Trust Tax Returns in Melbourne
Your Assets
By putting an asset in the trust, you do not own the assets under your name. The assets are legally controlled by the trustee. You have the power to control those assets and set out who receives the income arising from the assets.
Substantial Assets?
If you have substantial personal or business assets and are considering setting up a trust for the benefit of your family, our tax specialist at eFirm can help you to identify the right structure of the trust, and assist you to maximize long-term wealth and asset protection.
What You Need to Do
Apply For an ABN
The trustee must apply for an ABN and use it for all business and investment dealings.
Register for GST
The trust must be registered for GST if its annual GST turnover is $75,000 or more.
Lodge a Return
eFirm will lodge an annual trust tax return showing all income and deductions from the business.
Help With Jargon
Popular Trusts
Discretionary trusts — also known as family trusts — are the most popular form of trust in Australia.
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