This article covers all fields contained in the Trust Income Schedule (TIS), information about each field and the source of data where the field is auto-populated in Class including:
Overview
Class auto-populates the TIS based on the following types of events:
- Distribution cash events
- Distribution reinvestment events
- Annual Tax Statement events
Class doesn't duplicate the income reported in the Distribution events and the Annual Tax Statements for a particular security.
When there is more than one distribution or tax statement event, the income data is aggregated in the Trust Income Schedule for each security.
Entity details
| Entity Fields | Information | Label | Auto-populate Source |
|---|---|---|---|
| Tax file number (TFN) | Tax file number of the entity (i.e. beneficiary/tax payer) | N/A |
Fund Details > TFN field |
| Non-individual name (company, trust, partnership, fund, SMSF) | Name of the entity | N/A |
Fund Details > Name |
| Residential address for individuals or business address for non individuals | Address of the entity | N/A |
This address is the same as Annual Return selected at Settings > Fund defaults |
For SMSFs, the above fields are only visible when generating the Trust Income Schedule report not in the user interface (UI). For Trust the TFN and entity need to be manually entered into the TIS to appear on the PDF report.
Distribution details
The fields in this section are required to be completed for each distributing trust that has distribution income reported during a financial year. Blank fields under the 'Auto-Populated Source' column means that the field isn't auto-populated by Class.
The name of the distributing trust is a mandatory field. But the Australian business number (ABN), Australian company number (ACN) and Investor number are not mandatory fields and can be left blank when lodging the TIS. Class will not auto-populate these three fields.
The actual name of the code for SMSF investment in Class will be displayed in the 'Securities' and 'Pending securities' panels. This code is unique in the entity.
| Distribution details | Information | Label | Auto-populate Source |
|---|---|---|---|
| Name of distributing trust | Name of the distributing trusts which distributed the distribution income | N/A |
Issue Description field from the Investment |
| Australian business number (ABN) | ABN of the distributing trusts which distributed the distribution income | N/A | |
| Australian company number (ACN) | ACN of the distributing trusts which distributed the distribution income | N/A | |
| Investor number | The investor number of the entity with the distributing trust | N/A | |
| Share of income of trust estate | The share of the trust's income, either for beneficiary or not beneficiary, as calculated under trust law | W | |
| Share of credit for tax withheld - foreign resident withholding (excluding capital gains) | This is the value, during the relevant period, for the amount of tax withheld from payments subject to foreign resident withholding | L |
From Distribution - Cash or Distribution - Reinvestment event at the Foreign Withholding Tax field |
| Australian franking credits from a New Zealand franking company | The amount distributed from the reporting entity of the amount of Australian franking credits that are included in the net income of the reporting entity because of franked dividends received from a New Zealand franking company directly or indirectly through another partnership or trust | N | |
| Primary production (PP) | A beneficiary's share of income in relation to primary production income | A | |
| PP - NCMI | This is the value, during the relevant period, for an amount of a fund payment that is attributable to income that is either Managed Investment Trust (MIT) cross staple arrangement income or MIT trading trust income or MIT agricultural income or MIT residential housing income. | A1 | |
| PP - Excluded from NCMI | This is the value, during the relevant period, for an amount of a fund payment that is attributable to the transitional provisions for Non-Concessional Managed Investment Trust Income (NCMI), which excludes an amount from being NCMI for Managed Investment Trust (MIT) cross staple arrangement income or MIT trading trust income or MIT agricultural income or MIT residential housing income. This could also be the amount that is attributable to an Approved Economic Infrastructure Facility Exception. | A2 | |
| Non-primary Production | A beneficiary's share of income in relation to non-primary production income | B |
From Distribution Tax Statement total of Dividends Unfranked, Interest, Other Income From Distribution event where Distribution does not match with Distribution Tax Statement. |
| Non PP - NCMI | This is the value, during the relevant period, for an amount of a fund payment that is attributable to income that is either Managed Investment Trust (MIT) cross staple arrangement income or MIT trading trust income or MIT agricultural income or MIT residential housing income | B1 | |
| Non PP - Excluded from NCMI | This is the value, during the relevant period, for an amount of a fund payment that is attributable to the transitional provisions for Non-Concessional Managed Investment Trust Income (NCMI), which excludes an amount from being NCMI for Managed Investment Trust (MIT) cross staple arrangement income or MIT trading trust income or MIT agricultural income or MIT residential housing income. This could also be the amount that is attributable to an Approved Economic Infrastructure Facility Exception | B2 | |
