Do trusts pay tax directly?
Generally, net income is distributed and taxed to beneficiaries. The trust may be assessed where amounts are not distributed or specific rules apply.
What does a trust tax return include?
Entity return, beneficiary distribution statements, trustee minutes, CGT schedules, streaming (if applicable), and ATO-compliant finalisation.
What info do I need for a trust tax return?
Your trust deed (and any variations), financial statements, beneficiary details (including TFNs), and income/expense records.
Who pays tax on trust income?
Usually the beneficiaries, based on their share of distributions. If no distribution is made, the trustee may be taxed at the top marginal rate.
How quickly can you complete our return?
Most are completed in a week or two. We’ll fit your time frame.
What are the fees?
We offer fixed, transparent pricing — no hidden surprises.
Is my data secure?
Yes. We use ISO 27001:2022 controls, encrypted systems, and ATO-compliant processes.
Can you prepare trustee minutes and resolutions?
Yes. We prepare trustee resolutions and minutes, on time and aligned with the deed.
What happens if trustee minutes are late?
Late minutes may mean distributions aren’t recognised, leaving income taxed at the top marginal rate. We ensure they’re prepared before 30 June.
Do you handle capital gains and discounts?
Yes. We prepare CGT schedules, apply discounts where eligible, and manage streaming to beneficiaries.
Can a trust claim tax deductions?
Yes. Deductions may include management fees, accounting costs, and expenses incurred in earning trust income.
Can you assess small business CGT concessions?
Yes. We review active asset tests, turnover thresholds and significant individual tests for concession eligibility.
What about UPEs and Division 7A?
We review unpaid present entitlements and identify Division 7A risks where corporate beneficiaries are involved.
Do you help with trust losses?
Yes. We assess trust loss tests (income injection, pattern of distributions, control test) and document outcomes before applying losses.
Can trusts carry forward tax losses?
Yes — provided trust loss tests are passed. We prepare the necessary documentation.
Do you support family trusts and discretionary trusts?
Yes. We prepare returns for family, discretionary, fixed and hybrid trusts.
Do you support our accounting software?
Yes. Xero, MYOB, QuickBooks, eCashBooks, and spreadsheets if needed.
How do we provide documents?
We’ll access your systems and let you know what documents we need.
Will a Chartered Accountant check our return?
Yes. Every trust return is reviewed by a qualified accountant before finalisation.
Can you handle multiple years if we’re behind?
Yes. We finalise overdue trust returns and help manage ATO penalties where applicable.
What if the trust has no income this year?
You may still need to finalise a nil return. We’ll confirm and prepare it if required.
What if the deed doesn’t allow streaming?
We’ll identify deed limits, recommend updates if needed, and apply distributions correctly under current rules.
Do beneficiaries need to lodge returns as well?
Yes. Beneficiaries must report their trust distributions in their own returns.
How do capital distributions get taxed?
Capital gains are distributed to beneficiaries and taxed at their rate, subject to discounts or concessions.
What about TFN reporting?
Trusts must report beneficiary TFNs annually. We handle TFN reporting with the ATO.
Do you help with BAS/GST?
Yes. Where the trust is registered for GST, we align BAS reporting with the annual trust return.
Can you help with ATO reviews or audits?
Yes. We prepare documentation, reconcile figures and liaise with the ATO on your behalf.
How do we get started?
Request a quote and we’ll outline steps, documents and time frames.