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Share (or distribute) option

This option occurs when processing:

  • P or T form distributions,

  • Capital Gains worksheets or

  • Rent and Rent Deductions schedule.

By using this feature together with the percentage of the income to be distributed, amounts in the Statement of Distribution section in a P or T form will be distributed to that particular beneficiary whose returns are in the ledger and have tax file numbers.

Where the return for a partner or beneficiary is not in the ledger, the onus is on the agent to advise the partners or the trustee of such distribution amounts.

The returns for these beneficiaries or partners must exist in the Tax ledger and the relevant TFNs must be entered in the Statement of Distribution section for this routine to be carried out. The share for those partners and beneficiaries not serviced by the tax agent will be displayed and printed in the main tax return only.

When in a P or T form, click Distribute or [F8] to execute the distribution.

When in a Rent schedule, select the Share option to execute the sharing of amounts to other owners of the property on your system.

For a Rent and Rent Deductions Schedule attached to a Trust return, selecting Share causes warning messages. Click OK to continue.
Share of net income to beneficiaries of this Trust should only be distributed through the Trust Statement of Distribution.

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