In Trust or Partnership returns, you can retain beneficiary details for rollover and record-keeping purposes, even if the beneficiary is not receiving a distribution in the current year.
Under item 57, Statement of Distribution, you can flag beneficiaries who aren’t receiving a distribution. Their details won’t be printed or included in the lodgment. Instead, they’ll be stored so the program can roll them into the following year’s return.
Log in to HandiTax and select the tax return.
Double-click on the Main form, and scroll to the beneficiary or partner information.
At the question, Use details for rollover purposes only? answer Y, then click Save Item.
Click OK to the information message.
If you require the information at Item 57 to be recognised and transmitted to the ATO, remove the Y in that field.
Note: This functionality helps you keep a complete record of all beneficiaries. A trust can only distribute net income to each individual or non-individual beneficiary. Any beneficiary flagged with a Y under item 57 will be excluded from lodgment. Their details will be retained for record-keeping and rollover into the next year’s return.