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Beneficiary worksheet (xT)

Refer to Beneficiary Details on the ATO website.

The labels in the Distribution Statement are completed for each beneficiary directly. At item 55 in the return by click [Enter] to display the list of beneficiaries from which to select. To create a new beneficiary, click New. The details for each beneficiary (identity and distribution amounts) are the worksheets xT.

DetailDescription
Name

Each beneficiary receiving a distribution must be named and must receive at least a distribution of PP income, non-PP income or Franked Distributions. For each beneficiary, either the family name for individuals or the entity name for non-individuals must be entered.

When adding a new xT worksheet and the Beneficiary‚Äôs details are contained in your Tax Ledger, click [F10] at the Name field and select the relevant return code. The name field will be completed according to the beneficiary type selected (Individual or Entity).

TFNThe beneficiary's tax file number must be provided.
Residential or Business AddressThe beneficiary's current residential or business address must be provided. If importing the details from a return in your tax ledger, both the TFN and the residential or business address will be defaulted, along with the date of birth.
Date of birthThe date of birth must be entered for all individual beneficiaries. If the beneficiary is a minor or under a legal disability, the assessment calculation code selected should be 11, 25, 26, 27, 28, 29, 111, 125, 126, 127, 128 or 129.
Percentage distribution

Where the distribution is being calculated manually leave the percentage field blank and you must enter the amounts distributed to each beneficiary. As each Beneficiary statement is completed, the Unders/Overs column figures will decrease accordingly, so that a running balance is available.

If the Trust income is being distributed as a percentage of the whole, Tax will calculate all amounts based on the percentage entered for each beneficiary when you click [F8] or [Distribute]. The percentage distribution method means the xT only needs to be opened each year to confirm that the beneficiary is to receive a distribution and to enter the percentage of that distribution. Percentage distribution can result in rounding errors which must be adjusted manually.

Assessment calculation codeFor the beneficiary receiving a share of the distribution an assessment calculation code for beneficiaries must be entered or selected from the list.

Income to which no beneficiary is presently entitled

The labels in the Income to which no beneficiary presently entitled section are the same as those for beneficiaries presently entitled and, therefore, they do not need to be described again.

After clicking Distribute, if the amounts of Net Trust Income and Credits have not been fully distributed, Tax will advise that any surplus will be distributed to the Income to which no beneficiary is presently entitled fields.

If the income is income to which no beneficiary is presently entitled, you have nothing to do. Alternatively, you will need to check and correct the amounts distributed in the various xT worksheets.

Total for Distribution

When the worksheet (xT) is opened the amounts available for distribution to beneficiaries will be shown in the Total for Distribution column. The income will have been separated into Primary Production, Non-Primary Production, Franked Distributions, Capital Gains, Attributed foreign income and Other foreign income and any credits that have been entered at labels in the trust return. Additionally, if you have completed item 54 Income of the trust estate, that amount will pre-fill label W.

The Unders/Overs column provides a running balance as each worksheet xT is opened.

Labels for the beneficiaries

For links to the labels for beneficiary refer to Item 57 - Statement of distribution which provides links.

Distributing income and credits to beneficiaries presently entitled

The total of the amounts entered in the beneficiary worksheets will be integrated to the corresponding labels in the main Trust return when the distribute options is selected. As previously mentioned, to activate distribution at item 55 click Distribute, or press [F8] or [Alt+B] at any position in the return.

If changes are made to the net Australian taxable income, the distribute function must be performed again to reflect those changes and the additional income or credits manually distributed in the xT.

If the income is not distributed to a beneficiary, the undistributed amounts will default to the relevant labels as Income to which no beneficiary is presently entitled. Any under and over amounts caused by rounding will likewise be integrated to these labels.You will need to manually adjust these under and over rounding amounts in the relevant beneficiaries xT worksheets. You may then delete the odd $1 from these labels and perform the distribution.

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