Question Tag: Trust

The Basis Periods for the different persons are as follows:

i) Sole Proprietorship: The basis period for a sole proprietor is the calendar year (January to December).
ii) Company: The basis period for a company is its accounting year, which may vary depending on the company’s financial reporting period.
iii) Trust: The basis period for a trust is the accounting year of the trust.
iv) Partner of a Partnership: The basis period for a partner in a partnership is the calendar year (January to December).