Trust Tax

Trust Tax Structure - General Tax Issues

Your Inquiries and Concerns to Trust Tax Answered!

Taxopia is Australian owned and based in Melbourne.

The extract below is from the Australian Taxation Office. This information provides a basic summary of general trust tax return and associated trust tax and business tax reporting obligations.

Trust

Setting up a trust can be expensive, as a formal deed is required and there are formal yearly administrative tasks for the trustee to undertake. A trust deed outlines how the trust will to operate.

A trustee is legally responsible for the operation of the trust. The trustee can be an individual or a company. Profits from the trust go to beneficiaries.

The main features of a trust business structure are:

a trust must have its own TFN for lodging its annual tax return and must show all income and deductions of the business, plus any distributions to its beneficiaries
a trust must have its own ABN
a trust must be registered for GST if annual turnover is $75,000 or more ($150,000 for non-profit organisations)
a trust may be liable to pay tax depending on the wording of its deed and whether any income the trust earns is distributed to its beneficiaries
the trust may be able to access tax concessions
beneficiaries of the trust may be liable to make Pay As You Go (PAYG) instalments on distributions they receive from the trust
the trust must pay super for any of its employees (this may include the trustee if they are also employed by the trust).

Who pays income tax?

How the trust income is (or is not) distributed to its beneficiaries is what determines if the trust pays tax.

Where all trust income is distributed to adult resident beneficiaries, the trust is not liable to pay tax.

Where all or part of the net trust income is distributed to non-residents or minors, you as the trustee are assessed on that share on behalf of the beneficiary. In this case, the beneficiaries must declare that share of net trust income on their individual income tax returns, and also claim a credit for the amount of tax you paid on their behalf as the trustee.

Where the trust accumulates net trust income, as the trustee you are assessed on that accumulated income at the highest individual marginal rate.

Personal services income

A trust may treat income and deductions relating to personal services income (PSI) differently. The income may be treated as your individual income for tax purposes.

Taxopia online tax accountants can assist you with any structural trust tax questions. We have very cheap trust tax return solutions for your trust. Contact us today on 1300 829 674

Available plans to choose from

Features Comparison

Email Support

Phone Call Support

Annual Business Turnover

Dedicated Accountant Support

Self Lodgement with Taxpla

Partner Support

Forward Loss Management

Tax Agent Services

Bookkeeping Error Fixing

Financial Statements

Asset Finance Schedule

Companies or Trusts

Lite

$190 ex GST

Annual turnover <$1M

Basic

$425 ex GST

Annual turnover <$1M

See Conditions Here

Standard

$850 ex GST

Annual turnover <$1M

See Conditions Here

Premium

$1300+ ex GST

Annual turnover <$1M

See Conditions Here

$190 _{exc gst *}

LITE

Annual Tax Reporting Company Tax Return

* Taxopia Fastlane Service available

$425 _{exc gst *}

BASIC

Annual Tax Reporting Company Tax Return

Email Support (Fair use conditions apply)
Phone Call Support (15min)
Annual Business Turnover <$300k
Tax return lodged via Taxopia
We Act As Your Tax Agent So You May Be Eligible For Tax Extensions
Fixing Bookkeeping Errors $85 / hr
Companies who have carried forward losses in excess of $100,000 ($55 additional)

* Taxopia Fastlane Service available

See Conditions Here

* Basic Package pricing conditions: ($425+ GST):

Includes up to 15-minutes of call support to assist you. Taxopia reserves the right to bill for any additional support that exceeds this time.
Excludes businesses with turnovers of more than $300,000 per year.
Excludes Companies or Trusts who hold property or share portfolios.
Excludes preparation of depreciation schedules and calculations.
Under this package, we do not accept summarised excel spreadsheets, unless your company turnover is below $30,000 per year. Financial data must come from an Accounting platform where either you can grant us access to generate the reports from, or you create the reports yourself and send them through to us.
Can accommodate Companies or Trusts who have carried forward losses in excess of $100,000 for an additional fee of 85$
Fixing Bookkeeping errors: an additional $85/hour will be charged

If you do not qualify for this option, you will need to consider our Standard Package ($850+ GST).

Please note that ALL our plans exclude the following:

Please contact us for a customised quote if you require help on any of the excluded items.

Best Deal!

$850 _{exc gst *}

STANDARD

Annual Tax Reporting Company Tax Return

Email Support (Fair use conditions apply)
Phone Call Support (30min)
Support by a dedicated accountant
Annual Business Turnover <$1M
Tax return lodged via Taxopia
We Act As Your Tax Agent So You May Be Eligible For Tax Extensions
Preparation Of Full Financial Statements (For Bank Use)
2 Asset Finance Schedule Reconciliations
Includes Depreciation schedules & calculation
Includes Companies or Trusts who hold property or share portfolios
Fixing Bookkeeping Errors $85 / hr
Companies who have carried forward losses in excess of $100,000 ($55 additional)

* Taxopia Fastlane Service available

See Conditions Here

* Standard Package pricing conditions ($850+ GST):

Includes up to 30-minutes of call support to assist you. Taxopia reserves the right to bill for any additional support that exceeds this time.
Excludes businesses with turnovers of more than $1 million per year.
Excludes asset finance schedule reconciliations above 2. (i.e. up to 2 asset finance schedules are included)
Excludes Accountant Tax Adviser support for other unrelated tax years. This support, regarding the tax minimisation and tax position, is only available for the relevant tax year(s) that the service is being provided for.
Can accommodate Companies or Trusts who have carried forward losses in excess of $100,000
Fixing Bookkeeping errors: an additional $85/hour will be charged

Please note that ALL our plans exclude the following:

Please contact us for a customised quote if you require help on any of the excluded items.

$1300+ _{exc gst *}

PREMIUM

Annual Tax Reporting Company Tax Return

Email Support (Fair use conditions apply)
Phone Call Support (30min)
Support by a dedicated accountant
Includes Partner Support
Annual Business Turnover <$3M*
Tax return lodged via Taxopia
We Act As Your Tax Agent So You May Be Eligible For Tax Extensions
Preparation Of Full Financial Statements (For Bank Use)
4* Asset Finance Schedule Reconciliations
Includes Depreciation schedules & calculation
Includes Companies or Trusts who hold property or share portfolios
Fixing Bookkeeping Errors $85 / hr
Companies who have carried forward losses in excess of $100,000

* Taxopia Fastlane Service available

See Conditions Here

* Premium Package pricing conditions ($1300+ GST):

Includes up to 30-minutes of call support to assist you. Taxopia reserves the right to bill for any additional support that exceeds this time.
Excludes businesses with turnovers of more than $3 million per year
Excludes asset finance schedule reconciliations above 4 (i.e.up to 4 asset finance schedules are included)
Excludes year-end adjustment entries to match your bookkeeping figures to the financial statements for all record-keeping software other than Xero.
Excludes Accountant & Manager support for other unrelated tax years. This support, regarding the tax minimisation and tax position, is only available for the relevant tax year(s) that the service is being provided for.
Can accommodate Companies or Trusts who have carried forward losses in excess of $100,000
Fixing Bookkeeping errors: an additional $85/hour will be charged

Please note that ALL our plans exclude the following:

Please contact us for a customised quote if you require help on any of the excluded items.

LITE

$190 _{exc gst *}

Best for confident DIYers wanting an easy, affordable online tax return for their business.

Everything you need:

* Taxopia Fastlane Service available

Basic

$425 _{exc gst *}

Ideal for growing businesses that need extra support, phone guidance, and help managing tax extensions and lodgements.

Everything in Lite, plus:

Phone support (15min)
Turnover <$300k
Tax return lodged via Taxopia
Tax extensions available
Bookkeeping errors fixed ($85/hr)
Companies with losses ($55 extra)

See Conditions Here

* Basic Package pricing conditions: ($425+ GST):

Includes up to 15-minutes of call support to assist you. Taxopia reserves the right to bill for any additional support that exceeds this time.
Excludes businesses with turnovers of more than $300,000 per year.
Excludes Companies or Trusts who hold property or share portfolios.
Excludes preparation of depreciation schedules and calculations.
Under this package, we do not accept summarised excel spreadsheets, unless your company turnover is below $30,000 per year. Financial data must come from an Accounting platform where either you can grant us access to generate the reports from, or you create the reports yourself and send them through to us.
Can accommodate Companies or Trusts who have carried forward losses in excess of $100,000 for an additional fee of 85$
Fixing Bookkeeping errors: an additional $85/hour will be charged

If you do not qualify for this option, you will need to consider our Standard Package ($850+ GST).

Please note that ALL our plans exclude the following:

Please contact us for a customised quote if you require help on any of the excluded items.

Standard

$850 _{exc gst *}

Best for established companies wanting dedicated accountant support, full financial statements, and added schedules for a complete, compliant tax package.

Everything in Basic, plus:

Phone support (30min)
Dedicated accountant support
Turnover <$1M
Full financial statements (Bank use)
2 asset finance schedules
Depreciation schedules included
Companies/trusts included
Bookkeeping errors ($85/hr)
Companies with losses ($55 extra)

See Conditions Here

* Standard Package pricing conditions ($850+ GST):

Includes up to 30-minutes of call support to assist you. Taxopia reserves the right to bill for any additional support that exceeds this time.
Excludes businesses with turnovers of more than $1 million per year.
Excludes asset finance schedule reconciliations above 2. (i.e. up to 2 asset finance schedules are included)
Excludes Accountant Tax Adviser support for other unrelated tax years. This support, regarding the tax minimisation and tax position, is only available for the relevant tax year(s) that the service is being provided for.
Can accommodate Companies or Trusts who have carried forward losses in excess of $100,000
Fixing Bookkeeping errors: an additional $85/hour will be charged

Please note that ALL our plans exclude the following:

Please contact us for a customised quote if you require help on any of the excluded items.

Premium

$1300+ _{exc gst *}

Designed for larger or more complex companies requiring partner-level support, comprehensive financial reporting, and multiple asset schedules.

Everything in Standard, plus:

Phone support (30min)
Partner support included
Turnover <$3M+
Tax extensions available
Full financial statements (Bank use)
4+ asset finance schedules
Depreciation schedules included
Companies/trusts included
Bookkeeping errors ($85/hr)
Companies with losses ($100k+)

See Conditions Here

* Premium Package pricing conditions ($1300+ GST):

Includes up to 30-minutes of call support to assist you. Taxopia reserves the right to bill for any additional support that exceeds this time.
Excludes businesses with turnovers of more than $3 million per year
Excludes asset finance schedule reconciliations above 4 (i.e.up to 4 asset finance schedules are included)
Excludes year-end adjustment entries to match your bookkeeping figures to the financial statements for all record-keeping software other than Xero.
Excludes Accountant & Manager support for other unrelated tax years. This support, regarding the tax minimisation and tax position, is only available for the relevant tax year(s) that the service is being provided for.
Can accommodate Companies or Trusts who have carried forward losses in excess of $100,000
Fixing Bookkeeping errors: an additional $85/hour will be charged

Please note that ALL our plans exclude the following:

Please contact us for a customised quote if you require help on any of the excluded items.

Trust Tax

Trust Tax Structure - General Tax Issues

Your Inquiries and Concerns to Trust Tax Answered!

Trust

Who pays income tax?

Personal services income

Available plans to choose from

Features Comparison

Email Support

Phone Call Support

Annual Business Turnover

Dedicated Accountant Support

Self Lodgement with Taxpla

Partner Support

Forward Loss Management

Tax Agent Services

Bookkeeping Error Fixing

Financial Statements

Asset Finance Schedule

Companies or Trusts

Lite

Basic

See Conditions Here

Standard

See Conditions Here

Premium

See Conditions Here

LITE

Annual Tax Reporting Company Tax Return

BASIC

Annual Tax Reporting Company Tax Return

* Basic Package pricing conditions: ($425+ GST):

STANDARD

Annual Tax Reporting Company Tax Return

* Standard Package pricing conditions ($850+ GST):

PREMIUM

Annual Tax Reporting Company Tax Return

* Premium Package pricing conditions ($1300+ GST):

LITE

Best for confident DIYers wanting an easy, affordable online tax return for their business.

Basic

Ideal for growing businesses that need extra support, phone guidance, and help managing tax extensions and lodgements.

* Basic Package pricing conditions: ($425+ GST):

Standard

Best for established companies wanting dedicated accountant support, full financial statements, and added schedules for a complete, compliant tax package.

* Standard Package pricing conditions ($850+ GST):

Premium

Designed for larger or more complex companies requiring partner-level support, comprehensive financial reporting, and multiple asset schedules.

* Premium Package pricing conditions ($1300+ GST):

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