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unit trust reporting and general purpose financial reporting obligations

Initiate

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Hi,

I have a question in regards to the following;

  1. A privately owned unit trust with turnover of less $$500m is it required to lodged a “general purpose financial reports? And
  2. If its turnover exceeds $1b will it then be required to lodge a “general purpose financial report?

 

Thanks,

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Most helpful response

ATO Community Support

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Hi @BAZ1,

 

I really enjoyed researching your questions.

 

A unit  trust with an annual global income over A$1 billion is a significant global entity.   It'll need to lodge a general purpose financial report.

 

On our website there is information about who must give us a general purpose financial report

 

Happy reporting.

4 REPLIES 4

Most helpful response

ATO Community Support

Replies 3

Hi @BAZ1,

 

I really enjoyed researching your questions.

 

A unit  trust with an annual global income over A$1 billion is a significant global entity.   It'll need to lodge a general purpose financial report.

 

On our website there is information about who must give us a general purpose financial report

 

Happy reporting.

Initiate

Replies 2

HI Caro,

Thank you for your response, does your answer differ if the unit trust is a privately owned trust and not a public trust?

Thanks,

 

Initiate

Replies 0

Further to my response below as the link you provided states

You must give us a GPFS if you:

  • are a corporate tax entity (that is, a company, corporate limited partnership or public trading trust) for the income year. (The taxpayer in my case is a privately owned unit trust trust, not a public trading trust will they still be subject to the $1 billion threshold?)

ATO Community Support

Replies 0

Hi @BAZ1,

 

The Standard Business Reporting definition of a significant global entity doesn't differentiate between types of trusts.