Turn on trust income if it has not automatically turned on.
Report Trust via "Profit & Loss" tab
Fill trust via "Add Worksheet"
Add taxable trust income. If you are manually filling the form, add Gross distribution from Trusts (accounting income). To avoid errors, LodgeiT needs both values.
Add as many trusts as required. Report taxable income from each trust separately.
Navigate to Profit & Loss - Calculation to ensure you can see a value at Label E.
Illustration:
In the example below, taxable trust income is $1,100 while equivalent accounting income is only $1,200, creating a decreasing reconciling difference of $100.
The decreasing difference is to be found in the reconciliation section under Other income not included in assessable income.
There is no need to tag trust income in the accounts. Simply classify as Share of trust Income. In a company, there is no reporting difference between primary and non primary income so therefore it's unnecessary to use the primary production tag.
