Trust Tax Return - Administrator

How does Amaze Accounting help you with a Trust Tax Return?

If you’re reading this, then you either have a trust or are considering setting one up. Trusts can provide some great benefits for protecting your family’s financial future and maintaining continuity in your financial structure.

One of the main uses of trusts is for asset protection, but tax planning is also an important consideration. However, it’s important to note that the Australian Taxation Office (ATO) views trusts as a way for the wealthy to conceal income, evade taxes, or launder money. As a result, it’s crucial that trust tax returns are prepared and lodged correctly to avoid severe penalties.

At Amaze Accounting, our experienced CPAs and Chartered Accountants understand the complexities of trust tax returns and are here to help. We can analyze, prepare, and lodge all types of trust tax returns based on your individual situation. If your trust derives income, our experts can assist you in navigating the complicated tax implications that may involve your trust.

Don’t let the complexities of trust tax returns stress you out, trust us to handle it for you. Contact us today to discuss your trust tax needs.

Faq

What is a trust tax return?

A trust tax return is a form that is used to report a trust’s income and claim any tax-related deductions or offsets for a financial year in Australia. It is used to calculate the amount of tax that the trust is liable to pay to the Australian Taxation Office (ATO).

When are trust tax returns due?

The due date for lodging trust tax returns is generally the 31st of October of the following financial year. However, if you are using a tax agent, you may have additional time to lodge your return.

What information do I need to include in my trust tax return?

You will need to include information on all income received by the trust during the financial year, such as dividends, rent, and interest, as well as any tax-related deductions or offsets, such as operating expenses and depreciation. You will also need to provide information about capital gains and losses, foreign income, and any other income and deductions relevant to the trust.

How do I lodge my trust tax return?

You can lodge your trust tax return online through the myTax portal on the ATO website, or through a registered tax agent.

Can I get an extension for lodging my trust tax return?

You may be able to request an extension for lodging your trust tax return if you are experiencing difficulty in meeting the lodgment due date. But you will need to apply for the extension in advance and the ATO will consider your application.

What happens if I don’t lodge my trust tax return on time?

If you do not lodge your trust tax return on time, you may be subject to penalties and interest charges. Additionally, the ATO may take legal action against the trustees of the trust, which can result in fines and penalties.

Can I get help with my trust tax return?

Yes, you can get help with your trust tax return from a registered tax agent or from the ATO. They can assist you with understanding your obligations and ensuring that your trust tax return is completed correctly. It is also good to consult with an accountant to ensure that all the financial transactions are recorded and reported correctly in the trust tax return.