Trust or Partnerhsip Return: Retain Beneficiary Details for Roll Over and Record Keeping Purposes
Retaining beneficiary details for rollover purposes, where the beneficiary is not getting distribution in the current year
Under item 57, Statement of distribution - beneficiaries not receiving any distribution in the current year, can now be flagged for record-keeping and rollover purposes.
This means that the particular beneficiary's details will not be printed or tagged for lodgment. This flag will ensure that this particular beneficiary's details are merely stored to enable the program to roll them into the following year's return.
Use details for rollover purposes only? answer Y, Save item.
Click OK to the information message.
Note: This functionality will assist you in keeping records of all the beneficiaries. A trust can only make an overall distribution of net income to each individual or non-individual beneficiary, the beneficiary with a Y will be ignored for lodgment purposes.
If you want the amounts in Item 57 to be recognized, remove the Y in that field "Use details for rollover purposes only ?"