IRIS computes how much income is available to the beneficiaries for the year and this is displayed on the Payments of Income main screen. This is calculated by taking the gross income of the Trust and deducting the tax calculated thereon and any Trust Management expenses that have been entered.
It will also calculate how much of each type of income has been allotted to each of the beneficiaries based on the percentage entered.
Once the beneficiary has been selected and the percentage entered, click on the worksheet button to open the worksheet for the selected beneficiary. This will show a history of the beneficiary's payments and entitlements. Enter the amount allocated to the beneficiary for the year and click OK; IRIS will sort the income and enter the information on form R185.
Each beneficiary has their own worksheet which details the Trust's income for that beneficiary based on the percentage share entered. IRIS will use the information entered for the Trust to complete the worksheet for 2001/02 and 2002/03. For 1999/00 and 2000/01 it is possible to enter the figures manually. It is also possible to over-ride the figures calculated by IRIS if required.
As detailed above, the actual amount allocated in the year has to be entered by the user; IRIS will carry forward any excess amount. If the payment to the beneficiary is deleted for the year and no previous payments have been entered, the worksheet will be deleted.
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