Hi,
I purchased units in IDR (ASX listed property trust) a few years ago and have now discovered that owning shares in a trust is much different than owning shares in a public company as far as the ATO is concerned.
I receive a monetary "distribution" every 6 months. Am only sorting out my tax for 2016 at present and noticed the taxation statement IDR sent me for year ended 30 June 2016 shows that the gross distribution comprised of two components..... 1. "Australian taxable income eg $8,000" and 2. "Tax deferred amount eg $5,000"
I am retired self funded low income earner and trying to figure out whether I should include the "tax deferred amount" in calculating my gross personal income for year ending June 30, 2016. The tax deferred amount certainly did form part of the distribution that was paid to me.
In my case if the "tax deferred" amount does not form part of gross personal income then this means I will not have to lodge a 2016 tax return at all as my total assessable income would be just below the $18,200 tax free threshold. I would only need to separately apply for refund of some franking credits relating to some other stocks held.
I suppose an easier way therefore to view it is if a person only had one income source for a financial year being a property trust distribution payment of $26,000 that comprised "Australian taxable income" of $16,000 and 2. "Tax deferred amount" of $10,000. Would the person be required to lodge a tax return??
