Australia/New Zealand

August 2025 Australia - Managed Funds

This document outlines the final content changes included in this release. We recommend reviewing these changes to assess any potential impact on your existing data and business processes.
If you have questions or need further assistance regarding the release notes, contact Support ANZ:

Content templates

The following template is scheduled to be deployed as part of the release.
Template
Version
AU Managed Fund Trust Tax 2025 - Version 1.041
1st August 2025
AU Unders and Overs Trust tax 2025 – Version 1.015
1st August 2025
AU Trust Beneficiary Annual Statements 2025 – Version 1.015
1st August 2025

Summary

Tax Time changes 2025
We have implemented updates to both the stationery and e-filing systems as part of Tax Time 2025 changes. These changes are documented in the tables below.
International dealings schedule redesign
The International dealings schedule has been modified to improve performance, display, and printing capabilities.
The Original International dealings schedule RG workpaper has been split over 6 workpapers
  • RG – International dealings schedule – Section A – Q1 to Q10
  • RG1 - International dealings schedule – Section A – Q11 to Q18
  • RG2 - International dealings schedule – Section B and C – Q19 to Q29
  • RG3 - International dealings schedule – Section D Q30 to Q39
  • RG4 - International dealings schedule – Section E, F and G – Q40 to Q51
  • RG5 - International dealings schedule – Section H – Q52 to Q58
  • RG6 - International dealings schedule – Declaration
Various cells have been relocated to visually improve display and print.
Please note that any data previously entered will not upgrade to the new format. We recommend the following options:
  1. Save and Transfer:
     Before upgrading, simply save your current RG workpaper to Excel. This will allow you to easily copy your data into the new format once the update is complete.
  2. Target-Based Import:
     Alternatively, you can use the Target-Based Import feature to transfer your data into the new workpapers. The updated Target-Based import file and changes will be available shortly before the release.

Upgrade checks

Reference list updates
Please review selections of updated references from the lists here.

