Trust Tax Return Accountant
Annual Trust Accounts Reconciliation, Section 95 Net Income, Statements of Distribution & ATO Lodgement
Service at a Glance
Personalized scope & lodgementWage earners, investment property owners, CGT, crypto & standard returns
100% online video meetings (Outlook Calendar) or in-person
Direct electronic ATO portal lodgement by Registered Tax Agent
Draft explained and authorized by you before electronic submission
- Pre-lodgement draft walkthrough & written client sign-off
- Extended ATO tax agent lodgement deadlines available
- Transparent upfront quoting & zero lodgement without approval
What is included in trust tax return preparation?
Trust tax preparation generally involves more than copying figures into a return form. The process starts with reviewing financial records, checking whether transactions have been properly recorded, identifying whether income belongs to the trust or an associated entity, and calculating the net income of the trust under Australian tax law.
Ledger & Transaction Review
Checking whether transactions have been properly recorded and identifying whether income belongs to the trust or an associated individual or entity.
Section 95 Net Income Calculation
Calculating the net statutory taxable income of the trust under Australian tax law, including franking credits, capital gains, and deduction adjustments.
Trustee vs Beneficiary Assessment
Determining whether tax is assessed to present entitled beneficiaries, the trustee under Section 98/99/99A, or both across respective capacities.
Statement of Distribution & Lodgement
Preparing the comprehensive distribution schedules, beneficiary tax notifications, and electronic lodgement directly via the ATO Tax Agent Portal.
Deed, Distribution Resolutions & Beneficiary Information
For tax administration, the trustee generally lodges the trust tax return and provides the trust and beneficiary information required by the form. Depending on the facts, tax may be assessed to beneficiaries, the trustee, or both in different capacities. This is why the trust deed, distribution resolutions and beneficiary information matter to the annual return.
Who may need a trust tax return accountant?
A trust return accountant can assist trustees who operate a family trust, unit trust, investment trust or other trust that has income, deductions, capital gains, investment distributions or business activity to report. Assistance is also useful when bookkeeping is incomplete, beneficiaries have changed, the trust has disposed of an asset, or prior-year records need to be reconciled before lodgement.
Family Discretionary Trusts
Trusts with active business income, dividends, investment property, or distributions to multiple adult family members.
Fixed Unit Trusts & Syndicates
Commercial joint ventures and syndicates distributing proportionally across fixed unit registers and individual unit classes.
Investment Trusts & CGT Events
Trusts holding shares, managed funds, or real estate that realized capital gains or losses requiring CGT discount calculations.
Incomplete Books & Prior-Year Backlogs
Trusts needing ledger catch-up, bank reconciliations, beneficiary loan reconciliation, or multiple overdue tax returns lodged.
Structure Overview & Specific Guidance
If your trust is a discretionary family trust, our Family Trust service explains the broader structure and ongoing administration. For a fixed-interest structure, see our Unit Trust service.
Key issues reviewed before lodgement
Every trust tax return prepared by Financially Up undergoes a rigorous 10-point technical review to ensure statutory accuracy, eliminate ATO audit exposure, and protect beneficiary tax outcomes.
Trust deed and any relevant variations.
Year-end financial accounts, bank reconciliations and supporting records.
Income from business, rent, interest, dividends, managed funds or other investments.
Deductible expenses and whether any expenditure is capital rather than immediately deductible.
Capital gains and losses, including asset purchase and sale records.
Franking credits and other tax offsets where relevant.
Trustee distribution resolutions and beneficiary entitlements.
Loans, unpaid entitlements and related-party balances where relevant.
GST/BAS records where the trust is registered or carrying on an enterprise.
Prior-year tax positions, losses or elections that may affect the current year.
Trust distributions and the annual return
The trust's statement of distribution needs to reflect the beneficiary information relevant to the year. Beneficiary tax reporting can depend on present entitlement, the trust's distributable income and the treatment of particular amounts such as capital gains or franked distributions. The trust deed and trustee resolutions can therefore affect the tax-return outcome.
Statement of Distribution & Present Entitlement
Beneficiary tax reporting depends on valid present entitlement, trust distributable income, and specific streaming of capital gains or franked distributions under the trust deed.
No Post-30 June Reconstruction
Distribution planning cannot be reconstructed after the event as if a decision had been made earlier. Prospective advice must be completed before statutory 30 June deadlines.
Pre-Year-End Strategy vs Retrospective Reporting
Distribution planning should not be reconstructed after the event as if a decision had been made earlier. Where trustees want advice about prospective distributions, beneficiary choices or year-end strategy, that work should be undertaken before the relevant decisions and deadlines where possible.
