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Annual trustee payment report information

Amounts are entered in the worksheet xT for each beneficiary.

This section is to be completed by all closely held trusts, including family trusts that are subject to the TFN withholding rules for closely held trusts that have:

  • Made payments during the income year, or
  • Withheld amounts from payments made to beneficiaries.

Label S -Distributions from ordinary or statutory income during the income year

Show an amount at label S where you have made one or more distributions during the income year that are wholly or partly from the ordinary or statutory income of the trust for that year and the total of those distributions exceeds the beneficiary's share of the net income of the trust. Only include at label S the amount by which these distributions exceed the beneficiary's share of the net income.

Label T - Total TFN amounts withheld from payments

Show at T the amounts withheld from payments or distributions to the beneficiary, where the beneficiary's TFN was not provided to you. Do not show at T the beneficiary's share of amounts that were reported at Item 8 label O, these are included at Item 55 label O.

TFN Withholding for Closely Held Trusts

Deceased estate trusts are excluded from the TFN withholding rules up until the end of the year of income in which the fifth anniversary of the individual's death occurred. After this, the trustee will need to consider whether they will be subject to the TFN withholding rules.

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