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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.
Last modified: 14 Oct 2022
Record keeping
Steps | Progress | ||||||||||||||
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Record keeping overview |
10 mins | ||||||||||||||
Tasks and tips |
6 mins | ||||||||||||||
Starting your business records |
2 mins | ||||||||||||||
Digital record keeping |
5 mins | ||||||||||||||
Manual or paper record keeping |
2 mins | ||||||||||||||
Banking records |
2 mins | ||||||||||||||
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Income records |
3 mins | ||||||||||||||
Accounting for private use of assets |
9 mins | ||||||||||||||
Motor vehicle deductions records |
2 mins | ||||||||||||||
Home-based business deductions records |
1 mins | ||||||||||||||
Other deductions records |
1 mins | ||||||||||||||
Stock and asset records |
5 mins | ||||||||||||||
GST records |
1 mins | ||||||||||||||
Employee records |
7 mins | ||||||||||||||
Car fringe benefits records |
1 mins | ||||||||||||||
Expense payment FBT records |
2 mins | ||||||||||||||
Contractor records |
2 mins | ||||||||||||||
Sharing economy records |
1 mins | ||||||||||||||
Cryptocurrency records |
1 mins | ||||||||||||||
Records for other taxes |
5 mins | ||||||||||||||
Sole trader structure records |
4 mins | ||||||||||||||
Partnership structure records |
3 mins | ||||||||||||||
Company structure records |
3 mins | ||||||||||||||
Trust structure records |
1 mins | ||||||||||||||
Changing your business structure records |
1 mins | ||||||||||||||
Selling or closing your business records |
2 mins | ||||||||||||||
Related courses |
1 mins | ||||||||||||||
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