Trust income schedule (DISTBENTRT) and Distributions received from trusts (dit)

In 2024 as part of Modernising trust administration systems, the ATO has introduced a Trust income schedule. This will assist with the correct income reporting and consistency across all beneficiary types required to lodge their tax return.

The Trust income schedule layout is different depending on the return type.

Individual return: The Distributions received from trust (dit) worksheet has been modified to include all the fields required to complete the Trust income schedule.
Company, Partnership ,Trust, Fund and SMSF: A new schedule called Trust income schedule(DISTBEN) has been included.

In 2024 as part of Modernising trust administration systems, the ATO has introduced a Trust income schedule. This will assist with the correct income reporting and consistency across all beneficiary types required to lodge their tax return.

This worksheet records:

the details of any share of income or loss received from another trust
deductions your trust may have incurred in earning that distribution income.

Don't include deductions related to running your own trust.

Consolidation of the records

You can have a maximum of 30 records of the dit worksheet – including any consolidated records. For more than 30 records, consolidate and total the rest into the 30th records.
When consolidating the records, use Consolidation - XX non-managed funds records (with XX being the number of distributions consolidated into the last record) as the description of the record.

We’re working on the consolidation of records which will be addressed in a future release.

What are the changes in MYOB Tax?

In a Trust return, when you distribute the income to the beneficiaries (Individual, Trust, Partnership, Fund or SMSF), it will integrate into the Trust income schedule in the other return type. This income is then integrated into the main return.

You'll find the worksheet by clicking:

Partnership or Trust: item 8: labels A, B or R—Primary production, Non-primary production or Franked distributions from trusts
Company: income item 6: label E—Gross distributions from trusts

Individual return

In an individual return, there is no separate Trust income schedule but we’ve added the new fields to the Distributions from Trust (dit) worksheet that is required for the Trust income schedule reporting. These amounts are then integrated into the main return.

You can access this worksheet from item 13: labels L, U or C—Primary Production, Non-primary production of Franked dividends

The table shows the new labels added to the Distribution statement (xT) in the Trust return, Distributions received from trusts (dit) and how integrated into the tax return labels in the individual tax return.

Distribution statement (xT) labels (Trust return)	Distributions received from trusts (dit) worksheet labels	Individual tax return labels
ABN ACN	ABN ACN	-
Div 6AA Eligible Australian franking credits from a NZ franking company	Div 6AA Eligible Australian franking credits from a NZ franking company	Reported to ATO via the Income details schedule
Capital Gains F Capital gains F1 Gross capital gain F2 Capital losses applied F3 CGT discount applied F4 CGT small business concessions applied F5 NCMI Capital gains	Capital Gains Gross Capital gains Gross capital gain Capital losses applied CGT discount applied CGT small business concessions applied CGT - NCMI	Creates a capital gains worksheet (g) and then integrates it into the individual tax return labels. Item 18 – label A Net capital gain Item 18 – label A Total current year capital gains
Non-concessional MIT Income PP - NCMI PP - Excluded from NCMI Non PP - NCMI Non PP - Excluded from NCMI Excluded from NCMI capital gains - Beneficiary share	Non-concessional MIT Income PP - NCMI PP - Excluded from NCMI Non PP - NCMI Non PP - Excluded from NCMI CGT - Excluded Non-Concessional MIT Income	Reported to ATO via the Income details schedule
Attributed Foreign income Other Assessable foreign source income Foreign income tax offset	Foreign Income Income (Integrated from Other Assessable foreign source income as Type O) Income (Integrated from Attributed Foreign income as Type Y) Tax credit (Integrated from Foreign income tax offset) Type There are only 2 Types of codes O - General other foreign income Y - Attributed foreign income The remaining codes are available on the Foreign income tax worksheet (for).	Creates a foreign income worksheet (for) and then integrates it in the individual tax return labels. Item 19 K - CFC income (all foreign income of Type Y) Item 20 Label M - Other net foreign source income (all foreign income of Type O)

Capital Gains (g) and Foreign income (for) worksheets changes

The capital gains worksheet (g) will have only 2 methods - Discount and Other.
- Calculation of Item 18A = Discount (net) + Other
- Calculation of Item 18H = Discount (net) x 2 + Other
These values will integrate into the bw schedule if required.

Foreign income worksheet (for)

In the Distribution from Trusts (dit) worksheet, only 2 income types (O and Y) are in the foreign income section.
In the Foreign income (for) worksheet, you can select the income types - Dividends Other, Rental property, General Other Foreign income and Capital Gains.

Deductions and integration from other worksheets for individuals

Enter the deductions related to earning the distribution income and not the expenses incurred by the distributing trust.

