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Creating and lodging a TFN reporting schedule

This support note applies to:

  • AO Tax (AU)
  • AE Tax Series 6 & 8 (AU)
  • AE Tax (AU)
Article ID: 33897

In MYOB Tax you may need to lodge a TFN Reporting Schedule. 

To successfully complete a TFN reporting schedule, complete the following procedures.

To add beneficiaries to a trust return
  1. Open the required trust return and click the Distribution tab. The Distribution tab appears.
  2. Click in the Name in Full of beneficiary and TFN or postal address field and press ENTER. The Select Schedule appears.
  3. Highlight the required beneficiary and click Select. The Statement of distribution - Beneficiary schedule appears.
  4. Complete the beneficiary's details including Entity type code and press F6. Select Schedule appears.

    If more beneficiaries exist, click New and complete the details for the new beneficiary. Repeat for each subsequent beneficiary required.

  5. Click Close. The Distribution tab appears.
To complete the TFN reporting schedule
  1. Open the relevant trust return and from the Preparation menu, select Schedule. The Select Schedule Type window opens.
  2. Highlight the Trust Details (TD) TFN Reporting and click Select. The Trust details TFN report schedule appears.

    The schedule is only used to report the TFNs of trust beneficiaries to the ATO.

  3. Enter the Reporting period (Quarterly) from and to dates. The dates are entered.
  4. Click in the Beneficiary Details field and press ENTER. The Beneficiary Details (Schedule G) appears.
  5. Click the ellipsis button [...] on the Beneficiary's TFN number (TFN) field. The Select Beneficiary from Trust distribution Statement appears showing the list is of beneficiary's added in distribution tab of the trust return.
  6. Press F6. The Schedule G is saved and the Trust Details TFN report appears.

    Repeat steps 5 and 6 to add more beneficiaries.

To lodge TFN reporting schedule using PLS

To lodge the TFN Reporting schedule using PLS refer KB Lodging using Lodgment Manager.


What period should TFN reporting be reported to the ATO?

TFN reporting schedule must be completed for beneficiaries, for whom TFN has not been reported to the ATO every quarter. If no, beneficiary's are to be reported there is no need to lodge the form. The periods for TFN reporting are same as BAS reporting quarter, 1st July 2011.

When must you lodge a TFN Report?

You are only required to lodge an Annual TFN withholding report if you have withheld any amounts from any payment you have made to a beneficiary who has not quoted their TFN to you. The report is due three months after the end of the income year unless we have given you more time to lodge. For trusts with a 30 June balancing date, this will be 30 September. You are required to withhold 46.5% from a payment (46.5% being the top marginal rate plus the Medicare levy for the 2010-11 income year).

 What is required to report with TFN to the ATO?

A beneficiary quotes their TFN when they provide you with their:

    • TFN
    • Full name
    • Date of birth (individuals only)
    • Postal address
    • Residential address for individuals (not a PO Box or private mailbag)
    • Business address for non-individuals (not a PO Box).

Who are not liable to report the TFN?

The TFN withholding rules apply to most beneficiaries of closely held trusts, including a company, individual, partnership, self-managed super fund, super fund or trust.

Beneficiaries not subject to the TFN withholding rules, not required to lodge include:

    • Beneficiaries of a closely held trust, that is a unit trust, and already subject to other TFN withholding rules
    • Non-residents for tax purposes
    • Exempt entities as defined in the tax laws such as tax concession charities, deductible gift recipients and other entities that self-assess their status as income tax exempt
    • Beneficiaries under a legal disability (for example, minors).

Need more information? See the ATO website

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