Breadcrumbs

Trust return 2023

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 a Standalone 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:

ET Data entry tabs.PNG

ATO schedules

Schedules lodged with a trust return:

Description Acronym
Amendment schedule (amd) 2023 amd
Capital gains schedule (BW) 2023  (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) 2023 X
International dealings schedule (IDS) 2023 ids
Interposed entity election/revocation schedule (Y) 2023 y
Losses schedule (BP) 2023 bp
Payment summary schedule (PS) 2023 ps
Rental Schedules (ren, rep and RNTLPRPTY) 2023 rep

 

 

MYOB worksheets

MYOB worksheets are for dissection and record-keeping purposes. They are not lodged with the return.

Description Acronym
Capital gains worksheet (g) 2023(select Populate BW to generate an attachment for lodgment) g
Capital works deductions worksheet (sbw) 2023 sbw
Consolidation eligibility (subsidiary) (ces) 2023 ces
Deductions relating to Australian investment income (dai) 2023 dai
Depreciation worksheet (d) d
Distributions from partnerships worksheet (dip) 2023 dip
Distributions received from trusts worksheet (dit) 2023 dit
Early stage investor offset worksheet (esi) 2023 esi
Early stage venture capital limited partnership (ESVCLP) 2023 esv
Exploration credits worksheet (exc) 2023 exc
Financial investment income and deductions (fip) 2023 fip
Forestry managed investment scheme worksheet (fms) 2023 fms
Foreign income worksheet (for) 2023 for
Gross dividends worksheet (div) 2023 div
Interest Income worksheet (int) - Entities 2023 int
Intangible/Tangible depreciating assets worksheet (it) 2023 it
Landcare and water facility tax offset (lcr) 2023 lcr
Motor vehicle worksheet (mve) 2023 mve
Other Australian source income worksheet (oi) 2023 oi
Prior year losses worksheet (pyl) 2023 pyl
Schedule A Reconciliation 2023 a
Schedule B (business income worksheet) 2023 b
Schedule C (primary production worksheet) 2023 c
Small business entity depreciating assets worksheet (sda) 2023 sda
Small business entity eligibility tests worksheet (sbe) 2023 sbe
Small business income worksheet (sbc) 2023 sbc
Taxation of financial arrangements worksheet (tof) 2023 tof
Beneficiary worksheet (xT) 2023 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 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.