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The 2024 updates for trusts in Australia include several key changes. Main points include:
A Trust does not have to pay income tax on income that is distributed to the beneficiaries. However, it is required to pay tax on any undistributed income.
If the income is not distributed from a trust, it is taxed at the highest individual marginal tax rate.
It is beneficial in almost all circumstances to distribute the income to the beneficiaries per the Trustee’s annual resolution.
If the Trust is a Unit Trust, then the taxable income is distributed proportionately based on the unit holding.
Our trust tax return starts at $2,500 plus GST.
The size and complexity of the Trust can add additional time and technical expertise.
If bookkeeping is required, the time will be billed separately to the Trust tax return and financial statements.
If you lodge the trust tax return yourself, it is due by 31 October.
If you lodge through a registered tax agent like POP Business, generally, the lodgement date will be March-May the following year. The exact date differs between Trusts, so you’ll need to get in touch.
Lodging online has never been easier, thanks to cloud accounting software and smart tech.
You can provide user access to your online accounting software so we can get the required business transactions for the tax lodgement.
We will communicate via phone and email, noting that if any technical issues need to be resolved, we can arrange a video call.