Trust return: forms and schedules lodged via PLS
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 |
| Family Trust Election, Revocation or Variation (X) | X |
| International dealings schedule (IDS) | ids |
| Interposed entity election/revocation schedule (Y) | y |
| Losses schedule (BP) | bp |
| Payment summary schedule (PS) | ps |
| Rental Schedules (ren, rep and RNTLPRPTY) | rep |
Forms associated with a trust return that are lodged separately:
MYOB worksheets are for dissection and record-keeping purposes. They are not lodged with the return.
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 from 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.