This article explains how to make custom investment distributions appear under Trust income in Navexa’s Taxable Income report, and how to make the Enter AMIT Statement option appear for the relevant financial year.
When To Use This
Use this article when you’re tracking an Australian-domiciled managed fund, ETF, or trust-style investment as a custom investment and the income is appearing under Non-trust income instead of Trust income.
This can also stop the Enter AMIT Statement option from appearing in the holding’s Income area for the financial year you’re working on.
AMIT means Attribution Managed Investment Trust.
AMMA statement means AMIT Member Annual Statement. This is the annual tax statement used to enter trust distribution components.
Why It Happens
For custom investments, Navexa won’t automatically assume that an income payment is trust income.
You need to enable Trust Income in two places:
On the custom investment holding.
On each relevant dividend or distribution income record.
The holding-level setting tells Navexa the custom investment can be treated as a trust-style holding.
The income-record setting tells Navexa that a specific dividend or distribution is trust income for that financial year.
This second setting is what allows the Enter AMIT Statement option to appear for the relevant financial year.
Check The Holding Setting
First, check that the custom investment holding is set up correctly.
Open Portfolio.
Select the custom investment holding.
Open Settings.
Set Trust Income to Yes.
Make sure Exclude From Tax is set to No.
Select Save.
Check Each Distribution
Next, check the dividend or distribution records for the financial year you’re reporting.
Open Portfolio.
Select the custom investment holding.
Open Income.
Find the relevant dividend or distribution record.
Select the ⋮ menu.
Select Edit.
Set Trust Income to Yes.
Select Save.
Repeat this for each relevant distribution in the financial year.
If only the holding is set to Trust Income = Yes, but the individual distribution is still set to Trust Income = No, the amount may continue to appear as Non-trust income.
Enter The AMIT Statement
Once a dividend or distribution has Trust Income = Yes, the Enter AMIT Statement option should appear in the holding’s Income area for the financial year that contains that distribution.
Use this option to enter the components from your AMMA statement, such as:
Unfranked amounts.
Capital gains components.
Franking credits.
Foreign income and foreign tax credits.
AMIT cost base increase amounts.
AMIT cost base decrease amounts.
Use your fund’s AMMA statement as the source of truth when entering these values.
Refresh Taxable Income
After updating the holding and income records, refresh the Taxable Income report.
Open Tax Reporting.
Select Taxable Income.
Choose the correct financial year.
Check whether the income now appears under Trust income.
The AMIT or AMMA component fields should now be available for the relevant trust income record.
Common Issues
Why Can’t I See Enter AMIT Statement?
The Enter AMIT Statement option may not appear if the relevant dividend or distribution has not been set to Trust Income = Yes.
Check the income record itself, not only the holding settings.
Why Is The Income Still Non-Trust?
Income may still appear under Non-trust income if one or more distribution records for that financial year are still set to Trust Income = No.
Open each relevant income record and confirm the setting is correct.
Why Is Another Year Missing?
The Enter AMIT Statement option is tied to the financial year of the income record.
If you’re working on a different financial year, make sure that financial year has at least one relevant dividend or distribution with Trust Income = Yes.
Should Company Dividends Use Trust Income?
Company dividends and non-trust income should usually have Trust Income set to No.
Only set Trust Income to Yes when the payment is a trust distribution, such as a distribution from an Australian ETF, managed fund, or trust-style investment.
Remember, this is general information, not personal financial advice.