Trust return 2024

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:

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

ATO forms

Forms associated with a trust return that are lodged separately:

Description	Acronym
Add or delete a client – non-individual entities (CUREL)	cub
Instalment_activity_statement_GB	gb
Annual GST return GR	gr
Annual instalment activity statement (GI) 2023	gi
Business_activity_statement_-_BAS_GA	ga
Change details – non-individual entities (CUDTL)	cug
Change or advise address for a client – non-individual entities (CUADDR)	cuc
Fringe Benefits Tax (FBT) Return (EB) 2023	fbt
Returns not necessary – non-individual entities CURNN)	cuj
Trust Details (TD) 2024	td
Trust Details (TD) 2018 2018 2018	tw
Standalone Family Trust Election (XX) 2023	XX
Standalone interposed entity election/revocation schedule (YY) 2023	yy

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) 2024	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.