29 Mar 11 Trust income tax returns due 15 May 2011
The ATO advises that it is continuing to focus on improving on-time lodgment of income tax returns by trusts, particularly closely held trusts.
On 30 March 2011, it sent letters directly to trustees of closely held trusts. These letters are titled 'You will soon need to lodge your 2010 trust income tax return’. The letters are to remind trustees to provide their tax records to their tax agent in time for them to lodge their 2010 trust income tax return by the due date of 15 May 2011.
The letter also sets out the information trustees must provide to agents to meet the requirements of the new TFN withholding measure for closely held trusts. This measure takes effect from the first income year starting on or after 1 July 2010.
The ATO says that if agents have difficulty lodging all of their clients’ returns by 15 May 2011, under the current concessional arrangement, they have until 5 June 2011 to lodge and make any applicable payment.