Announcements
Looking for answers? Search our popular topics or ask a new question.

ATO Community

Income Tax 551 & Activity Statement 001

Highlighted

I'm new

Views 5215

Replies 1

Hi,

 

Im hoping someone can tell me what the difference between an Income Tax 551 & Activity statement is and how they may relate to each other for personal taxes . I have started looking after a trust entity that pays wages to directors as well as distributing retained earnings to the trustee's and I dont understand why I have two accounts for their personal taxes. I think that one is where they lodge their personal EFY tax and the other is the PAYG instalments based on expected income, but I cant locate payments being transfered between the two accounts.

 

Thanking you in anticipation

1 ACCEPTED SOLUTION

Accepted Solutions
Highlighted

Most helpful response

ATO Certified Response

Community Support

Replies 0

Hi @ACCOUNTS1,

 

Welcome to our Community!

 

An Income tax 551 account relates to an individual's income tax return. When we process an individual's income tax return, the outcome of the return will show on their 551 account.

 

An Activity statement 001 account can relate to roles an individual may be registered for which is required to be reported on an activity statement - such as PAYG Instalments.

 

As we can provide general information here on our Community, we can't guarantee it's safe to share personal information in an online forum to access accounts. If you'd like an account explanation regarding your clients account and you're listed as an authorised contact, you can phone us on 13 28 61 between 8am - 6pm, Monday to Friday to speak with an operator.

 

Thank, JodieH.

1 REPLY 1
Highlighted

Most helpful response

ATO Certified Response

Community Support

Replies 0

Hi @ACCOUNTS1,

 

Welcome to our Community!

 

An Income tax 551 account relates to an individual's income tax return. When we process an individual's income tax return, the outcome of the return will show on their 551 account.

 

An Activity statement 001 account can relate to roles an individual may be registered for which is required to be reported on an activity statement - such as PAYG Instalments.

 

As we can provide general information here on our Community, we can't guarantee it's safe to share personal information in an online forum to access accounts. If you'd like an account explanation regarding your clients account and you're listed as an authorised contact, you can phone us on 13 28 61 between 8am - 6pm, Monday to Friday to speak with an operator.

 

Thank, JodieH.