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INCOME TAX RETURNS
I recall a webinar for tax returns, to stop filing tax returns simply place a “X” where it asks if your doing a return next year. This releases you from their contract and you never have to complete another return.
We are a small business & have a public Trust, an accountant completes our returns each year.
I have noticed on the Trust return it asks –
“TYPE OF TRUST T – Discretionary trust –
trading activitiesIs any tax payable by the trustee? No
Final tax return? No “
However I can’t find the question of “FINAL TAX RETURN” anywhere on our individual tax returns.
1. Can I simply have the accountant put “Final tax return” “YES” on the Trust return only and not individual ones.
2. My husband thinks I’m crazy, and will not do this however the Trust is in both our names as a family Trust. How can I cease completing my tax returns & my husband continue doing his. Surely I can nominate not to complete anymore on my individual tax return only.
I did purchase the TAX documents from Solutions Empowerment some time ago, but the forms are different than what I receive from my accountant and there was no Trust forms enclosed in the package.
Anyway will be interested in any advice you may give.
Thank you
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3 Replies
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I would ask Mark at the next Q and A if I was in your shoes….https://solutionsempowerment.org/event/general-qa-august-14/
solutionsempowerment.org
General Q&A: August 14 – SolutionsEmpowerment.org
General Q&A: August 14 – SolutionsEmpowerment.org
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August 14, thanks again.
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Question “We are a small business & have a public Trust, an accountant completes our returns each year. Can I simply have the accountant put “Final tax return” “YES” on the Trust return only and not individual ones.”
ANSWER: You can only put a YES on Final tax return if you are completely in the Private Realm.
Otherwise, You will need to put “No”.
The Trust that you have is in the Public and has tax obligations that requires it to have a tax return. Unless you dissolve this Trust.
However, if you have one of Mark’s Non-Registered Trusts. This trust does not have legislative compliance and therefore no ATO checks and you can check “Yes” Final Tax Return.
If you want to know more about moving from the Public to the Private Realm without causing “red flags” watch the Modules 1B, 1C and 1D.
