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Item 32 - Non-Concessional MIT Income (NCMI) (Trust return)

What does the Stapled Structures Act cover?

The Stapled Structures Act includes the following:

Schedule 1 ensures that trading income that is converted to passive income via a stapled structure or distributed by a trading trust, and income from agricultural land and residential housing (other than affordable housing), will be subject to a 30% withholding tax rate. Fund payments, to the extent that they are attributable to non-concessional MIT income (NCMI), will be subject to a 30% withholding tax rate.

 

See Item 31 - Non-Concessional MIT Income (NCMI) on the ATO website.

 

Data entry into the labels:

Income categoryLabel at this itemInclude this in another label in the return

Business income

Label A: Primary Production – Non-Concessional MIT Income (NCMI).

Label B: Primary Production – Excluded from Non-Concessional MIT Income (NCMI).

Item 5 Label G - Other Business income
 

Label C: Non-Primary Production –Non-Concessional MIT Income (NCMI).

Label D: Non-Primary Production – Excluded from Non-Concessional MIT Income (NCMI).

Item 5 Label H - Non-PP – Other business income
Primary production (Partnership distributions)

Label E: Primary Production – Non-Concessional MIT Income (NCMI) Distribution from Partnerships.

Label F: Primary Production – Excluded from Non-Concessional MIT Income (NCMI) Distribution from Partnerships.

Item 8 Label A - Distribution from partnerships
Primary production (Trust distributions)

Label G: Primary Production – Non-Concessional MIT Income (NCMI) Share of Net Income from Trusts.

Label H: Primary Production – Excluded from Non-Concessional MIT Income (NCMI) Share of Net Income from Trusts.

Item 8 Label Z - Share of Net Income from Trusts
Non Primary production (Partnership distributions)

Label I: Non-Primary Production –Non-Concessional MIT Income (NCMI) Distribution from Partnerships less foreign income.

Label J: Non-Primary Production – Excluded from Non-Concessional MIT Income (NCMI) Distribution from Partnerships less foreign income.

Item 8 Label B - Distribution from Partnerships less foreign income.
Non- Primary production (Trust distributions)

Label K: Non-Primary Production –Non-Concessional MIT Income (NCMI) Share of Net Income from trusts, less capital gains , foreign income and franked distributions.

Label L: Non-Primary Production – Excluded from Non-Concessional MIT Income (NCMI) Share of Net Income from trusts, less capital gains , foreign income and franked distributions.

Item 8 Label R - Share of net income from trusts, less capital gains, foreign income and franked distributions.
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