IRIS computes how much income is available to the beneficiaries for the year and this is displayed on the Payments of Income main screen. It will also calculate how much of the income has been allocated to the beneficiaries. 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.
The amount of income paid to a beneficiary is calculated based on the amount of income received by the Trust and the percentage entered by the user. IRIS will automatically calculate the income from the Trust based on the entries made. If untaxed income has been mandated to the beneficiary this information should be entered manually by the user on the screen shown above. This screen is also where the text for non-resident beneficiaries can be entered.
The Other Information section can be opened via the option on the Interest in Possession screen. If any of the Trust's income has been apportioned to capital during the year, this information can be entered here.
Edit Return screen