Trust return 2018 2018

See the ATO website for:

Family trust election/revocation/variation

You can attach a Family trust election (Schedule X) and/or an Interposed entity election (Schedule y) to the return from Preparation > Schedule.

You can prepare and lodge a standalone Family trust election/revocation (Schedule XX) and/or an Interposed entity election (Schedule yy) to lodge separately from the return.

Data entry:

The item and labels are presented on a set of tab cards:

ATO schedules

Schedules lodged with a trust return:

Description	Acronym
Amendment schedule (amd) 2018 2018	amd
Capital gains schedule (BW) 2018 2018 2018 (or select Populate BW in the Capital gains worksheet (g) to auto create the BW with all calculated balances)	bw
International dealings schedule (ids) 2018 2018 2018	ids
Interposed entity election/revocation schedule (Y) 2018 2018 2018	y
Losses schedule (BP) 2018 2018 2018	bp
Payment summary schedule (PS) 2018 2018 2018	ps
Rental Schedules (B and BR) 2018 2018 2018	rep

ATO forms

Forms associated with a trust return that are lodged separately:

Description	Acronym
Add or delete a client – Non-individual entities (PLS CUREL)	cub
Annual GST return GR	gr
Annual instalment activity statement (GI) 2018 2018	gi
Business_activity_statement_-_BAS_GA	ga
Change details – Non-individual entities (PLS CUDTL)	cug
Change or advise address for a client – Non-individual entities (PLS CUADDR)	cud
Fringe Benefits Tax (FBT) Return (EB) 2018 2018	fbt
Instalment_activity_statement_GB	gb
Returns not necessary – Non-individual entities (PLS CURNN)	cuj
Standalone Family Trust Election (XX) 2018 2018 2018	XX
Standalone interposed entity election/revocation schedule (YY) 2018 2018 2018	yy

ATO worksheets

Worksheets that support the return for dissection and record-keeping purposes and are NOT lodged with the return are:

Description	Acronym
Capital gains worksheet (g) 2018 2018 2018 (select Populate BW to generate an attachment for lodgment)	g
Capital works deductions worksheet (sbw) 2018 2018 2018	sbw
Consolidation eligibility (subsidiary) (ces) 2018 2018 2018	ces
Depreciation worksheet (d) 2018 2018 2018	d
Deductions relating to Australian investment income (dai) 2018 2018 2018	dai
Distributions from partnerships worksheet (dip) 2018 2018 2018	dip
Distributions received from trusts worksheet (dit) 2018 2018 2018	dit
Early stage investor offset worksheet (esi) 2018 2018 2018	esi
Early stage venture capital limited partnership (ESVCLP) 2018 2018 2018	esv
Exploration credits worksheet (exc) 2018 2018 2018	exc
Financial investment income and deductions (fip) 2018 2018	fip
Forestry managed investment scheme worksheet (fms) 2018 2018 2018	fms
Foreign income worksheet (for) 2018 2018 2018	for
Gross dividends worksheet (div) 2018 2018 2018	div
Interest Income worksheet (int) - entities 2018 2018 2018	int
Intangible/Tangible depreciating assets worksheet (it) 2018 2018 2018	it
Landcare and water facility tax offset (lcr) 2018 2018 2018	lcr
Motor vehicle worksheet (mve) 2018 2018	mve
Other Australian source income worksheet (oi) 2018 2018 2018	oi
Prior year losses worksheet (pyl) 2018 2018	pyl
Schedule A Reconciliation 2018 2018	a
Schedule B (business income worksheet) 2018 2018	b
Schedule C (primary production worksheet) 2018 2018	c
Small business entity depreciating assets worksheet (sda) 2018 2018 2018	sda
Small business entity eligibility tests worksheet (sbe) 2018 2018	sbe
Small business income worksheet (sbc) 2018 2018	sbc
Taxation of financial arrangements worksheet (tof) 2018 2018 2018	tof
Beneficiary worksheet (xT) 2018 2018 2018	xT

PAYG income tax instalment estimates

When you select F4 a formal estimate of the trustee's tax liability for the current and subsequent year is prepared. You can Preview or Print this estimate. The default is to calculate using the current year rates and thresholds.

Additionally, you can prepare a PAYG Income tax Instalment worksheet from Preparation > Schedule > pgT - PAYGI (instalment estimate) for an audit trail of how we arrived at the result. Open the worksheet by selecting Preparation > Schedule.

If the current year return has been completed you can pre-fill the worksheet with those values. If not lodged or the ATO has not yet issued the first quarterly instalment notice, you can use the values from either of the two immediate prior years. However, you must use the values from most recently lodged of those two prior year returns.

You can also manually key values or alter pre-filled values where that value is editable. This is helpful for calculating what-if scenarios.

Family trust election/revocation/variation

Data entry:

Processes for trust returns include: