Keep records of any overseas transactions that the trust is involved in, or has an interest in, during the income year.

The involvement can be direct or indirect, for example, through individuals, trusts, companies or other entities. The interest can be vested or contingent, on purpose or as a result of another action. For example, where the trust has direct or indirect control of:

• any income from sources outside Australia not disclosed elsewhere on the tax return, or
• any property, including money, situated outside Australia. If this is the case keep a record of the:
  • location and nature of the property
  • name and address of any partnership, trust, business, company, or other entity in which the trust has an interest
  • nature of the interest.

If an overseas interest was created by exercising any power of appointment, or if the trust had an ability to control or achieve control of overseas income or property, keep a record of the:

• location and nature of the property
• name and address of any partnership, trust, business, company, or other entity in which the trust has an interest.

If there is no trustee who is an Australian resident, the onus is on the public officer to keep this information.