Trust Details (TD)

This form, which has the code td in the Index of Schedules available to the Trust return, is used by Trustees of closely held trusts, including family trusts, to provide the details of the Trust and the beneficiaries that have provided a TFN during the quarter, to the ATO.

This form and its accompanying schedule - Beneficiary Details Schedule G - are only available to be lodged via PLS.

If you are subject to the TFN withholding rules for closely held trusts and have reporting requirements under the paragraph 12-175(1)(c) of Schedule 1 to the Taxation Administration Act 1953 (TAA), which defines the types of trusts affected by these rules, then you may be required to complete this schedule.

These provisions use the definition of closely held trust in section 102UC of the ITAA 1936 with modifications.

When you open the TD TFN Report, the Details of the Trust, where known, will be defaulted to the relevant fields.

The Beneficiary details that must accompany this Report are entered in the Beneficiary details schedule G which is accessed at the foot of this form by clicking [Enter] in the box. 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.

Once beneficiary details have been entered, an Index containing them will be opened when you click [Enter] at the Beneficiary details box in the Trust Details part of the form.

Refer to TFN withholding for closely held trusts on the ATO website.

The Annual TFN Withholding Report which has the code ‘tw’ on the Index of Schedules available to the Trust return is to be completed by the trustee of a closely held trust where amounts have been withheld from payments to beneficiaries. The trustee must report and pay those amounts withheld to the Commissioner using an Instalment Activity Statement. The Trustee would need to register with the ATO as a withholder.

A payment is:

• a distribution from the ordinary or statutory income of the trust, or

• a beneficiary's share of the net income of a trust where they are presently entitled to a share of trust income.

• a beneficiary's present entitlement to trust income is usually determined at the end of the trust's financial year.

• Trustees are only required to lodge the Withholding and payment report if they have withheld any amounts from any payments made to a beneficiary who has not quoted their TFN.

Where the beneficiary has not provided a TFN, the Trustee must withhold at the top marginal rate plus the Medicare levy (47% + 2% for the 2017-18 income year).

The report is due three months after the end of the income year or substituted accounting period (for normal balancers this is 30 September 2018).

When you open the TD Annual TFN Withholding Report, the details of the Trust where known, will be defaulted to the relevant 2018 fields.

The Beneficiary details that must accompany this Report are entered in the Beneficiary details schedule G which is accessed at the foot of this form by clicking [Enter] in the box. 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.

Once beneficiary details have been entered, an Index containing them will be opened when you click [Enter] at the Beneficiary details box in the Trust Details part of the form.

The total of the amounts withheld and the amounts distributed as entered in the Beneficiary schedules G must equal the amounts entered in the Trust Details of the Annual report.

Note that this form is not the form used to forward the amounts withheld to the ATO. Advice and payment of these amounts should be made through the Instalment Activity Statement (GB), refer to Instalment activity statement (GB).

Refer to TFN withholding for closely held trusts on the ATO website.