedule label (Annual Tax Statement) |
SMSF annual return question and label |
|---|---|
|
Label W Share of income of trust estate |
Not required |
|
Label L Share of credit for tax withheld – foreign resident withholding (excluding capital gains) |
Item 13 – label H2 Credit for tax withheld – foreign resident withholding (excluding capital gains) |
|
Label N Australian franking credits from a New Zealand franking company |
Item 11 – label E Australian franking credits from a New Zealand franking company |
|
Share of income – label A Primary production |
Item 11 – label M Gross trust distributions |
|
Share of income – label A1 PP – NCMI |
Not required |
|
Share of income – label A2 PP – Excluded from NCMI |
Not required |
|
Share of income – label B Non-primary production |
Item 11 – label M Gross trust distributions |
|
Share of income – label B1 Non PP – NCMI |
Not required |
|
Share of income – label B2 Non PP – Excluded from NCMI |
Not required |
|
Label C Credit for tax withheld where ABN not quoted |
Item 13 – label H3 Credit for tax withheld - where ABN or TFN not quoted (non-individuals) |
|
Label U Franked distributions |
Item 11 – label M Gross trust distributions |
|
Label D Franking credit |
■ Item 11 – label L Dividend franking credit ■ Item 13 – label E1 Complying fund's franking credits tax offset |
|
Label E TFN amounts withheld |
Item 13 – label C2 Rebates and tax offsets |
|
Label O Share of credit for TFN amounts withheld from payments from closely held trusts |
Item 13 – label H5 Share of credit for TFN amounts withheld from payments from closely held trusts |
|
Label F Capital gains |
Item 11 – label A Net capital gain |
|
Label Z Share of credit for foreign resident capital gains withholding amounts |
Item 13 – label H8 Share of credit for foreign resident capital gains withholding amounts |
|
Label G Attributed foreign income |
Item 11 – label D1 Gross foreign income |
|
Label H Other assessable foreign source income |
Item 11 – label D1 Gross foreign income |
|
Label I Foreign income tax offset |
Item 13 – label C1 Foreign income tax offset |
|
Label R Share of National rental affordability scheme tax offset |
Item 13 – label E3 Share of National rental affordability scheme tax offset entitlement |
|
Label M Exploration credits distributed |
Item 13 – label E4 Exploration credits distributed |
|
Label T Early stage venture capital limited partnership tax offset |
Item 13 – label E4 Exploration credits distributed |
|
Label J Early stage investor tax offset |
Item 13 – label D1 Early stage venture capital limited partnership tax offset |