Don’t be the deer caught in the headlights: The ATO’s crackdown on trustee beneficiary statements

Tax

For years, accountants have been filing trust tax returns without thinking twice about trustee beneficiary (TB) statements.

By Knowledge Shop • 01 January 2025 • 3 minute read

But for 2024 returns, that is no longer an option. The ATO has made it clear that missing a TB statement can result in a 47% trustee beneficiary non-disclosure tax plus interest.

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Why does this matter for accountants?

Understanding when a TB statement is required and how to avoid costly errors is crucial this tax season. The consequences extend beyond clients – firms now face compliance scrutiny and are at an increased risk of penalties.

What can you do?

Knowledge Shop has developed an exclusive whitepaper to help accountants navigate the latest compliance landscape, covering:

What accountants are asking about TB statements
Learn how to avoid red flags that could lead to audits
Understand what happens if you get it wrong and options for fixing historical problems

Download your free copy today

Want expert tax support year-round? Discover Knowledge Shop membership – the trusted resource for thousands of Australian accountants.

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