Trustee Beneficiary Statements
The New Non-Negotiable
The ATO has made it clear: No trustee beneficiary statement, no trust tax return lodgement.
For years, trustee beneficiary (TB) statements have often been overlooked or ignored - but not anymore. With the 2024 tax return season in full swing, accountants are discovering that trust returns won’t validate without the TB statement labels being completed.
The ATO has made it clear that failure to submit a valid TB statement on time can trigger a hefty 47% Trustee Beneficiary Non-Disclosure Tax (TBNT), plus interest on any unpaid liability. This means accountants cannot afford to miss or delay TB statements. The risk isn't just to clients - it's to firms too.
Make sure that you, your team and your clients aren’t caught off guard.
Download our exclusive whitepaper to confidently navigate TB statements, uncover the key questions accountants are asking, and understand why countless professionals rely on Knowledge Shop for our trusted expertise.
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