Each partner is identified by a worksheet (the xP) which provides all the partner's details and will roll forward from year to year. If the partner’s profile does not change from one year to the next, then all that is required once data entry has been completed is to click [F8] or navigate to Item 51 and click Distribute. The system will distribute the various income types and their respective credits in accordance with the Partnership percentage entered in the xP.
To open the xP at the box beside the Distribute icon press [Enter]. To add additional xPs click [New] from the Index.
The details entered will identify the partner as either an individual or entity. The details are:
|Name||Each partner must be named and must receive at least a distribution of PP income or non-PP income, or an amount of franking credit or a TFN amount. For each partner, either the family name for individuals or the entity name for non-individuals must be entered.|
|TFN||The partner's tax file number OR the current postal address of a partner must be provided.|
|ABN||The ABN if there is a Corporate partner.|
|Date of birth||Required for individual partners only.|
|Partner 18 years or older||This is included to make it easier for lodging via PLS.|
Enter the percentage share the partner holds in the partnership. All income/loss, offset, credits, and so on will be distributed to the partner in that percentage. Distributed amounts are:
For distribution and record keeping purposes only:
Press [F6] to save and close the worksheet.
Press [F8] to distribute the income in accordance with the partner’s share in the partnership. You may also click the Distribute button at Item 51 or the Icon in the header bar.
If the income, deductions or any offsets and credits are changed after [F8] distribution, you must press [F8] again for those changes to be tallied up and included in the ‘Unders and Overs’ column and available to be distributed. Failure to do this will result in errors being generated on [F3] validation. You may press [F8] from wherever the cursor is in the main return; you do not have to go to the distribution statement to re-distribute.
Returns rolled over from the prior year will carry forward all the partners’ details. It is your responsibility to ensure that the details as rolled over are still current.