Tax Returns for Trusts – Part 1 – Zero to Mini Hero 2025

This unit gives an overview of trusts, including distribution resolutions and streaming, family trusts, and more.

Includes tax return demo on Xero Tax.

In this unit, we cover:

• Case study recap

  • Trusts 101

  • What's a trust?

  • How is a trust taxed?

  • What is "income"?

  • Present entitlement

  • Who pays tax?

  • Other considerations

  • Using trust losses

  • Vesting the trust

• Distribution Resolutions & Streaming

• Family Trust Elections (FTE)

  • Pros vs Cons

  • Variation or Revocation of an FTE/IEE

• Reading an annual tax statement from a managed portfolio

• Preparing tax rec & tax return for HOMAR Family Trust, Homer & Marge