| Credit for tax withheld where ABN not quoted | he amount of Credit for tax withheld where Australian Business Number not quoted that has been distributed | C | |
| Franked distributions | Amount of attributable franked distributions (inclusive of Franking credits) | U |
From Distribution Tax Statement total of Dividend Franked and Franking Credits fields |
| Franking credit | The amount of franking credits attached to assessable distributions received from Australian corporate tax entities | D |
From Distribution Tax Statement Franking Credits field |
| TFN amount withheld | The amount of credit for tax withheld where the Tax File Number has not been quoted and the credit has been distributed | E |
From Distribution - Cash or Distribution - Reinvestment event at the TFN Withheld Amount |
| Share of credit for TFN amounts withheld from payments from closely held trusts | The amount of Credit for TFN amounts withheld from payments from closely held trusts | O | |
| Capital gains | Net Capital gains value derived from distributed Gross capital gain minus the sum of distributed capital losses, CGT discounts and CGT small business concessions | F |
From Distribution Tax Statement, Net Capital Gains filed which is the net of Distributed Capital Gains minus CGT Concession Amount |
| Gross capital gain | The total amount of distributed capital gains incurred from the sale of or transactions in relation to capital assets | F1 |
From Distribution Tax Statement, Gross Capital Gains filed which is the total of all Capital Gains including CGT Concession Amount |
| Capital losses applied | The total amount of capital losses incurred from the sale of or transactions in relation to capital assets. The capital loss incurred may also be applied to reduce capital gains | F2 | |
| CGT discount applied | The total Capital Gains Tax (CGT) discount amount distributed to reduce capital gains | F3 |
From Distribution Tax Statement, CGT Concession Amount |
| CGT small business concessions applied | The total amount of CGT discount and small business concessions | F4 | |
| NCMI capital gains | The beneficiary's share of NCMI capital gains amount. Distributing a loss does not require any information at this label | F5 | |
| Excluded from NCMI capital gains | The beneficiary's share of total capital gains amount excluded from NCMI. Distributing a loss does not require any information at this label | F6 | |
| Share of credit for foreign resident capital gains withholding amounts | The value of credit for amounts withheld from capital gains payments made to foreign residents | Z | |
| Attributed foreign income | The amount distributed from the reporting entity of the income attributed to the reporting entity from controlled foreign entities and transferor trusts and/or from foreign investment funds (FIFs) and foreign life assurance policies (FLPs) | G | |
| Other assessable foreign source income | This is the attributed value, during the relevant period, for assessable income derived by the business entity from foreign sources grossed up by the amount of the foreign tax, but net of expenses | H |
From Distribution Tax Statement, total of all Foreign Income fields including Tax Credits |
| Foreign income tax offset | This is the value, during the relevant period, for the tax offset credit for foreign tax paid on income, profits or gains that are included in the Australian assessable incom | I |
From Distribution Tax Statement, Tax Credits field |
| Share of National rental affordability scheme tax offset | Beneficiary share - of National rental affordability scheme tax offset | R | |
| Exploration credits distributed | Provide the amount of the exploration credits distributed to the trustee | M | |
| Early stage venture capital limited partnership tax offset | The amount of the trust’s Early stage venture capital limited partnership tax offset allocated to the beneficiary in the current income year | T | |
| Early stage investor tax offset | The amount of the trust’s Early stage investor tax offset allocated to the beneficiary in the current income year | J | |
| Div 6AA Eligible income | This is the value, during the relevant period, of the eligible assessable income of the minor beneficiary | C1 | |
| Share of net small business income | The net income of a small business entity earned from business activities | Y | |
| s98(3) assessable amount | Beneficiary (non resident) - s98(3) assessable amount: Enter the amount of net income of the trust on which the trustee is liable on behalf a non resident company or individual beneficiary under section 98 | J | |
| Total TFN amounts withheld from payments | The amount of credit for TFN amounts withheld from payments from distributing trust | T | |
| s98(4) assessable amount | Beneficiary (non-resident) - s98(4) assessable amount: Enter the amount of net income of the trust on which the trustee is liable on behalf a non resident trustee beneficiary under section 98 | K |
Class Tax Statement field mapping to TIS labels
This section shows the Class Tax Statement UI with all the fields and which label they are mapped to in the Trust Income Schedule (TIS).