Making the Special Disability Trust compliance process simple for you.

The yearly compliance requirements for Special Disability Trusts seem complex. As an expert accounting service provider, we make this process simple for you at a reasonable cost.

We provide the following services:

– Preparation and lodgement of tax returns

– Preparation of financial statements

– Prepration of statutory declarations

We provide our services either face-to-face or online

 

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Annual Reporting Requirements for Special Disability Trusts

According to the Social Security Guide, the following are the Annual Reporting Requirements.

Required information

The trustee must provide the financial statements of the trust as at 30 June of the relevant financial year in accordance with the Income Tax Assessment Act 1936. The financial statements must include information, which complies with the Australian Accounting Standards, including:

  • profit and loss statement for the relevant financial year,
  • balance sheet with applicable notes for the relevant financial year, and
  • depreciation schedule for each class of assets for the relevant financial year (where applicable).

If the trust was required by the ATO to lodge a tax return, a copy of the tax return for the relevant financial year must also be provided.

A statutory declaration must be included that confirms that:

  • expenditure for the relevant financial year (apart from reasonable trust administration costs and taxes) was spent on:
    • care costs related to the principal beneficiary’s disability, or
    • accommodation costs of the principal beneficiary, or discretionary spending for the benefit of the beneficiary, and
  • expenditure for the relevant financial year was not spent on payments to any ‘immediate family member’, for services, including care provided to the principal beneficiary, and
  • the trustees have declared that the information provided therein is all true and correct, and
  • a tax return was not required by the ATO, (if applicable).
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Alternatively call us on 1300 133 135 or to receive a quote send us a message using the form below

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