Trust Income workpaper

The Trust Income workpaper records the taxable amounts, tax credits and non-taxable amounts of the trust distributions an individual receives. Each trust has its own row, and the workpaper calculates totals across all trusts.

Sources

Trust distributions are recorded in two separate groups, each with its own totals:

• Related Entity Distributions: multiple related trusts

• Client Provided Information: multiple client-provided trust distributions

Categories

Taxable amounts

• Primary production income

• Non-primary production income

• Franked distributions from trust

• Foreign income

• Capital gains – Other

• Capital gains – Discount

Tax credits

• Imputation credits

• TFN withholding tax

• Foreign tax credits

• Other tax credits

Non-taxable amounts

• Tax-free income

• Tax-deferred income

• Other applicable non-taxable amounts

Calculations

• Taxable income for each trust is the sum of its taxable income categories.

• A total is calculated for each taxable income and tax credit category.

Where the values go

• Capital gains flow to the CGT Summary under the matching categories.

• Imputation credits, TFN withholding and foreign tax credits flow to the ITR Summary.

Note: Each trust distribution is included only once.

How to access

• Go to Jobs and open the relevant job.

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

• Select Trust Income on the Workpapers Dashboard.