In a trust, it's possible that the trust activity involves income that needs to be classified to a sector other than Item 5 - Business Income & Expenses.
Below, all sectors of the trust tax return related to income are noted along with the corresponding tag that can be found via Accounts, under each revenue category.
i.e. Income in relation to Partnership Income
No need to Tag partnership income. Simply classify as follows -
But if the partnership income is primary production related, then tag with a primary production tag.
i.e. Income in relation to Trust Income
No need to Tag trust income. Simply classify as follows -
But if the trust income is primary production related, then tag with a primary production tag.
i.e. Income in relation to rental income
No need to tag rental income, simply classify as rent
i.e. Income in relation to forestry managed investment scheme income
No need to tag forestry management income, simply classify as forestry management investment scheme income
i.e. Income in relation to interest income
No need to tag interest income, simply classify as interest income
i.e. Income in relation to dividend income
No need to tag dividend income, simply classify as dividend income
i.e. Income in relation to other Australian income
To reflect income at other Australian income, be sure to Tag accordingly.
