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REIT analysis of distributions |
See Also
REIT summary information | REIT Tax deducted from distributions
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
This schedule is developed from the REIT summary information schedule, the REIT Tax deducted from distributions schedule is developed at the same time.
The schedule is used to calculate the attribution of distributions made to the various sources of income and gains as laid down in legislation, and is then used within the REIT summary information schedule to test the PID requirement has been met ( 90% tax-exempt distribution condition).
Details of the distributions entered on this schedule are automatically linked through to the REIT Tax deducted from distributions schedule.
This schedule is developed from the G schedule ? REIT summary information under Develop > Analysis of distributions
The schedule is split into two separate sections. The top section attributes the profits to the various categories of income laid down in CTA 2010 s550.
The user is required to enter the balance of any distributable reserves brought forward, together with any adjustments required to that figure. The other required figures will be automatically completed using the income and gains entered in the file. If the company is a single company REIT no further income/gains information is required. Where the company is the principal member of a GREIT, details of the Non principal member profits and gains will need to be entered in the ?Non PM profits? column, this will ensure that they are included in the PID test.
The Attribution of distributions section of the schedule attributes the distributions entered to CTA 2010 s550 (2) categories.
The user is required to enter the date and amounts of each of the distributions paid during the period, and the attribution is then carried out automatically. Each of the distributions entered creates a corresponding entry in the REIT Tax deducted from distributions schedule.
Blank data entry cells are provided to allow the entry of any further distributions that need to be taken into consideration.
None.
On carry forward, this schedule is automatically developed in the following periods? computation, and the distributable reserves at the beginning of the period will be automatically completed.
© 2009 Thomson Reuters.