Related guide: Working with Trust Account
Note: For Business Entity (non-agent), you may check this guide
The video provides the following guide about the basic of Trust Tax Return and in connection with the Financial Statement Import discussed from this video Preparation of Trust financial report
- Preparation of Trust Tax Return
- Working with imported accounting information (using LodgeiT smart Excel Utility)
- Understanding equity section in a trust
- Checking Relationship
- Understanding Reconciliation
- Treatment of accounting vs. tax depreciation
- Reporting Partnership, Interest & Dividend Income, Capital Gains and Rentals For Trust
- Activating Reporting Module
- Preparing trust accounts with beneficiary
- To learn more about how to fill this tax return, please review the detailed ATO instruction set. - Trust Tax Return Instructions 2024
See attached sample of comparative excel sheet.
The video provides the following guide about
- Working with imported accounting information (using Quickbooks)
- Please see attached sample of comparative excel sheet
- Making changes to classifications
- Understanding Reconciliation
- Reporting Partnership, Interest & Dividend Income, Capital Gains and Rentals For Trust
- Reporting income from trust
- Preparing trust accounts with beneficiary
Checkout some of our help guides:
How to Use Tags in accounts with other Income categories in a Trust
How to Use Tags in accounts with other expense categories in a trust
Form Workflow Sequence and E-signature
How to see Lodged form/Lodgement receipt
Reconciliation guides:
Trust Income Earned by a Trust
Partnership Income earned by a Trust
Capital Gains Earned by a Trust
The Basics
To work with a trust tax return, first ensure that all the necessary information about the company has been added to LodgeiT via "Settings" if you fail to do this, you will encounter a range of difficulties.
Then you can proceed adding a form.
Select Forms
Click the form that you need.
Select Year.
"Lodgement Date" is automatic date from ATO, but you can also manage to change it if necessary.
Click "Skip this Step" or "Continue"
(If you want to Import Financials, visit this link)
Activate the relevant sections that you need to work on -
Once you've worked in the form, you may need to turn-on certain reporting sections. You can do so via manage sections
Check Form status via "Dashboard" .
Click here to learn more about Form Sequence
Note: LodgeiT System is an SBR System with SBR dependencies. (LodgeiT uses SBR validation & prefill functions)