Issue

I want to process Income from a Partnership Distribution in the Trust Tax Return. How can I do this?

Cause

There is no default Income/Expense type for Partnership Distribution Income currently available in Class Trust. Additionally, there is no mapping to the Partnership Distribution label in the Class Trust Tax Return.

Resolution

Step 1: Create an Income/Expense type and name it "Partnership Income" 

Navigate to Business Level > Settings> Investment Income > General Investment Income> Income/Expense Type Income 

•  Select Tax Return Label as "Other Income"

Step 2:

Navigate to Fund Level > Transactions > Fund Income > General Investment Income 

• Select Investment Income Type as "Partnership Income (Trust)"

Step 3: Navigate to the Trust Tax Return at the fund level.

Navigate to Fund Level > Periodic Processing > Period updates

1. Select the Financial Year - ensure you have already run the Period Update to 30 June 
2. Distribute Retained Earnings
3. Click 'Submit'
4. Click 'Finalise Tax'

Once you have completed the tax finalisation:

1. View Tax Return
2. Click "Complete" next to the Annual Return (Tax Return)
3. Select Income Excluding Foreign Income on the side bar menu
4. Enter the amount under Label 14 - Other Australian Income
5. Click 'Save'
6. Click 'Validate'