This information is for trustees of closely held trusts that have trustee beneficiaries.
When lodging your trust tax return, you may need to include a trustee beneficiary (TB) statement with details of your trustee beneficiaries that are entitled to:
- a share of trust income (whether or not it is assessable)
- capital of the trust.
We use the TB statement to check:
- whether the trustee beneficiary correctly declares its share of the trust net income
- whether the net assets of the trustee beneficiary reflect the receipt of the trust capital and any non-assessable income.