Our Trust Distribution Planning service deals with proactive distribution planning. Where a trust has private-company dealings or related balances, the separate Division 7A service may also be relevant depending on the facts.
How Financially Up can help
We provide structured accounting, reconciliation, and tax lodgement support tailored to Australian private and family trust structures.
Year-End Trust Accounts
Prepare or review year-end trust accounts from available bookkeeping records.
Comprehensive Ledgers Reconciliation
Reconcile income, expenses, assets, liabilities and beneficiary balances.
Trust Tax Return & Distribution Statement
Prepare the trust tax return and statement of distribution where required.
Pre-Lodgement Resolution of Tax Issues
Identify missing records or tax issues that need to be resolved before lodgement.
Beneficiary Tax Alignment
Coordinate beneficiary tax information with related individual or entity returns where separately engaged.
ATO Representation & Prior-Year Lodgements
Assist with ATO correspondence or prior-year lodgements where separately scoped.
Need Prior-Year or Current-Year Trust Lodgement?
Book an appointment to review your trust accounts and agree on an efficient lodgement timetable.
Records to provide for trust tax preparation
Providing these documents allows our team to reconcile your trust ledger, accurately calculate Section 95 net income, and ensure full compliance before lodgement.
Trust Deed & Variations
Trust deed, variations and prior trustee or distribution documents.
Prior-Year Accounts & Returns
Prior-year financial statements and trust tax returns.
Bank & Bookkeeping Records
Bank statements and reconciled bookkeeping records.
Sales, Property & Finance Records
Sales, expenses, property, investment and financing records.
Investment Income Statements
Dividend statements, managed-fund tax statements and interest summaries.
Asset CGT Purchase & Disposal
Asset purchase and disposal records for CGT calculations.
Beneficiary Details & Resolutions
Beneficiary details and trustee resolutions relevant to the year.
BAS, GST & Payroll Data
BAS/GST records and payroll information where applicable.
Trust tax return versus tax planning
Trust tax return preparation is retrospective compliance work: it reports what happened during the income year and the beneficiary entitlements and tax information that need to be disclosed. Tax planning is different. It considers future or pre-year-end decisions before they are implemented. If planning or specialist advice is needed, Financially Up can scope that separately rather than treating it as automatically included in annual return preparation.
Annual Trust Tax Return (Retrospective)
Reports historical financial accounts, Section 95 net taxable income, and distribution resolutions already established by the trustee by 30 June.
Trust Tax Planning (Prospective)
Models projected income before 30 June, evaluates Section 100A risks, tests marginal tax brackets, and structures tax-effective beneficiary distributions.
Why choose Financially Up?
Financially Up Pty Ltd is a registered tax agent with more than 10 years of experience across accounting and taxation. Our team includes CPA and IPA professionals and supports clients Australia-wide through online and in-person appointments. We focus on getting the trust records, beneficiary information and tax reporting aligned so the return is prepared from a clear accounting base.
Registered Tax Agent #26242127
Licensed under the Tax Practitioners Board with extended lodgement program deadlines and direct ATO portal access.
CPA & IPA Qualified Team
More than 10 years of specialized accounting and taxation practice across family, unit, and complex hybrid trusts.
Australia-Wide Service
Supporting trustees across Sydney, Melbourne, Brisbane, Perth, Adelaide and regional Australia via online and in-person appointments.
Clear Accounting Base
We focus on getting the trust records, beneficiary information and tax reporting aligned so the return is prepared from a clear accounting base.
Speak with a Registered Tax Agent Today
Ensure your trust tax return is lodged accurately with the ATO and backed by professional workpapers. Call us at 1300 328 316 or book your consultation online.
Complementary Trust Practice Solutions
Connect your annual trust lodgement with specialized advisory services.
Family Trust Accounting
Discretionary trust accounts, 30 June distribution resolutions, and beneficiary tax alignment.
Unit Trust Accounting
Fixed unit rights, unit registers, syndicate capital, and joint venture compliance.
Corporate Trustee
Pty Ltd trustee establishment, ASIC annual review compliance, and asset isolation.
Distribution Planning (100A)
Proactive pre-30 June distribution modeling, Section 100A compliance, and streaming.
Frequently Asked Questions About Trust Tax Returns
Find fast answers to common questions about our individual tax lodgements, deductions, and CPA services.
Generally, a trustee must lodge a trust tax return each year regardless of the amount of net income, unless the ATO advises that a return is not required or a specific exemption applies. Different return forms apply to some specialized trusts, so the trust's circumstances should be checked before deciding that no return is needed.