Simple Invest 360 currently supports the preparation of the 2021FY Trust Tax Return and associated schedules in paper form only. Electronic Lodgements will be made available in the coming months.
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.||
Before you can access the Tax Return, you need to calculate taxable income and distribute profit for the trust. This will pre-fill the Tax return based on the information that you have entered into Simple Invest 360.
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.
The Trust Tax Return is currently in BETA phase, and we would value your feedback. To share your feedback or suggestion with us, please use the 'Provide Feedback' icon available on the Tax Return page.
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 Reset saved data 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 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.