Reporting and Paying TFN Withheld Amounts

If the trustee has a withholding obligation, the trustee must pay any amounts withheld to the Commissioner.

The trustee must pay any withholding amounts by the 28th day of the month following the month in which the Annual TFN withholding report is due to be lodged. If you have a 30 June balancing date, the payment will be due to the office before the 28 October.

Trustees are only required to pay amounts annually and lodge an annual activity statement. Trustees must be registered for PAYG withholding. When they have the WPN, they should enter this in the WPN field in the General tab of the Return Properties so that it can be printed on the beneficiary’s Payment Summary in accordance ATO requirements.

Scenario

The Trustee has withheld withholding total amount of $5743 from payments made for the year ended 30/06/2018 to beneficiaries that have not provided a TFN. The Trust will need to complete and lodge an Instalment Activity Statement (GB) and pay that amount to the ATO.

You must select the Closely held trust code T and enter the withholding amount of $5743 at item W3 Other Amounts withheld.

If the Trust has other withholding obligations, Fringe Benefits Tax or PAYG Instalment income tax to pay, a separate Instalment Activity Statement must be prepared and lodged. No other tax liabilities may be advised when the Statement Code is Closely held trust.