Trust Tax | Ezy Tax Consultants

TRUST TAX RETURN

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What is a Trust Tax Return?

A trust is a relationship where a person (the Trustee) is under an obligation to hold property for the benefit of other persons (the Beneficiaries). The terms are defined by an agreement called Trust Deed. It is usually entered between the Trustee and the Settlor. The Trustee is the legal owner of the trust and the beneficiaries hold the beneficial interest in the trust. All trusts must lodge tax returns for each year.

Trust Tax Return

A trust or family trust is a useful tool in protecting your business and your family assets. It is set up to distribute your income, minimise taxes and create structures to maximise long-term wealth and most important is for asset protection.

$ 550 per tax year

Bank Statements
Profit and Loss
Balance Sheet (if any)

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Completing a Trust Tax Return

Trusts does not pay tax or carry forward a loss. It has its own ABN and TFN. When lodging a Trust tax return, all net income or loss must be distributed to the beneficiaries. Each beneficiary has to report the trust income or loss in the individual tax return.

Documents and Information required:

A signed trust deed which outlines on how a trust operates.
BAS return if GST is registered
Financial statements if any – 1/ Profit and Loss 2/ Balance Sheet
Details of the transactions ie General Ledger
Bank Statements
Annual Rental Statement if any
Depreciation Schedule if any
Loan statements if any
Source documents
Prior Year Trust Tax Return

Trusts is a complicated affairs. There are many types of trusts and each trust is treated differently depending on the trust deed. For that reason, we recommend you to seek help and professional advice.

$ 1300 per tax year