Tax Office Forms 2025 Changes

Trust tax return
Area
Change
Description
Managed investment trusts
New
Is the trust a stapled MIT?
Is the trust a withholding MIT?
Question 9
New
Label Y: Build to rent capital works deduction at 4%
Question 22
Modified
(Reworded)
Did you have branch operations in Australia or overseas, or a direct or indirect interest in a foreign trust, foreign company, controlled foreign entity or transferor trust?
Question 29
New
Label O: Were thin capitalisation or debt deduction creation rules applicable to you?
Question 37
Modified
Business name of main business
No longer mandatory
Question 52
Removed
Label A: Small business skills and training boost
Label B: Small business energy incentive
Trust tax return – Reference list updates
Ref list
Change
Description
MIT type
Modified
From
  • W = Withholding MIT
  • N = Managed Investment Trust that is not a withholding MIT
  • C = Clean building MIT
To:
  • A = Affordable housing MIT
  • B = Build to rent MIT
  • C = Clean building MIT
  • E = Equity MIT
  • H = Hybrid investment MIT
  • P = Property MIT
Question 8 Label Z
Primary production - Share of net income from trusts action code
Modified
U - Fixed unit trust (including a corporate collective investment vehicle (CCIV) sub-fund trust) - other than a public unit trust described in P or Q
F - Fixed trust - other than a fixed unit trust or public unit trust described in P, Q or U
AMIT tax return
Area
Change
Description
Question 5
Removed
Label A: Small business skills and training boost
Label A: Small business energy incentive
Question 6
Modified
(Reworded)
Were the thin capitalisation or debt deduction creation rules applicable to you?
Question 8
New
Build to rent capital works deduction at 4%
Question 9
New
Is the trust a withholding MIT?
AMIT schedule
Area
Change
Description
Details
New
MIT Type
A = Affordable housing MIT
B = Build to rent MIT
C = Clean building MIT
E = Equity MIT
H = Hybrid investment MIT
P = Property MIT
Assessable income
Income – other than capital gains
Modified
(Reworded)
Excluded from NCMI (other than build to rent)
Assessable income
Income – other than capital gains
New
BTR excluded from NCMI – non primary production
Assessable income
Income – capital gains
Modified
(Reworded)
Excluded from NCMI (other than build to rent)
Assessable income
Income – capital gains
New
BTR excluded from NCMI capital gains
International dealings schedule
Area
Change
Description
Section B, Financial arrangements
Question 19a
Removed
Did you have a financial arrangement for the purposes of Division 230 that did not give rise to a debt interest for the purposes of Division 974?
  • Label A: Yes/No
  • Label B: Total TOFA value of those financial arrangements
  • Label C: Total gains of TOFA losses for those financial arrangements
  • Label D: Total value of TOFA losses for those financial arrangements
Section D: Thin capitalisation
Question 30
Modified
(Reworded)
Did you rely on one of the following exemptions or exclusions in determining the thin capitalisation rules did not disallow any of your debt deductions?
Section D: Thin capitalisation
Question 30
New
Label C: You were an Australian resident entity that is neither an inward nor outward investing entity
Section D: Thin capitalisation
Question 32a
Modified
Renumbered from Question 32a to Question 33
Section D: Thin capitalisation
Question 32b
Removed
Did the thin capitalisation amendments in the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share – integrity and Transparency) Act 2024 apply to you in the income year?
  • Label A: Yes/No
  • Label B: Code
Section D: Thin capitalisation
Question 33
Removed
Did you change your entity status from ‘general’ to ‘financial’ during the income year?
Section D: Thin capitalisation
Question 35a
Modified
(Reworded)
If you were a general class investor, provide your tax EBITDA information
Section D: Thin capitalisation
Question 35b
Modified
(Reworded)
Did you rely on the group ratio test?
Section D: Thin capitalisation
Question 35b
Format change
Group Ratio format has changed to
.00, 0.0 or 0.00
Section D: Thin capitalisation
Question 35c
Modified
(Reworded)
Did you rely on the third party debt test?
Section D: Thin capitalisation
Question 35d
Modified
(Reworded)
Were you, or a member of your tax consolidated group, a special purpose entity subject to section 820-39 of the ITAA 1997?
Section D: Thin capitalisation
Question 35e
New
Did you have a FRT disallowed amount from a prior income year?
  • Label A: Yes/No
  • Label B: Code
  • Label C: FRT disallowed amount applied in this income year
  • Label D: FRT disallowed amounts to be carried forward to future income year
  • Were you the head company of a tax consolidation group or MEC group?
  • Label E: Yes/No
  • Were FRT disallowed amounts transferred to you, as a head company, by joining entities under section 820-590, during the income year?
  • Label F: Yes/No
  • Label G Provide the amount calculated under subsection 705-112(2)
Section D: Thin capitalisation
Question 36
Modified
(Reworded)
If you were an authorised deposit taking institution (ADI), provide the following information where applicable
Section D: Thin capitalisation
Question 36
New
Label L: If you relied on the arm’s length capital test provide your arm’s length capital amount
Section D: Thin capitalisation
Question 37
Modified
(Reworded)
Previous:
Were you a non-ADI and non-financial entity for the income year? Answer ‘Yes’ if you entered code 6 or 7 at question 32, label A
Now:
If you were an Australian plantation forestry entity, provide the following information where applicable
Previous:
All non-ADI entities
Now:
All Australian plantation forestry entities
Section D: Thin capitalisation
Question 37
New
Label O: If you relied on the arm’s length capital test provide your arm’s length capital amount
Section D: Thin capitalisation
Question 38
Modified
Renumbered from Question 37a to Question 38
If you were a financial entity (non-ADI) for the income year, provide the following information where applicable
Section D: Thin capitalisation
Question 38
Removed
Label A: Yes/No
Section D: Thin capitalisation
Question 38
Removed
Did you rely on arm’s length tests?
  • Label A: Yes/No
  • Label B: Provide your arm’s length debt (non-ADI) amount
Section D: Thin capitalisation
Question 38a
Removed
If you were an ADI, did you rely on the arm’s length capital test?
  • Label A: Yes/No
  • Label B: Provide your arm’s length capital amount
Section D: Thin capitalisation
Question 39a
Removed
Did you restructure or replace an arrangement during the income year which would have satisfied the conditions in subsection 820-423A(2) or (5), if the arrangement was still in place on or after 1 July 2024?
  • Label A: Yes/No
  • Label B: Description
Section E: Financial Services Entities
Question 40a
Modified
(Reworded)
Label B: Notional amount of interest taken to be borrowed under section 160ZZZA
Section E: Financial Services Entities
Question 40a
Removed
Label E: Notional amount of interest taken to be paid under section 160ZZZA attributable to OB activities of OBUs
Section E: Financial Services Entities
Question 40c
Removed
Label O: Notional amount of interest taken to be paid under section 160ZZZA attributable to OB activities of OBUs
Section H Questions 52 - 58
New
Section H: Debt deduction creation rules:
New Questions
  • Question 52: Were the debt deduction creation rules applicable to you.
  • Question 53: Did you restructure or replace an arrangement during the current or prior income year which would have satisfied the conditions in subsections 820-423A(2) or (5) if the arrangement was still in place and the debt deduction creation rules were applicable? Disregard paragraphs 820-423A(2)(g) and (5)(f) when answering this question.
  • Question 54: In a prior income year, did you directly or indirectly acquire a CGT asset, or legal or equitable obligation, from an associate pair other than a CGT asset covered by section 820-423AA?
  • Question 55: In a prior income year, did you make one or more payments or distributions covered by subsection 820-423A(5A), directly or indirectly, to an associate pair?
  • Question 56: In the current income year, did you directly or indirectly acquire a CGT asset, or legal or equitable obligation, from an associate pair?
  • Question 57: In the current income year, did you make one or more payments or distributions covered by subsection 820-423A(5A), directly or indirectly, to an associate pair?
  • Question 58: Were any of your debt deductions, for the current income year, disallowed by subsection 820-423A(1) because you were either:
International dealings schedule – Reference lists changes
Area
Change
Description
Financial entity type code
Question 33
Modified
Deleted
E - An entity that:
  • is a registered corporation under the Financial Sector (Collection of Data) Act 2001; and
  • at the particular time, carries on a business of providing finance, but not predominantly for the purposes of providing finance directly or indirectly to, or on behalf of, the entity’s associates; and
  • in the income year in which the particular time occurs, derives all, or substantially all, of its profits from that business.
Updated
  • A - An entity that:
    • is a registered corporation under the Financial Sector (Collection of Data) Act 2001; and
    • at the particular time, carries on a business of providing finance, but not predominantly for the purposes of providing finance directly or indirectly to, or on behalf of, the entity’s associates; and
    • in the income year in which the particular time occurs, derives all, or substantially all, of its profits from that business.
  • C - An entity that:
    • is a financial services licensee within the meaning of the Corporation Acts 2001 whose licence covers dealings in at least one of the financial products mentioned in paragraphs 764A(1)(a), (b) and (j) of that Act; or
    • under paragraph 911A(2)(h) or (l) of the Corporations Act 2001, is exempt from the requirement to hold an Australian financial services licence for dealings in at least one of those financial products;
    • and carries on a business of dealing in securities, but not predominantly for the purposes of dealing in securities with, or on behalf of, the entity's associates.
  • d - An entity that:
    • is a financial services licensee within the meaning of the Corporation Acts 2001 whose licence covers dealings in derivatives within the meaning of that Act; or
    • under paragraph 911A(2)(h) or (l) of the Corporations Act 2001, is exempt from the requirement to hold an Australian financial services licence for dealings in such derivatives;
and carries on a business of dealing in such derivatives, but not predominantly for the purposes of dealing in such derivatives with, or on behalf of, the entity's associates.
IDS 223
Entity type for the income year
Question 32
Modified
Deleted
  • 6 = Inward investment vehicle (general) or inward investor (general) and is not also an outward investor (general) for an income year commencing before 1 July 2023
  • 7 = Outward investor (general) (including if also an inward investment vehicle (general)), for an income year commencing before 1 July 2023
New
  • 6 = Australian plantation forestry entity (non-ADI)
Foreign country dealings
Question 3
Specified country dealings
Question 4
Removed
Receipt Payment Of Dividends And Distributions From Trusts And Partnerships
Worksheet
Description
AMIT Tax Return {RC}
Added headers for “Transaction with specific countries” and “Overseas transactions/thin capitalisation”.
International dealings schedule {RG}
We have redesigned the International dealings schedule to improve performance, display and print.
The International dealings schedule will now be split over 7 pages
  • RG – International dealings schedule – Section A – Q1 to Q10
  • RG1 - International dealings schedule – Section A – Q11 to Q18
  • RG2 - International dealings schedule – Section B and C – Q19 to Q29
  • RG3 - International dealings schedule – Section D Q30 to Q39
  • RG4 - International dealings schedule – Section E, F and G – Q40 to Q51
  • RG5 - International dealings schedule – Section H – Q52 to Q58
  • RG6 - International dealings schedule – Declaration
The workpapers will now print in portrait.
All workpapers
Removed the $ symbol appearing throughout forms workpapers.

This article applies to:

  • Product: ONESOURCE Corporate Tax