Trust Tax return

I have setup a corporate trust. This is the 1st year for lodging tax return. May I ask if it is legal to lodge tax return by myself or require an accountant to lodge it?

 

What does the trust deed say? If there is no requirement for an accountant to do it then the trustee may do it.

 

Thanks Terry a lot.

 

Trust tax returns are quite complex - Far more complex v's a company. Personally I wouldnt even think of DIY as without the software you will make errors and the forms will be returned. Sometimes when I do a trust tax return it can take a while due to the complexity and error checking in the software. The idea of doing a paper form doesnt even enter my head.

The trust must also be capable of evidencing:
- resolutions in writing
- Streaming in accordance with tax law and trust deed
- How the trustee determined net trust income and its relevant charecter
- Losses schedule/s, family trust elections and more
- The assets and liabilities of the trust available to pay net trust income

If you cant afford the correct accounting and tax - Perhaps setting up a trust was the wrong choice.