Trust Tax Returns in Melbourne
A Trust is an obligation which allows a person or other entity to hold the property for the benefit of beneficiaries. The trustee is responsible for managing the Trust’s tax affairs.
Here at eFirm in Melbourne, we can provide all the necessary assistance for making and maintaining a Trust, and whether a Trust is right for your circumstances.
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.
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
We understand that trust tax returns can be confusing to understand, but we are here to clear the fog.
Discretionary trusts — also known as family trusts — are the most popular form of trust in Australia.