SKC ACCOUNTING · AUSTRALIA

Trust Tax Returns

Helping Trustees Understand the Tax Side of a Trust

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UNDERSTANDING YOUR BUSINESS

Support that starts with understanding.

Trusts can be useful structures, but their taxation and reporting can be more complicated than those of a simple individual or sole trader.

A trust may earn income from investments, property or business activities and may distribute income to beneficiaries.

The tax treatment depends on the trust and its circumstances.

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Who Is This Service For?

Our services may assist:

  • family trusts

  • discretionary trusts

  • unit trusts

  • investment trusts

  • property trusts

  • business trusts

  • trustees requiring taxation and financial reporting support.

How SKC Accounting Can Help

Depending on the circumstances, this may include:

  • reviewing trust accounting records

  • preparing financial statements

  • calculating trust income

  • preparing the Trust Tax Return

  • beneficiary distribution reporting

  • reviewing relevant deductions

  • ATO correspondence where required

  • explaining trust taxation matters

  • identifying matters that may require further advice.

Why Planning Ahead Matters

Trust taxation can involve important timing and documentation requirements.

For that reason, trustees should avoid leaving every decision until the tax return is being prepared.

Where necessary, matters should be discussed before year-end and appropriate legal or specialist advice obtained where required.

USEFUL ANSWERS

Common Questions

Does the trust itself always pay tax?

Not necessarily. The taxation outcome depends on the trust's circumstances and how income is dealt with.

Can you help with trust distributions?

We can assist with the accounting and taxation aspects within our service scope. Certain trust deed, legal or complex taxation matters may require specialist advice.

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