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The ATO has provided supplementary information for the completion of labels 53A and 54W in the 2013 trust tax return, as they replace labels 64A and 65W in the 2012 trust tax return.

As in the trust return instructions, the amount to include at label 53A is the total income of the trust that is legally available for distribution to trust beneficiaries for the income year (distributable income). In determining that amount, taxpayers need to consider the trust deed, the trust accounts, and relevant resolutions and determinations.

Label 54W records the amount of the trust's distributable income that each beneficiary was presently entitled to by the end of the income year.

The ATO says that it will use labels 53A and 54W to help it identify what may be contrived differences between the income of the trust estate and the net/taxable income of the trust – for example, to obtain tax benefits. Where these labels are incomplete, this will increase the likelihood that the ATO will review the return and may lead to a penalty for making a false or misleading statement.

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