Trust return

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)	amd
Capital gains schedule (BW) (or select Populate BW in the Capital gains worksheet (g) to auto create the BW with all calculated balances)	bw
International dealings schedule (ids)	ids
Interposed entity election/revocation schedule (Y)	y
Losses schedule (BP)	bp
Payment summary schedule (PS)	ps
Rental Schedules (B and BR)	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)	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)	fbt
Instalment_activity_statement_GB	gb
Returns not necessary – Non-individual entities (PLS CURNN)	cuj
Standalone Family Trust Election (XX)	XX
Standalone interposed entity election/revocation schedule (YY)	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) (select Populate BW to generate an attachment for lodgment)	g
Capital works deductions worksheet (sbw)	sbw
Consolidation eligibility (subsidiary) (ces)	ces
Depreciation worksheet (d)	d
Deductions relating to Australian investment income (dai)	dai
Distributions from partnerships worksheet (dip)	dip
Distributions received from trusts worksheet (dit)	dit
Early stage investor offset worksheet (esi)	esi
Early stage venture capital limited partnership (ESVCLP)	esv
Exploration credits worksheet (exc)	exc
Financial investment income and deductions (fip)	fip
Forestry managed investment scheme worksheet (fms)	fms
Foreign income worksheet (for)	for
Gross dividends worksheet (div)	div
Interest Income worksheet (int) - entities	int
Intangible/Tangible depreciating assets worksheet (it)	it
Landcare and water facility tax offset (lcr)	lcr
Motor vehicle worksheet (mve)	mve
Other Australian source income worksheet (oi)	oi
Prior year losses worksheet (pyl)	pyl
Schedule A Reconciliation	a
Schedule B (business income worksheet)	b
Schedule C (primary production worksheet)	c
Small business entity depreciating assets worksheet (sda)	sda
Small business entity eligibility tests worksheet (sbe)	sbe
Small business income worksheet (sbc)	sbc
Taxation of financial arrangements worksheet (tof)	tof
Beneficiary worksheet (xT)	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: