Item 13 - Partnerships and Trusts

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

Use the Tax worksheets for Distributions from partnerships worksheet (dip) and Distributions received from trusts worksheet (dit) which each cater for more than one entry of distributed income.

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 (g) 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 Small business partnership distribution tax offset worksheet (sbp) and the Small Business trust distribution tax offset (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: