In this article we will cover all schedules related to the Trust Tax Return:
CGT Schedule
The capital gains tax form can be easily navigated by using the sidebar located on the right had side of the screen as shown below:
- Trust information - Displays the Trust's Tax File Number. Prepopulated from Class.
- Capital gains tax schedule - Prepopulated from Class. Can be checked against the Realised Capital Gains Report.
- Other CGT information required - Any values must be manually entered if applicable in these fields.
Use our Realised Capital Gains Report to reconcile figures shown in the Capital Gains and Losses schedules.
Losses Schedule
The losses schedule can be easily navigated by using the sidebar located on the right had side of the screen as shown below:
- Trust Information - Displays the Trust's TFN. Prefilled from Class.
- Part A: Losses carried forward - Prefilled from calculations in Class.
- Part B: Ownership and business continuity test - Values must be manually entered if applicable in these fields.
- Part C: Unrealised losses (company only) - Values must be manually entered if applicable in these fields.
- Part D: Life insurance companies - Values must be manually entered if applicable in these fields.
- Part E: Controlled foreign company - Values must be manually entered if applicable in these fields.
- Part F: Tax losses reconciliation statement - Applicable fields are prefilled by Class.
Rental Schedule
The rental schedule can be easily navigated by using the sidebar located on the right had side of the screen as shown below:
- General rental details - Name of Organisation and TFN are prefilled by Class
- Rental Properties - Address and any income and expenses are prefilled by Class
Common missing fields that are required for a successful validation which do not autofill are:
- Date property was purchased
- Date property first earned rental income
- Number of weeks the property was rented this year
- What is the entity’s ownership percentage of the property?
Trust Income Schedule
The Trust Income Schedule will display as part of the Trust Tax return from FY24 year or later.
From 22 July 2024, Class will auto-populate the Trust Income Schedule for all securities that have recorded Distribution income during the year. If you wish to lodge the Trust Tax Return with a Trust Income Schedule before this time, you can manual enter details.
Use the sidebar on the right to navigate the different sections of the Trust Income Schedule.
- Trust information - TFN and Name of the Trust. Class will prefill this information from 22 July 2024.
- Distribution Information - Name of the security and distribution components. Class will prefill this information from 22 July 2024.