Simple Invest 360 currently supports the preparation and *electronic lodgement of the Trust Tax Return and associated schedules for the following financial years:
- 2021 FY
- 2022 FY
- 2023 FY *(electronic lodgement coming soon)
The supported schedules are: CGT Schedule, Losses Schedule, Rental Schedule, and Attachment Schedule.
Navigation to the Trust Tax Return
|From the Main Toolbar navigate to the Compliance menu.||
|Select Period Compliance.||
Select the Distribution Frequency. You can select between yearly, quarterly or monthly Profit/Distribtuion calculations. Alternatively, select Other to be able to specify your desired period.
Click Start Workflow for the selected Entry Period.
Before starting the workflow, change the Tax Labels, where applicable.
As part of the Workflow, the Calculate Taxable Income screen will prompt, displaying a breakdown of items in the calculation of taxable income, allowing users to add adjustments where needed. Change the Tax Labels, where applicable.
Select to proceed to the next step.
Users are then able to proceed with profit allocation, for more information, see Distribute Profit for Trusts. Here, users are also able to process inter-entity distribution journals for beneficiary entities. Once complete, head into the Trust Tax Return section.
View Sections of the Trust Tax Return
The current financial year will be selected by default. The Trust Tax Return is only available for 2021 financial year onwards.
Once the financial year has been set, to review sections in the Trust Tax Return navigate by using the left-hand side menu.
Any mandatory fields that are missing information will be highlighted in red along with a counter noted on the left-hand side menu.
Refer to the ATO Article for more information on completing the 2021 Trust Tax Return.
Simple Invest 360 currently does not prepare the Family trust entity election, Interposed entity election and International Dealing Schedule. If required these will need to be prepared and lodged externally.
|Confirm any new information and changes made in the Trust Tax Return and associated schedules|
|Print or produce a PDF version of the Trust Tax Return and associated schedules|
The Trust Tax Return and associated schedules can also be produced through the Reports screen.
Form Status (Workflow Status)
Select Form Status to update the workflow status of the trust's tax return.
Workflow Statuses available:
- Lodged (Manually)
- Sent to Client
- Reviewed by Partner
- Assessment Paid
- Assessment sent to Client
- Assessment Received
- Sent to Partner
The status will automatically update, depending on the progress of the tax return.
Electronic Lodgement Declaration
Through Simple Invest 360, generate the Lodgement Declaration which is required where the tax return is to be lodged via an approved ATO electronic channel.
The Declaration can be Printed from the Tax Return screen by clicking on the Print button.
Alternatively, print the Lodgement Declaration from the reports screen:
|From the Main Toolbar, go to Reports.||
From the Letters/minutes section, add the Lodgement Declaration to the Report Pack List for download.
Validation and Lodgement
Ensure you have set up a lodging party in Simple Invest 360:
Ensure you have reviewed the Tax Return, and completed all relevant sections prior to validation.
All Invalid Fields will need to be rectified, prior to validation.
Select View Invalid Fields to navigate and rectify the mandatory fields.
Select Validate to prepare the Trust Tax Return for lodgement.
If you have made any changes/updates to the Trust's Lodging Party details, select Update Lodging Party under Section I.
|From the Main Toolbar, go to Connect.||
|Select Lodgement from the list.||
|Returns Awaiting Lodgement||Select this filter to display validated returns that have not been lodged.|
|Returns Lodged||Select this filter to display returns that have been lodged.|
|Rejected Returns||Select this filter to display rejected returns.|
|All Returns||Select this filter to display all returns.|
3. Select the checkbox to the left of the trust you are lodging the return for and then select Lodge
4. Once the return has been successfully lodged, under the Returns Lodged section, you will see that the status next to that trust will change from Validated to Lodged (Electronically).
Download the Lodged Trust Tax Return in PDF format
Under the FORM column of the Lodgement screen, any trust returns and associated schedules lodged to the ATO (with the Lodgement Status displaying as Lodged Electronically) can be printed in PDF format by clicking on the Trust Annual Return field. The return will display in a new tab for you to download and print.
Select View under the same screen to generate the ATO Validation Report.
Amending the Trust Tax Return
To process an Amendment to the Trust Tax Return, select Create Amendment at the bottom of the screen.
- Note: The Tax Return must have the Lodged status for the Create Amendment button to appear.
Once selected, the following screen will display:
Select an Amendment starting point based on the requirements for your amendment:
|Copy form from previous version||
Copies the previously lodged Tax Return identically.
|Clear form and recalculate from system data||
Clears and recreates the Tax Return based on any updated information in Simple Invest 360
1. Can I adjust the taxable income and profit distribution as I prepare the Trust Tax Return?
Once the preparation of the Tax Return form has been started, any changes made to the 'Calculate Taxable Income' and 'Distribute Profit' screens will overwrite the current tax return form in Simple Invest 360.
Once changes have been made, head into the tax return screen and select Regenerate to pre-fill the tax return based on updated amounts.
2. I cannot access the Tax Return screen and its functionalities.
Refer to your user role settings, and ensure permission is provided for Tax Compliance | ATO Forms Data Entry, under the Compliance section.
3. How do I hide the Beneficiary TFN/DOB and Trust TFN from the Tax Return, for privacy reasons?
Refer to your badge settings, and you may choose to display these details on the Trust Tax Return. If not selected, the details will be worded as "Provided" or "Not Provided" instead.
Ensure the badge is selected upon generating the tax return and associated schedules from the Reports screen.