For Complex Assessment Officer (CAO) use only
This page contains information on coding details for fixed trusts.
Coding details for fixed trusts
How to code details for fixed trusts
This table describes how to code details for fixed trusts.
|
Item |
Description |
|
1 |
Complex Assessment Officers (CAO) should code 'F95' in the Type of Organisation: field on the T&C Miscellaneous Details (TRMD) screen for fixed trusts set up before 7:30 pm on 9 May 2000
When the code of F95 is entered, a CAO will:
-
code trust asset details
-
code an asset attribution percentage
-
code income distributions
Note: the asset attribution details are coded only to ensure that the correct proportion of assets of the fixed trust will flow through to the customer's records as assessable assets. It does not indicate that an attribution decision has been made as these trusts are not subject to the post 1 January 2002 trusts and companies legislation.
As income is not attributed, there are edits preventing:
-
income from being coded on Trust/Company Income/Deductions (TRID)
-
income attribution percentages from being coded, and
-
liabilities other than recognised liabilities being coded
A program review date and contact details will need to be coded.
|
Expand all