Income tax, CGT and entities

Trustee and beneficiary

A trustee is the person or company that holds and manages the assets of a trust for the benefit of others, called beneficiaries. The trustee is responsible for the trust's tax affairs, which include registering the trust with a tax file number, keeping records, lodging the trust tax return and, where relevant, registering for GST. Beneficiaries are the people or entities for whom the trust holds its assets, and they can be taxed on the share of trust income they are entitled to. The trust deed sets out the powers and duties of the trustee, and the trustee must act according to it and in the interests of the beneficiaries.

General information, not tax advice. The rules change, so check the source page above for the current position. Fedix is developed by Tax7 R&D Pty Ltd.