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Trust return

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:



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.

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