How Our Trust Tax & Management Services Can Help You
Trusts are complex structures which require expert management in order to preserve wealth and minimise taxation burden.
At Stones Sharp, we can maintain the integrity of your finances while preserving your succession planning efforts and protecting your assets.
Stones Sharp is here to help you with all matters relating to your trust. From getting your trust up and running, we will ensure that it covers all necessary requirements for a corporate trustee. We can also assist you with completing the relevant taxation registrations and annual submissions, as well as assisting you to achieve your business goals.
At Stones Sharp, we ensure your trust has all the necessary components to be successful by:
- Carefully reviewing your trust as tax may be due depending on how your Trust Deed is worded and if you have distributed any earned income.
- Ensuring that your trust has its own Tax File Number (TFN), Australian Business Number (ABN), and is registered for GST if required.
- Assisting you in ensuring that you have organised sufficient Pay As You Go Withholding, Workcover, Payroll Tax and paying Superannuation benefits, in the instance your trust business employs staff.
- Aiding in the correct management and guidance of your trust, to ensure you receive certain concessions you may be entitled to; helping you to save significantly.
Shane Borg
FCPA | CA
Director
Get in Touch about Trust Tax Accounting
Why do you need a Tax Accountant to Help Manage your Trust?
Failure to manage your trust properly can result in more than disorganisation of investments, it can also lead to non-compliance issues and incur tax avoidance penalties. The Australian Tax Office (ATO) is continuing to crack down on the tax regulation of trusts so partnering with an experienced accountant can go a long way in ensuring the prosperity and longevity of your trust.
Our team of Stones Sharps CPAs will guide you through the complex taxation requirements including the volume, type and frequency of tax which are specific to your trust and/or beneficiaries. You can avoid making a costly mistake and protect the interests of your business and trust by adhering to the advice of our qualified team.
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Trust Management Frequently Asked Questions
How much tax will I need to pay on my trust?
The tax, the trust and/or beneficiaries are required to pay will depend on the specifics of your trust and the distribution of taxable income. Working with a certified tax professional will help determine your tax obligation and the amount you are required to pay and when.
Does my trust need to register for GST?
The requirement for GST registration is dependent on the annual turnover of your trust. If annual turnover exceeds $75,000, or in the case of non-profit organisations, more than $150,000 then you are required to register for GST.
Who is responsible for the tax return of a trust?
The Trustee of the Trust is required to take responsibility for the taxation requirements and need to lodge your return before or on the due date. However, you can receive assistance from a registered tax agent to complete your return.
