Overview
A Family Trust Election (FTE) can be created and lodged within Simple Invest 360, there are two options to lodge the FTE. The FTE can be lodged with the Trust's tax return or lodged separately, this article will explain both available methods.
After the FTE has been lodged, the FTE can either lodge a variation or revoke the original election.
Making an election
There are two methods of lodging a Family Trust Election within Simple Invest 360, these are;
- Lodging Family Trust Election as a part of the Trust's Tax Return
- Lodging the Family Trust Election separately
Navigation
| From the Main Toolbar, go to Compliance. | |
| Select Period Compliance. | |
| Select Tax Return within Workflow Steps. |
Instructions
Once within the Trust Tax Return, use the left table to locate the Family Trust Election, this is located under the schedules.
The Family Trust Election will have some tables already prefilled with information already entered within the Trust such as the address of the Trust. Other tables will require users to enter information directly relating to the FTE to pass validation before lodging the Tax Return with the FTE.
If entering more than one contact at Section A, item 5, refer to Section A, item 5 contacts below.
Navigation
| From the Main Toolbar, go to Compliance. | |
| Select Period Compliance. | |
| Select FTE Form, located on the top right. |
Instructions
The Family Trust Election will have some tables already prefilled with information already entered within the Trust such as the address of the Trust. Other tables will require users to enter information directly relating to the FTE to pass validation before lodging the FTE form.
If entering more than one contact at Section A, item 5, refer to Section A, item 5 contacts below.
Once the Family Trust Election has been started, its status will be displayed on the period compliance screen including the relevant financial year.
- Hovering over this status provides further details on the status of the FTE:
Section A, item 5 contacts
Section A, item 5 of the FTE allows more than one contact to be entered, including a mix of individual and non-individual contacts. This applies to both lodgement methods.
- FTE PDF report: Only the first contact entered at item 5 (individual or non-individual) prints on the FTE PDF. This matches the ATO's own FTE PDF, which only has space for one contact at item 5.
- Electronic lodgement: When lodging electronically through Simple Invest 360, all contacts entered at item 5 are transmitted to the ATO, even though only one prints on the PDF. No contact information is lost on lodgement.
If a document showing all item 5 contacts is required, either:
- Attach a manually prepared Word document listing all item 5 contacts alongside the downloaded FTE report; or
- Upload a custom Word report listing all item 5 contacts and run it together with the FTE report in a report pack.