When working on a Trust Income Tax return (T Form), Access HandiTax has the ability to show you a summary of tax payable by the beneficiaries.
The report can be used as a tool in the tax planning process.
Viewing the Beneficiary Tax Summary
In the Tax Return Outline or Main Form T window, for the Trust Income Tax Return, click Refund.
The report will also reflect the total estimated tax payable / (refundable) by the beneficiaries that are found in the client database.
NOTE:
The beneficiary details in the Trust Income Tax Return need to be completed.
When you only completed the section where there is no beneficiary entitled the refund will not be displayed when checking Refund tab
The beneficiary's income tax return needs to have all items completed including the trust distribution item. To provide an accurate estimate of tax payable the return should have a status of "Ready to lodge".
The beneficiary needs to exist in the Access HandiTax database. If not, the report will reflect that the status of the beneficiary is "RETURN NOT FOUND IN DATABASE".
Non-individual beneficiaries will have a status of "NON-INDIVIDUAL", and no estimate is provided.
The "Total estimated tax payable / (refundable) by beneficiaries" only includes amounts for individual beneficiaries found in the client database.
Exercise care when making subsequent changes to either the Trust or Individual beneficiaries' tax returns as this will alter the report.