Returns

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See the ATO website for:

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 an 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:

Front cover
Income
Deductions (includes Losses)
Other Information (includes Taxation of Financial arrangements and Key Financial Information)
Business and professional
Medicare
Distribution
Declarations

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title	ATO schedules

Schedules lodged with a trust return:

Description	Acronym
Amendment schedule	amd
Capital gains schedule (or select Populate BW in the Capital gains worksheet (g) to auto create the BW with all calculated balances)	bw
International dealings schedule	ids
Interposed entity election/revocation schedule	y
Losses schedule	bp
Payment summary schedule	ps
Rental property schedule	rep

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title	ATO forms

Forms associated with a trust return that are lodged separately:

Description	Acronym
Add or delete a client – Non-individual entities (PLS CUREL)	cub
Annual GST return	gr
Annual instalment activity statement	gi
Business activity statement - BAS	ga
Change details – Non-individual entities (PLS CUDTL)	cug
Change or advise address for a client – Non-individual entities (PLS CUADDR)	cud
Fringe Benefits Tax Return (EB)	fbt
Instalment activity statement	gb
Returns not necessary – Non-individual entities (PLS CURNN)	cuj
Standalone Family Trust Election	XX
Standalone interposed entity election/revocation schedule	yy

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title	ATO worksheets

Worksheets that support the return for dissection and record-keeping purposes and are NOT lodged with the return are:

Description	Acronym
Capital gains worksheet (select Populate BW to generate an attachment for lodgment)	g
Capital works deductions worksheet	sbw
Consolidation eligibility (subsidiary)	ces
Depreciation worksheet	d
Deductions relating to Australian investment income	dai
Distributions from Partnerships worksheet	dip
Distributions received from Trusts worksheet	dit
Early stage investor offset worksheet	esi
Early stage venture capital limited partnership	esv
Exploration credits worksheet	exc
Financial Investment income and deductions	fip
Forestry managed investment scheme worksheet	fms
Foreign income worksheet	for
Gross dividends worksheet	div
Interest income worksheet	int
Intangible/Tangible depreciating assets worksheet	it
Landcare and water facility tax offset	lcr
Motor vehicle worksheet	mve
Other Australian source income worksheet	oi
Prior Year Losses Worksheet	pyl
Schedule A Reconciliation	a
Schedule B (business income worksheet)	b
Schedule C (primary production worksheet)	c
Small business entity depreciating assets worksheet	sda
Small business entities eligibility worksheet	sbe
Small business income worksheet	sbc
Taxation of financial arrangements worksheet	tof
Trustee beneficiary worksheet	xT

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title	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 by selecting 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.

Processes for trust returns include:

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Family trust election/revocation/variation

Data entry:

Processes for trust returns include:

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Returns

Activity Statements

Forms and Schedules

Using MYOB AE/AO Tax