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Distributions from Trusts worksheet (dft)

Fund and SMSF returns only

This worksheet has the Tax code dft and can be opened at any of the relevant labels in the respective return by clicking [Alt+S] or clicking the Schedule Icon or it can be selected from Preparation > Schedule > Distributions from Trusts (dft).

National Rental Affordability (NRAS) Tax Offset

In the event a Fund receives a distribution of the National Rental Affordability Tax Offset from a trust, this worksheet now provides a column to receive that amount. The tax offset amount integrates to the holding dialog at Label E3 in the Calculation Statement of the Fund and the SMSF returns.

Dividend income

For Fund returns (EF), Dividend income distributed from a Trust must be disclosed at separate labels:

  • Unfranked at label N,

  • Franked dividends at label O,

  • Franking credit attached to the Franked Dividend at label P,

  • All other Trust income distributed must be declared at Trust distributions - Other amounts at label Q, and

  • Additionally, such distributions may not be at arm’s length and any such non-arm’s length income must be declared at label U.

Arm’s length and Non-arm’s length deductions

The worksheet contains 2 columns for income and deduction amounts, one for Arm’s length and one for Non-arm’s length.

The Fund return has one label for Net non-arm’s length income and integration will be to item 10 label U.

Dissection grids are available at the Deduction fields. Deductions not related to Non-arm’s length income will be integrated to item 11 label L Other deductions.

Any Share of credits will be integrated to the relevant Calculation Statement credit field holding dialogs and then integrated to the label in the return.

The SMSF has 3 return labels, U1, U2 and U3 for disclosing Net non-arm’s length income and amounts entered in the dft will integrate to the worksheet Net Non-arm’s length income at Label U and from there to label U2 Net non-arm’s length trust distributions. Other trust income amounts entered in this worksheet will integrate to item 10 label M, Gross trust distributions.

Franked and Unfranked dividends received from a Trust

If the dft is opened for a self-managed fund, the income fields for Unfranked and Franked dividends received from a Trust will be non-active as this return does not separate Dividends received from Trusts.

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