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This worksheet applies to both Trust and Partnership.

Trust

The holding dialog at Item 51 has been introduced to collect any amount of Exploration credits received from a Partnership or another Trust; and to enter any amount of Exploration credits received by the Trust due to the Trust's investment in an eligible Mining Exploration company.

To be eligible to claim the offset for these credits, the Trust must have been resident for the whole of the income year.

Special rules apply to a beneficiary who receives exploration credits from a trust. For more information, see What to do when you receive exploration credits on the ATO website.

 

Integration from MYOB Tax worksheets to this worksheet are:

  • Amounts received as a distribution from a Partnership at item 8 (dip)

  • Amounts received as a distribution from another Trust at item 8 (dit)

  • Credits received from a Greenfields mining company (in lieu of a franking credit).

The ATO has not provided labels at the Distributions received item 8, but has provide distribution labels in the Distribution Statement.

Once entered, the sum of the credits is passed to the Distribution statement, Item 55 label M for distribution to beneficiaries presently entitled. Where there is no presently entitled beneficiary, the amount is integrated to label X Other refundable offsets, Income to which no beneficiary is presently entitled.

Partnerships

The holding dialog at Item 51 has been introduced to collect any amount of Exploration credits received by the Partnership from another Partnership or a Trust; and to enter any amount of Exploration credits received by the Partnership due to the partnership's investment in an eligible Mining Exploration company.

Where a partnership is issued with exploration credits in an income year it may pass the exploration credits to its members. To be entitled to benefit from exploration credits, the member must be an Australian resident for the whole of the income year.

For more information, see What to do when you receive exploration credits on the ATO website.

Integration from MYOB Tax worksheets to this worksheet are:

  • Amounts received as a distribution from a Partnership at item 8 (dip)

  • Amounts received as a distribution from another Trust at item 8 (dit)

  • Credits received from a Greenfields mining company in lieu of a franking credit (open field).

The ATO has not provided labels at the Distributions received item 8, but has provide distribution labels in the Distribution Statement.

Once entered, the sum of the credits is passed to the Distribution statement, Item 51 label M for distribution to the partners.

CCH References

19-000 - Mining, Infrastructure and environmental protection