The Accounting & Taxation Section at Funds in Court [FIC] covers a range of activities designed to support FIC to manage and administer the funds.

Income earned by the funds is taxable in the name of the Senior Master as your trustee. Each trust has its own Tax File Number. The Taxation Officers lodge a ‘trust tax return’ for each client every year.

Your will receive an annual taxation statement which will let you know if you have a taxable income generated by your funds held in Court.

FIC will only lodge a tax return for your money in the Court. FIC does not lodge, or give advice on, your personal tax return.

Lodging a personal tax return

You might need to lodge a personal tax return if you receive any other taxable income such as:

  • income from a job
  • interest from bank accounts
  • money made from shares and investments outside of Funds in Court
  • some Centrelink benefits.

If your personal taxable income and your trust income adds up to more than the current tax free threshold then you will need to lodge a personal tax return. You should use your personal Tax File Number for this.

You should wait until you receive your annual taxation statement from FIC before you lodge your personal tax return. FIC recommends using a Tax Agent or Accountant to help you with this, as both tax returns need to complement each other.

You may apply for the costs of your Tax Agent or Accountant to be covered by your funds held in Court.

Your Tax Agent or Accountant is welcome to contact FIC to discuss any tax-related matters.

You can also:

Download an Easy English Booklet at the end of the page

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Attachment:
PDF DocumentEasy English Booklet – Your tax (PDF 1.11MB)