Trust Accountant Central Coast

Since 2011, Blue Orchid Accounting has provided accounting and taxation services to clients across the Central Coast. Services are available for a range of entity types, including those involving trust structures. A Trust Accountant can assist with reporting, compliance, and record-keeping tasks across various types of trusts.

Support is available for:

Discretionary trusts
Family trusts
Testamentary trusts
Deceased estate trusts

Services include:

Guidance on choosing software to track & manage trust transactions
Support with recording GST-related transactions periodically
Advice on the correct setup & format of tax invoices & the required components for billing
Assistance with setting up payroll systems, calculating wages, & applying superannuation to eligible earnings
Guidance on the purchase of business assets & how to maintain supporting records
Setup of BankLink or similar software for transaction monitoring
Preparation of periodic financial reports, including balance sheets, income statements, & profit & loss summaries

For more information, contact Blue Orchid Accounting at 1800 008 664.

A Trust Accountant at Blue Orchid Accounting can assist with a wide range of tasks related to the administration and taxation of trust entities. Services are available to support the setup, management, and ongoing compliance of discretionary, family, testamentary, and deceased estate trusts.

Support includes:

Assistance with understanding the basic rules & laws that apply to your trust, often outlined in the Trust Deed
Help with registering for an Australian Business Number (ABN), Goods & Services Tax (GST), & Pay As You Go (PAYG) withholding, where applicable
Information on annual lodgement obligations to the Australian Taxation Office (ATO) & the Department of Fair Trading
Processing of allowable deductions & identifying eligible trust-related expenses
Guidance on selling or disposing of trust-owned business assets
Support with Capital Gains Tax (CGT) matters & Small Business Concessions, if relevant
Lodgement of Business Activity Statements, including GST (cash or accrual), PAYG withholding, & installments
Information on beneficiary entitlements & distribution processes

For more information, contact Blue Orchid Accounting.

A Trust Accountant at Blue Orchid Accounting can assist with a range of tasks related to the preparation and lodgement of trust tax returns. Support is available for compiling business schedules, investment schedules, rental property schedules, and beneficiary statements, based on the specific needs of the trust structure.

Services are available to individuals, business owners, and those involved in managing family, discretionary, or testamentary trusts. Clients come from a range of backgrounds, and services are adapted to suit the reporting and compliance requirements of each trust type.

The Blue Orchid Accounting website also includes a collection of news articles covering topics related to finance, accounting, and taxation. These resources are available to help individuals stay informed about changes and obligations that may affect their financial reporting.

To arrange a consultation with a Trust Accountant or to learn more about available services, contact Blue Orchid Accounting on 1800 008 664.

While you’re here, take a moment to browse through the range of services available at Blue Orchid Accounting. In addition to trust accounting, support is offered across a variety of general accounting and taxation areas.

Services are available for:

Whether you're looking for support with tax return preparation, business structure setup, investment property accounting, or seeking assistance from a Trust Accountant, Blue Orchid Accounting offers a variety of options tailored to different client groups.

The website also includes a section with news articles covering finance, taxation, and regulatory updates. These resources are designed to support informed decision-making.

If you would like more information about any of the services available, contact Blue Orchid Accounting on 1800 008 664.

What does a trust accountant do?
A trust accountant manages the financial reporting, tax obligations, and compliance requirements related to trust structures. This includes preparing annual trust tax returns, calculating income distribution for beneficiaries, maintaining records of trust transactions, and preparing financial statements such as balance sheets and profit and loss reports.

Trust accountants also help track the allocation of income, capital gains, or losses among beneficiaries based on the terms outlined in the trust deed. In some cases, they assist with setting up new trust structures, supporting the registration of an Australian Business Number (ABN), Goods and Services Tax (GST), and Pay As You Go (PAYG) withholding if required. They may also prepare and lodge Business Activity Statements (BAS), provide documentation for audits, and handle communication with the Australian Taxation Office (ATO) on behalf of the trust.
Do trusts need to lodge tax returns in Australia?
Yes, trusts are required to lodge an annual Trust Tax Return with the Australian Taxation Office (ATO). Although a trust itself typically does not pay tax, it must report all income, deductions, and how income has been distributed to beneficiaries. The ATO uses the information from the trust return to match beneficiary tax returns and verify that the correct amount of income is reported by each party.

Trusts may need to complete additional schedules depending on the complexity of the structure and the types of income earned, such as rental income, capital gains, or investment returns. If no income is distributed, the trust may be assessed on the undistributed amount at the highest marginal tax rate. All records, including financial reports, income allocation, and beneficiary statements, must be maintained for compliance purposes.
What are the different types of trusts in Australia?
Several trust types are recognised in Australia, each with different legal and tax implications. The most common include:

Discretionary Trusts – often used by families, where the trustee has discretion over how income and capital are distributed among beneficiaries.

Family Trusts – a form of discretionary trust typically used to manage and protect family assets and income.

Unit Trusts – where beneficiaries (unit holders) have fixed entitlements to income and capital, often used for joint ventures or business partnerships.

Testamentary Trusts – created through a person’s will and activated upon their death. These are used for managing inheritance distributions.

Deceased Estate Trusts – temporarily created to manage the financial affairs of a deceased person until their estate is finalised.

Each trust type has specific reporting and compliance obligations, including beneficiary distributions, tax treatments, and administrative requirements.

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Do trusts need to lodge tax returns in Australia?

What are the different types of trusts in Australia?

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