BAS for Family Trusts with ABN/GST

Question

 · Accepted Answer

RichATO · Answer

1. The initial money you have contributed to the trust is generally considered as owner's capital unless it has been contributed under a formal loan agreement with the corporate trustee. This is definitely not sales revenue so does NOT appear at G1 or anywhere else on on the BAS form. 2. Yes, that's correct 3. No. Brokerage fees are an expense. You will include the GST components of these along with any other business expenses at 1B. 4. Yes, correct. 5. Yes, correct. 6. Correct. 7. Correct. They are just the same as dividends from direct shares. They are treated as income for the trust. RichATO

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