It’s coming up to tax time, which means the Australian Taxation Office (ATO) has released its tips for lodging your tax returns.
For taxpayers with a self-managed superannuation fund (SMSF), there has been a change that you should be aware of.
From the 2024 income year, if you received one or more distributions from trusts, you must complete a Trust Income Schedule and attach it to your SMSF return.
To complete the trust income schedule, you will need either:
* A statement of distribution from the trustee.
* A tax statement from your managed fund.
For more information on the trust income schedule, visit:
https://www.ato.gov.au/forms-and-instructions/trust-income-schedule-2024-instructions
#accountant #tax #business