The major sections of a Trust Tax Return:
- Income
- Expenses
- Capital Gains
- Personal Services Income (PSI)
- Depreciation
- Tax Offsets
- Dividends
- Interest
- Partnerships
- Trusts
Business income and expenses
Income
Primary - use this section if you are a primary producer i.e. a farmer or miner.
Other Business Income - Usually income is reported against this label.
There are separate reporting fields for -
Gross payments where ABN not quoted
Gross payments subject to foreign resident withholding (excluding capital gains)
Assessable government industry payments.
Note - if you use the LodgeiT Classifer, then income items will classify to the correct fields.
Expenses
Note - if you use the LodgeiT Classifer, then expense items will classify to the correct fields.
Capital Gains
- Working with Capital Gains
- how to handle the reporting of a capital gain given that the accounting gain may well be different to the tax gain
Personal Services Income (PSI)
Depreciation
Non-business related depreciation items in the Trust Tax Return
Tax Offsets
Dividends
Reporting Partnership, Interest & Dividend Income, Capital Gains and Rentals For Trust Tax Form - This article assists the user in understanding how to report these facts given that LodgeiT requires separate tax facts. Values from the accounting system used to facilitate the import are not used as taxable values.The reason is that the taxable values may be different and also, there may be credits associated with the taxable values that are not included in the financial statements. i.e. TFN credits associated with interest & franking credits associated with dividends.
Interest
Reporting Partnership, Interest & Dividend Income, Capital Gains and Rentals For Trust Tax Form - This article assists the user in understanding how to report these facts given that LodgeiT requires separate tax facts.
Values from the accounting system used to facilitate the import are not used as taxable values.The reason is that the taxable values may be different and also, there may be credits associated with the taxable values that are not included in the financial statements. i.e. TFN credits associated with interest & franking credits associated with dividends.
"Difference" in Interest income for Trust. The difference is calused by the fact that the LodgeiT system requires the taxable interest to be reported. Then if there is a difference between taxable and accounting interest values, this difference is reflected in the reconcilation section