The family trust election, revocation or variation schedule X is valid for the Trust and SMSF forms only.
Only one occurrence of this schedule may be attached to a Trust or SMSF return:
For Trust returns the Family Trust election status fields are on the Front Cover of the return.
For SMSF returns the Family Trust election status fields are in the Section J: Other Information.
When completing the schedule X the following points should be noted:
Section A (the Family Trust Election information), is optional
Family Trust Election Revocation, Section B may be lodged without Section A
FTEs must be made in the income year in which they have effect and a current year Family Trust Election, revocation or variation schedule must be lodged with the income tax return. The valid codes are E (Election), R (Revocation) and V (Variation).
From 1 July 2007 trustees may vary the specified individual of a previously made FTE in accordance with section 272-80 of Schedule 2F of the ITAA 1936. Select the code V (Variation) at the relevant label in the income tax return.