Beneficiary Details (Schedule G)
From the first income year that starts on or after 1 July 2010 the Trustee of a closely held trust, including family trusts, will have to provide to the ATO the details of TFNs provided by beneficiaries, where payments have been made to a beneficiary who has not provided a TFN and from whom the Trustee has withheld tax.
This schedule has the Tax code of bd in the Index of Schedules available to the Trust return.
There are two forms to which Beneficiary Details may be attached:
Trust Details (TD) TFN Reporting
Trust Details (TD) Annual TFN Withholding Report
To complete the beneficiary details click [Enter] in the box at the foot of the relevant Trust details schedule, the TD for the TFN Report and the tw for the Annual TFN Withholding Report.
If the Beneficiary details are contained in the Trust return beneficiary worksheet xT, then those details may be pre-filled to the schedule G. Click the ellipsis at the TFN field in the G to open the xT Index of Beneficiaries, otherwise key the details. The fields are self-explanatory.
If the Beneficiary details are contained in the Trust return beneficiary worksheet xT, then those details may be pre-filled to the schedule G. Click the ellipsis at the TFN field in the G to open the xT Index of Beneficiaries, otherwise key the details. The fields are self-explanatory.
Once beneficiary details have been entered, an Index containing them will be opened when you press [Enter] at the Beneficiary details box in the Trust Details part of the form.