Trust accounting and tax returns in Perth

Accounting and tax support for discretionary and family trusts

Stewart Private Accounting helps trustees and business owners organise their trust records, prepare annual accounts and tax returns, and discuss tax planning before important decisions are made. Our Perth team is led by Bradley Stewart, a Chartered Accountant, Chartered Tax Adviser and Registered Tax Agent with 20+ years of public accounting and consulting experience.

A trust’s accounting records, deed, trustee decisions and beneficiary arrangements need to be considered together. We start by understanding your structure, activities, outstanding obligations and the support you need.

What your trust accounting engagement can cover

• Annual financial statements and trust income tax return preparation and lodgment.
• Reconciliation of income, expenses, assets, liabilities and beneficiary accounts.
• Review of distribution records and the information needed for beneficiary reporting.
• Tax estimates and discussions about distributions before year end.
• Bookkeeping, BAS and related business support where included in the agreed scope.
• Identification of matters needing separate specialist tax or legal advice.

Your engagement letter confirms the work, responsibilities and fees. Trust deed drafting, amendments, restructuring and legal advice require their own scope and, where appropriate, a legal practitioner.

Plan distributions before year end

For a trust with a 30 June year end, discretionary trust income distribution decisions generally need to be made by 30 June; the deed can require an earlier date. Specific rules apply to capital gains and franked distributions. The tax return lodgment date is not an extension of the time for making trustee decisions. See the ATO’s trustee resolution guidance.

Contact us early with current accounts, the deed and relevant beneficiary information. We can discuss the tax position and records required while there is time to assess the facts. Our tax-planning service can be agreed alongside annual compliance work.

Records to prepare for your trust accounts and return

• The trust deed, amendments, trustee details and any changes during the year.
• Prior financial statements, tax returns, distribution resolutions and relevant election records.
• Accounting reports, bank and loan statements, and evidence of significant transactions.
• Investment, dividend, rental and asset purchase or disposal records where relevant.
• Beneficiary details, distribution payments, unpaid amounts and related-party transactions.
• Details of outstanding returns, ATO correspondence and issues raised by your previous adviser.

We confirm the information needed for your trust and how to transfer it securely. Stewart Private Accounting is a Xero Platinum Partner; if you use Xero, we can discuss access, bookkeeping quality and any catch-up work required.

Fees and changing accountants

We quote for the work agreed after considering your trust’s activities, record quality, beneficiaries and complexity. Annual compliance, planning, bookkeeping, BAS, corporate trustee administration and prior-year work may have separate scopes. Confirm what is included before proceeding.

If you are changing accountants, bring your latest accounts and return and explain any unfinished work. With your authority, we can discuss the handover records and access needed. Completion timing depends on the available records, outstanding issues and agreed engagement.

Trust accounting: common questions

Do you work with discretionary and family trusts?

Yes, you can discuss your discretionary or family trust accounting and tax requirements with our team. Tell us whether the trust operates a business, holds investments or has other activities so we can agree the appropriate support.

Does annual trust accounting include distribution planning?

Only when planning is included in your engagement. Ask us to agree the scope early, rather than waiting until the return is being prepared.

Can I wait until the tax return is due to decide distributions?

Trustee decisions and tax return lodgment have different deadlines. For a standard 30 June year end, income distribution decisions generally need to be made by 30 June or an earlier date required by the deed; capital gains and franked distributions need separate consideration.

What happens if the trust has a company beneficiary?

Provide the company details, distribution records, unpaid entitlements and relevant loan or payment records. The tax treatment depends on the facts and applicable rules, so we assess these arrangements rather than assuming a company beneficiary resolves the tax position.

Can you help if trust records or returns are overdue?

Contact us with the affected years, available records and ATO correspondence. We assess the outstanding work before agreeing a catch-up scope, fee and timeframe.

How do Budget changes affect my trust?

The effect depends on your structure, activities and the legislation applicable to the relevant year. Our dated Budget guides distinguish enacted measures from proposals; discuss your circumstances with us before changing distributions or restructuring.

Useful trust and tax guides

Browse the small business tax resource hub for related guides and accounting services.

• Trust tax returns: distributions, deadlines and records
• May 2026 Budget: discretionary trust tax proposals
• May 2026 Budget: CGT changes

Discuss your trust’s accounting requirements

Contact Stewart Private Accounting or call (08) 6454 0235. Our office is at Level 1, 9 The Esplanade, Perth WA 6000.