Trust Income Distribution workpaper (TID)

The Trust Income Distribution (TID) workpaper records the trust's income and tax credits for the year and allocates them between beneficiaries and the trustee. It applies anti-streaming rules and works out the credits each beneficiary can claim.

Availability

• TID is available only for Trust entities. It is not available for Companies, Partnerships or Sole Traders.

• The workpaper is in the Workpaper Bank. Once active, it appears under the Equity section of Active Workpapers.

Trust income

The workpaper captures the following income categories:

• Interest Received

• Dividends Received

• Foreign Dividend Payments (FDP)

• Overseas Income

• FIF Income Distributed

• Other Income

• Deductible Expenses

For each category, the workpaper calculates Gross Income, Net Income and the associated tax credits.

Note: TID is linked to the Investment Income (IIC) workpaper. Values that come from IIC keep their traceability, so you can follow them back to the source.

Beneficiary distributions

You can record distributions for multiple beneficiaries. For each beneficiary, the workpaper allocates:

• Dividend Income

• Interest Income

• Overseas Income

• FIF Income

• Other Income

• Capital Distributions

• Gross Distribution

• Total Tax Credits

Distribution totals update automatically whenever a beneficiary's values change.

Note: The beneficiary calculation section is hidden by default. You can unhide it manually to review or edit it. Unhiding the section does not change any existing calculations.

Trustee retained income

Trustee Retained Income is calculated automatically from undistributed trust income and its associated tax credits. It updates whenever beneficiary distributions change.

Tax credit allocation

The workpaper allocates the following credits automatically, using the formula defined within the workpaper:

• Imputation Credits (ICs)

• Resident Withholding Tax (RWT)

• Foreign Dividend Payment (FDP) Credits

• Overseas Tax Credits

• FIF Tax Credits

Credit allocations refresh whenever trust distributions change.

Anti-streaming rules

Based on the beneficiary allocations, the workpaper calculates:

• Imputation Credits lost due to anti-streaming rules

• FDP Credits lost due to anti-streaming rules

• Total Credits Lost

Credit claim calculations

For each beneficiary, the workpaper calculates:

• Total Credits Distributed

• Net Distribution

• Total Distribution

• Formula-Based Credit Claim

• Maximum Credit Claim

• Final Credits to be Claimed

Percentage-based allocations update automatically whenever the source values change.

Validations

• Beneficiary totals reconcile to total trust distributions.

• Credit allocations cannot exceed the credits available to the trust.

• Distributions plus trustee retained income reconcile to total trust income.

• Blank and zero values are handled without breaking the calculations.

Editing, supporting documents and printing

• The entire workpaper is editable. Any manual change recalculates the dependent values.

• You can attach supporting documents to the workpaper for reference.

• Every cell shows its traceability and lineage.

• You can print the workpaper in the same layout as it appears on screen.

How to access

• Go to Jobs and open the relevant job.

• Click the Workpapers icon or navigate to Job Results then Workpapers.

• Select TID on the Workpapers Dashboard. If it is not active, add it from the Workpaper Bank.