For most trusts, the trust income tax return is due to be lodged on or before 31 October 2014. The Commissioner may allow later lodgment dates in certain circumstances: see Key lodgment dates for businesses.
For children's saving accounts, see Taxation Ruling IT 2486External Link Income tax: children's savings accounts.
Non-individual PAYG payment summary schedule 2014 (NAT 3422).
Where relevant information is reported in the trust tax return at item 22 Attributed foreign income, item 29 Overseas transactions/thin capitalisation you must complete an International dealings schedule 2014 (NAT 73345).
For more information, see International dealings schedule instructions 2014.
For more information, see Individual tax return instructions 2014.
If you are claiming a dependent spouse tax offset, you will need to work out the beneficiary's adjusted taxable income and their spouse's adjusted taxable income, see question T1 in Individual tax return instructions 2014.
If you are claiming the seniors and pensioners tax offset, you will need to work out the beneficiary's rebate income and include this on the statement attached to the trust return, see question T2 in Individual tax return instructions 2014.
exceeds $88,000 for singles or $176,000 for a couple or family (plus $1,500 for each dependent child after the first), the trustee can claim an offset of 10% for eligible out of pocket expenses incurred by the beneficiary in excess of $5,100.
Where the trustee received the offset last year they can claim for the full range of eligible net medical expenses paid for by the trustee from trust income.
Where the trustee did not receive the offset last year they can only claim for the medical expenses relating to disability aids, attendant care or aged care.
For more information see question T6 in Individual tax return instructions 2014 or the Net medical expenses tax offset calculator.
To claim the offset provide a statement on a separate sheet of paper showing all of the following information.
At the time of publishing these changes had not become law. For more information, go to ato.gov.au and search for 'Net medical expenses tax offset'.
If the beneficiary has a spouse and they have agreed to allow the beneficiary to claim their own share of the rebate as well as their spouse's share of the rebate, you must provide the policy details listed above for the spouse. The beneficiary and spouse must be covered under the same policy so the policy details should be the same for the beneficiary and spouse except for the tax claim code which will be C for the beneficiary and D for the spouse. Go to ato.gov.au/privatehealthinsurance for assistance in providing the details.
For more assistance in providing private health insurance policy details, see Private health insurance policy details in Individual tax return instructions 2014 (NAT 71050).
Corporate unit trusts and public trading trusts are taxed as companies, and so are required to lodge a Company tax return 2014. These entities are defined below and must apply for a company TFN.