Press Ctrl+Insert to create additional sets of deductions fields.

Press Ctrl+Delete to delete unused rows.

Data can integrate to the dit (for an individual return only), from:

the depreciation worksheet (d)
the motor vehicle worksheet (mve)

You can't edit these fields. We'll display amounts you've integrated from a depreciating asset or a share of motor vehicle expenses.

Press Enter at Amounts from the depreciation worksheet or Amounts from the motor vehicle worksheet to open the relevant worksheet from the dit.

Other information for individual Beneficiaries

Trusts that are a small business entity

We'll use the Share of net small business income to calculate each individual beneficiary's small business income tax offset (SBITO).

Mandatory fields for PLS lodgment

We'll use the coloured field amounts to pre-fill each beneficiary's IT5: label X—Net financial investment loss and IT6: label Y—Net rental loss fields.

See:

IT5 Financial investment income and deductions (fil)

IT6 Net Rental income and deductions (rpl)

Company, Trust,Partnership, Fund and SMSF returns

In Company trust and partnership returns, the schedule is Trust Income schedule (DISTBNETRT). The fields in DISTBNE are very similar to the Beneficiary distributions in a Trust return.

You'll find the worksheet by clicking:

Partnership or Trust: Item 8: labels A, B or R—Primary production, Non-primary production or Franked distributions from trusts
Company: income Item 6: label E—Gross distributions from trusts
SMSF : Item 11 Label M - Gross Trust distributions
Fund: Item 10 Labels N, O, P or Q - Trust distributions unfranked amounts, Trust distributions franked amount, Trust distributions franking credits or Trust distributions other amounts

Distribution statement (xT) labels	Distributions received from trusts worksheet labels	Company	Fund	SMSF	Trust	Partnership
ABN ACN	ABN ACN	-
Div 6AA Eligible Australian franking credits from a NZ franking company	Div 6AA Eligible Australian franking credits from a NZ franking company	-
Capital Gains F Capital gains F1 Gross capital gain F2 Capital losses applied F3 CGT discount applied F4 CGT small business concessions applied F5 NCMI Capital gains	Capital Gains Gross Capital gains Gross capital gain Capital losses applied CGT discount applied CGT small business concessions applied CGT - NCMI	Creates a capital gains worksheet (g) and then integrates it in the tax return labels. Item 7 Label A - Net capital gain	Creates a capital gains worksheet (g) and then integrates it in the tax return labels. Item 10 Label A - Net capital Gain	Creates a capital gains worksheet (g) and then integrates it in the tax return labels. Item 11 Label A - Net capital Gain	Creates a capital gains worksheet (g) and then integrates it in the tax return labels. Item 21 Label A - Net Captial gain. The Gross Capital gain and CGT discount applied amounts will integrate. Note: If there is captial loss from the trust distribution, the Gross capital gain will show amounts where the loss has been already subtracted.
Non-concessional MIT Income PP - NCMI PP - Excluded from NCMI Non PP - NCMI Non PP - Excluded from NCMI Excluded from NCMI capital gains - Beneficiary share	Non-concessional MIT Income PP - NCMI PP - Excluded from NCMI Non PP - NCMI Non PP - Excluded from NCMI CGT - Excluded Non-Concessional MIT Income	Reported to the ATO	Reported to the ATO	Reported to the ATO	Reported to the ATO	Reported to the ATO
Attributed Foreign income Other Assessable foreign source income Foreign income tax offset	Foreign Income Income (Integrated from Other Assessable foreign source income as Type O) Income (Integrated from Attributed Foreign income as Type Y) Tax credit (Integrated from Foreign income tax offset) Type There are only 2 Types of codes O - General other foreign income Y - Attributed foreign income The remaining codes are available on the Foreign income tax worksheet (for).	Creates a foreign income worksheet (for) and then integrates it into the tax return labels. Item 8 Label R - Net Foreign income (all foreign income of Type O) Item 8 Label B Listed country (all foreign income of Type Y)	Creates a foreign income worksheet (for) and then integrates it into the tax return labels. Item 10 Label D - Net Foreign income (all foreign income of Type O and Type Y)	Creates a foreign income worksheet (for) and then integrates it into the tax return labels. Item 11 Label D - Net Foreign Income (all foreign income of Type O and Type Y)	Creates a foreign income worksheet (for) and then integrates it into the tax return labels. Item 22 Label M - Net Foreign income (all foreign income of Type Y) Item 23 Label B (all foreign income of Type Y)	Creates a foreign income worksheet (for) and then integrates it into the tax return labels. Item 22 Label M - Net Foreign income (all foreign income of Type Y) Item 23 Label B (all foreign income of Type Y)