One of the main ways you can take money from a business that is operated by a trust is through salary and wages. As a beneficiary you can be employed by the trust. You can be paid salary and wages.
The trust that operates your business will pay the salary and wages through its payroll system. That payroll system needs to have Single Touch Payroll-enabled software that reports payroll information to the ATO.
The trust that operates your business can generally claim a deduction for any salaries or wages paid.
The trust must withhold tax from the payments and make compulsory employer superannuation contributions. Failure to withhold may mean a deduction is not allowed.
If you are an employee of the trust that operates your business, you must include any salary or wages you receive from your business as assessable income in your individual tax return.
