Can a beneficiary submit individual tax return before the family trust tax return is processed?

Let's say a beneficiary got a distribution from a family trust for 2018 financial year. The exact amount of income (and franking credits) from that trust distribution is known. The trust tax return is lodged but it looks like it may take a while to be finalized by ato.

In the meantime, can the beneficiary submit individual tax return without having to wait for the statement on the trust tax return completion from ato?

Thanks!

 

Yes of course - make sure you use the tax information the trust should provide you with.

 

Yes

 

Thanks guys. Pretty much what I thought.

 

However many DIY efforts may get the amount wrong. Especially if trust income has franked income, CGT amounts etc.

You said...The trust tax return is lodged but it looks like it may take a while to be finalised by ato. Can the beneficiary submit individual tax return without having to wait for the statement on the trust tax return completion from ato?

Typically a trust tax return does not result in any notice of assessment or any documents issued by the ATO and the italics above indicate a incorrect understanding. Under the self assessment basis of taxation the information in the trust tax return WILL be sufficient for the beneficiary to prepare a return. The ATO will cross match the trust tax information to the beneficiary and if its different may later make enquiries.