What is a trust tax return?

What is a trust tax return?

Our trust tax return service is revolutionising the process, allowing clients to meet deadlines confidently and reduce costs associated with the preparation.

The trust tax return, or TFN declaration, is a form used to report trust income to the Australian Tax Office (ATO). As an Australian trust setup, it is important for all trusts that have earned taxable income in the previous year to complete this form annually.

The information provided on the trust tax return includes details of any income earned during the reporting period as well as information about any allowances or deductions claimed by the trust.

The trust tax return also requires information about trustee expenses and salaries. Completing this form accurately is essential for ensuring compliance with Australian tax laws and avoiding any penalties or fines from the ATO.

We are here to assist you with your trust accounting

We are here to help you keep your taxes in check so that all of the profit from running this trust goes back into building its success.

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We provide online trust tax return filing. This saves you time and hassle by allowing you to file your return from the comfort of your home.

Maximum returnMaximum return

Our trust tax return service ensures that you take advantage of all potential deductions and credits, maximizing the benefits for your trust.

Registered accountantsRegistered accountants

We have registered tax accountants on staff who are well-versed in trust tax laws and regulations, ensuring your return is done accurately and efficiently.

Regulatory complianceRegulatory compliance

We are experts in meeting the needs of regulatory bodies like ASIC and ATO, providing you with peace of mind that your trust is compliant and in good standing.

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Accuratee is home to affordable trust tax returns online

Knowing trust tax rates and filing trust tax returns for units, family or discretionary can be overwhelming, especially when you don't have the experience or resources to handle it correctly. Let the team of experts at Accuratee help!

Our experienced professionals can help you avoid potential penalties while managing all trust tax return obligations accurately and affordably.

With our trust tax filing services online, the process is convenient and stress-free, allowing you to focus on core aspects of your trust.

Contact us today for a trust tax return consultation and see the difference we can make in handling the complexities of trust taxes.

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What procedure do Accuratee follow when it comes to trust tax return?



First, we gather all relevant information and documentation relating to the trust's income and expenses.



Next, we calculate the trust's tax obligations and determine any potential deductions or credits.

Review & file

Review & file

We then review and file the trust's tax return, ensuring accuracy and compliance with regulatory bodies.



Lastly, we advise how to optimise the trust's tax situation in the future.

Why choose Accuratee's trust tax return service?

Are you looking for a trusted and accurate tax return service? Look no further than Accuratee. Here are a few reasons why:

  • Our qualified accountants are committed to providing proactive solutions for all your trust taxation needs.
  • We offer personalized service, taking the time to understand your unique situation and providing customized solutions
  • Our team stays up-to-date on any changes in trust tax laws to ensure the accuracy and maximization of benefits for our clients.
  • We prioritize clear and timely communication to keep you informed throughout the process.
  • With competitive prices, our trust setup and tax return services are an economical way to ensure your assets are secure.
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Josel Jose

If you're looking for an excellent accounting and tax service, Accuratee is definitely worth considering. The team is very professional and supportive, and the process is streamlined and efficient. Overall, I've had a great experience working with them!

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Frequently asked questions- Trust tax returns

Trusts in Australia must lodge a trust tax return with the Australian Taxation Office (ATO) each year. The trust tax return outlines any income earned by the trust and details of deductions or credits claimed.

The information needed to complete your trust's tax return includes details of all income, including any capital gains or foreign-sourced income; details of deductions or credits claimed, and information about trustee expenses and payments made.

Trustees are responsible for preparing and lodging their trust's tax return with the ATO.

Yes, the Australian Taxation Office allows trusts to file their tax returns online through their myGov portal. This can often be a more efficient and convenient way to complete and submit the return, as long as all necessary information is readily available.

It is also important to note that using a registered tax agent, like Accuratee, can provide additional support and expertise in completing the trust tax return accurately and maximizing potential deductions.

The due date for the trust tax return varies depending on the specific circumstances of the trust. Generally, trusts with a 30 June balance date must file their return by 31 October.

However, trusts that are managed by a registered tax agent may have an extended due date of 15 May. It is important to confirm the specific due date for your trust with the Australian Taxation Office, as late filing can result in penalties.

Yes, trusts can potentially claim deductions for expenses related to their income-producing activities. These may include costs such as advertising and marketing expenses, business travel, and equipment purchases.

It is important to keep thorough records of all expenses in order to support any deduction claims on the tax return. This can also help in case of a potential audit.

In addition, trusts may also be able to claim credits for certain taxes and levies paid, such as the Medicare levy.

Trust tax records, including all documentation supporting income and deductions reported on the trust tax return, should typically be kept for a minimum of five years.

In some cases, such as if there are changes or adjustments made to previous years' returns, it may be necessary to keep records for longer. It is essential to consult with a registered tax agent or the Australian Taxation Office for guidance on how long to retain specific documents.

Overall, it is always a good practice to keep thorough and organized records to adequately meet trust tax obligations and be prepared in case of an audit.

Income distributed through a trust is usually subject to taxation in accordance with the beneficiary's individual tax rate.

In most cases, a resident beneficiary subject to legal disability has their income taxed at the "normal" rate by assessment sent to the trustee. The beneficiary further receives credit for the taxes paid by the trustee.

Trustees are liable for higher taxation on taxable income that has not been distributed, usually entailing 45% + medicare in taxes. To ensure compliance, the trustee will receive an assessment outlining their tax obligations.

Due to this, the income that is accumulated in a trust tends to avoid in some cases. However, it is not possible in all the cases where the beneficiary's average tax rate is lower than the highest marginal tax rate.

Trust tax return instructions provided by Australia's Tax Office (ATO) can be invaluable for businesses who want to ensure their tax returns are up-to-date and accurate.

These instructions outline the eligibility requirements, due dates, and payment terms that businesses need to meet in order to keep compliant with their taxes. It also covers any chanes in legislations made during the year

Not only does this reduce the chances of businesses having to deal with non-compliance penalties down the road, it also eliminates wasted time spent on making unnecessary corrections or providing additional paperwork.

Through ATO trust tax return instructions, businesses not only save money but also gain valuable peace of mind knowing they have everything ready when it comes to paying and filing their taxes.

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Make filing your trust taxes simpler and more convenient with our trust tax returns service. Schedule a call now to discuss how we can help you!