Standalone Family Trust Election (XX)
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Tax provides the standalone family trust election (FTE), revocation or variation schedule XX to allow for the electronic lodgment of an FTE schedule without lodging a Trust or SMSF return form.
The Family Trust Election Standalone return form does not apply to family trust revocations. Part B of the FTE schedule must be lodged with a trust or a self-managed superannuation fund return form.
The family trust revocation does not have the capacity to be lodged as a standalone as it is required to be lodged with the trust return for the income year it is to be effective.
The election may be made in three ways:
As an electronic standalone return form (excluding Part B); and
As a paper schedule on the pre-printed form; or
Lodged by itself on the pre-printed paper form.
Only one form FTE (XX) and Schedule FTE (X) can be lodged per income year. Therefore, if an FTE (X) Schedule is completed with or without section B, then the taxpayer, if required, can lodge a FTE (XX) for the same income year. The latest lodgment of the standalone form or schedule will update the information of the previous lodgment.
The existing functionality to lodge the elections as a schedule to a return form is retained.