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Item 13 - Partnerships and Trusts


See Item 13 - Partnerships and Trusts on the ATO website for full details on completing this item.

We'll add up the different types of income and credits or offsets received from each distributing partnership or trust and filter these through to the correct labels in the tax return.

The trust dit worksheet caters for distributions received from all trusts including Managed investment trusts (MITs).

To save time in moving from one worksheet to another for the different income types, you can enter the share of capital gains and share of foreign income received from the MIT in the dit.

On closing the worksheet, Tax auto creates a corresponding entry in the Capital gains worksheet data entry and the Foreign income worksheet (for).

This functionality is for trust returns only. Partnerships receiving a share of foreign income, can use the Quick access point in the dip to enter that share.

We've provided the Partnership share of net small business income worksheet (sbp) and the Share of net small business income worksheet (sbt) at labels 13D and 13E. The amounts entered will be used in the calculation of any Small business income tax offset (SBITO) allowed. To receive the SBITO, it is not necessary for the individual to be a small business entity.

If you've received a share of:

  • Early stage venture capital limited partnership tax offset (esvclp)

  • Early stage investor tax offset (esic)

  • Credit for foreign resident capital gains withholding amounts (crfrwcg)

the amounts entered will filter through to the relevant items in the tax return.

Consolidation instructions

The ATO allows a maximum of 10 records (including the consolidated record) of distributions from partnership (dip) worksheet. Where there are more records than the maximum allowed, the remaining records must be consolidated into the last record.

Partnership Losses

Records with losses (where net primary production plus net non-primary production amounts are less than zero) should not be consolidated. They should be recorded as separate records.

How to consolidate?

Complete the following details for a consolidated record

Field nameWhat to enter
Partnership nameConsolidation - XX records (where XX is the number of partnership records consolidated into the last record)
Tax file numberLeave this field blank.

For the rest of the income fields, enter the total dollar values for these fields for the records being consolidated

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