A Trust is a legal entity that is required to lodge an annual Trust Tax Return which reports the financial summary of the Trust’s activities to the Australian Taxation Office.
Generally, a Trust will distribute the profit to its beneficiaries, with the income reportable in the beneficiary Returns.
A Trust is great for tax minimisation as you can distribute income in accordance with the Trust Deed to beneficiaries in a tax-effective manner.
POP are experts in tax minimisation and trust tax returns, so get in touch to get it done right.
What our customers
What our customers
POP Business is so successful at delivering awesome results for small businesses because of a combination of four things:
By saving time and money, and preserving your peace of mind, you’ll be free to focus on the really important stuff. Namely, running your business successfully.
Just because we’re lodging your trust Tax Return online,
doesn’t mean you won’t speak to a real qualified accountant.
POP Business is based in Sydney, so all you have to do is book your over-the-phone
tax consultation with one of our expert accountants today.
You’ll also learn how our range of accounting services can help you achieve your business goals.
A Trust tax return is prepared based upon the financial statements. If you need the accounts reconciled the team at POP can attend to this.
Once the financial transactions are reconciled and the financial statements have been prepared (which will include the accounting distributions and beneficiary accounts), the Trust tax return can be prepared by a POP Trust expert.
It is important to ensure the information reported is accurate as the distribution income will be pre-filled by the ATO into the beneficiary’s tax returns. If their tax returns are already submitted the ATO may automatically amend to include the distributable income
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 Trustees annual resolution.
If the Trust is a Unit Trust, then the taxable income is distributed proportionately based on the unit holding.
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.
No, trusts are not subject to double taxation. Any taxable income that is distributed to the beneficiaries of the Trust is taxed in the beneficiaries tax returns.
POP’s Trust tax returns start from the low price of $500 + 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.
You can get started by simply filling out the enquiry form on this page.
You can also email email@example.com
The turnaround time will be within 10 business days providing the information is requested to prepare is supplied in a timely manner.
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 if any technical issues need to be resolved we can arrange a video call.