[GNC] Tax Accounting for Trust Income Received in Following Fiscal Year

[flywire]

This Account Summary demonstrates the last part of the need to distribute
all [Family] Trust income from the ETFs.

Note:
1. ETFs have been manually revalued at the end of the tax year (after
working through
https://www.gnucash.org/docs/v4/C/gnucash-guide/chapter_invest.html )
2. Distributions that are part of the financial year but not yet paid are
in the Liability:Contra account but they are reversed when actually paid.
3. Income = Expenses (all income distributed to
Liability:Beneficiary:Income as required)
4. Investments Vas has Unrealised gains of $46,303.65 after revaluation

Account Summary 30/06/2018

    Account title
Assets
      Investments
            Brokerage 6,836 VAS             $545,331.65
Liability
      Beneficiary
            Income    -$23,043.38
      Contra                                             $6,954.22
Income
      Distribution                                     -$23,053.38
Expenses
      Brokerage                                             $10.00
      Redistribution                                    $23,043.38
Equity
      Opening Balance                                 -$500,000.00
Bank
      Investment                                        $17,061.16

The transaction detail in the General Ledger Report shows account movements.

Note:
1. ETF units are VAS shares, not $
2. Description and a couple of accounts have been severely shortened to
display
3. One buy generates a lot of transactions
4. There are 4 distributions, the last one is brought into the current tax
year with a contra entry
5. Contra entry is reversed when the distribution is paid

General Ledger

>From 01/07/2017 to 30/06/2019

Date     Des              Account            Debit     Credit     Running
Bal
Equity:Opening Balance: Balance b/f
02/08/17     Equity:Opening Balance                  $500,000.00
 $500,000.00
02/08/17     Bank:Investment              $500,000.00
$500,000.00
02/08/17 VAS Bank:Investment                         $499,038.00
 $962.00
02/08/17 VAS Expenses:Brokerage               $10.00
$10.00
02/08/17 VAS Assets:...:Brokerage Acc:ETF  6,836 VAS                6,836
VAS
17/10/17 VAS Income:Distribution                      $6,896.23
$6,896.23
17/10/17 VAS Bank:Investment               $6,896.23
 $7,858.23
17/01/18 VAS Income:Distribution                      $4,655.24
 $11,551.47
17/01/18 VAS Bank:Investment               $4,655.24
$12,513.47
18/04/18 VAS Income:Distribution                      $4,547.69
 $16,099.16
18/04/18 VAS Bank:Investment               $4,547.69
$17,061.16
30/06/18 VAS Income:Distribution                      $6,954.22
 $23,053.38
30/06/18 VAS Liability:Contra              $6,954.22
-$6,954.22
30/06/18 ReD Liability:Beneficiary:Income            $23,043.38
 $23,043.38
30/06/18 ReD Expenses:Redistribution      $23,043.38
$23,043.38
17/07/18 VAS Liability:Contra                         $6,954.22
$0.00
17/07/18 VAS Bank:Investment               $6,954.22
$24,015.38
Total For Bank:Investment                  6,836 VAS
                                                    $499,028.00