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  • If you're a trustee lodging on behalf of a beneficiary

    If you're a trustee lodging on behalf of a beneficiary, you will need to complete a Trust tax return.

    There are three main steps to complete:

    Step 1: Report the BSWAT lump sum

    The BSWAT lump sum is not salary and wages or an Australian government pension or allowance. You need to report the payment on the Trust tax return at item 14 (Other Australian income), as follows:

    • at Type of Income, write 'BSWAT lump sum in arrears'
    • at label O, write the value of the taxable amount for the BSWAT lump sum in arrears. Do not show cents.

    The taxable amount is shown on the individual’s Centrelink PAYG payment summary. No tax is withheld by Centrelink when they pay the BSWAT lump sum in arrears.

    Step 2: Attach Attachment E: Important tax information (Schedule of additional information)

    So we can calculate the lump sum payment in arrears tax offset, you need to attach a Schedule of additional information. To do this, you need to:

    • photocopy Attachment E: Important tax information from the beneficiary's BSWAT letter of offer
    • write 'BSWAT schedule of additional information – item 14' as a heading at the top of the photocopy, and then list the following    
      • trust name
      • trust tax file number (TFN)
      • beneficiary's TFN.

    Attach the Schedule of additional information to page 1 of the Trust tax return. At the question Have you attached any other attachments? at the top of page 1, print X in the Yes box.

    Step 3: Complete the tax return

    Complete the rest of the Trust tax return, including the declaration on page 16.

    See also:

      Last modified: 27 Jun 2019QC 46588