Question: Trust earn interest income but TFN witholding has been deducted from trust income.
Income distributed to beneficiaries according to percentage basis and TFN witholding tax credit distributed accordingly in the same way to beneficiaries.
How do we reflect it on the Custom report/Financial statements?
Under Profit distribution summary section, there is no "drawings- Tax witholding" or is there any way we can add it manually.
Answer:
In LodgeiT, for trusts we have a classification category --> Drawings. This is a catch-all for all manner of drawings including -
- Maintenance for beneficiary
- Interest paid on behalf of beneficiary
- Tax paid on behalf of beneficiary
- Any manner of expenditure paid on behalf of a beneficiary
In your downstream accounting software you can create all these various drawing sub-accounts if you like to keep them separate
In LodgeiT you have two options from a reporting building perspective - https://help.lodgeit.net.au/support/solutions/articles/60000696822-options-for-trust-beneficiary-loan-accounting
Neither option (at this stage allows the separate sub-accounts to be displayed. Only the category - Drawings will be displayed.
We are working on a reporting upgrade which will allow this additional granular reporting perspective to be generated.