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Trustee ATO Reporting Issues

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Running Time: 8:55

Date: 01/05/2012

There's a lot more to do before June 30 than lodge income tax returns - so get ready

Jo-anne Hotston is Tax Director at Bentleys NSW and aDirector of Taxbytes. In additional to lodging income tax returns prior to 30 June, Jo-anne says trustees need to lodge the Trustee withholding, Trustee TFN reporting and Trustee beneficiary (TB) reporting forms. A trustee needs to withhold when a beneficiary who is entitled has not provided the TFN to the trustee prior to 30 June, or where the withholding is at 46.5% of taxable distribution. Exceptions apply to minors, non-residents, and tax exempt bodies.The ATO has allowed a deadline extension for the 2011 TFN Report, from 31 July 2011 to the date of lodging the trust's ITR, as long as the return and report are lodged electronically. There are exceptions to different rules and regimes and it's important for accountants to keep on top of all requirements in the lead-up to the end of the financial year.

Jo-anne Hotston FCA, Bentleys NSW & Taxbytes

  

Topics: Accounting & Tax