Trust

SMS Accounting Partners also provide service for Trust tax returns. Trust Forming and managing is a complicated process which needs professional guidance. All the trustees have the responsibility to meet the tax obligations of the trust including the lodgement of the trust tax return, without the Proper understandings of the tax laws this may be a very confusing and difficult to manage. If you are thinking, of what to do and how to do your trusts tax return, contact us and let one of our experts help you manage the tax obligations and prepare your trust tax returns.

Record keeping obligations

  • Details of all the beneficiaries.
  • Details of the changes if the persons authorised to act on behalf of the organisation have changed
  • The date of dissolution (if applicable)
  • The date of the reconstitution (if applicable)
  • Variation of business agreement: Keep a copy of any variation to the business agreement for the life of the partnership plus five years.
  • Business records including: books of account (with accounts for each beneficiary’s capital contribution, drawings and share of profit or loss), minutes of business meetings, and memoranda of decisions reached, especially regarding shares of income and losses.

Deductions

  • A list of work-related expenses (with receipts). This includes business motor vehicle logs
  • Receipts of charitable donations
  • Interest and fees on investment loans
  • Donations to charities (unless you get a ticket to win something in return, those ones don’t count)
  • School building levies and library funds
  • Fee charged for previous year’s tax return
  • Insurance details

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