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Form 706-GS(D-1)
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This article applies to:

Identifying Trusts with Distributions that May Be GSTs

Trusts with distributions that may be GSTs can be identified using the
Trust GST Status
 field. In ONESOURCE Trust Tax, the
Trust GST Status
 field can be added to a custom register so you can work with only those trusts that have a certain GST status. The
Trust GST Status
 field can be updated.
note
The
Trust GST Status
 field does not affect whether Form 706-GS(D-1) processing applies to a trust. It is used only to identify those trusts with distributions that may be GSTs.
The trust GST status can also be included on Record 1, position 412 in the monthly data bridge file that is transmitted to ONESOURCE Trust Tax by your trust accounting vendor. The following table lists each account-level numeric code for the monthly data bridge file and the corresponding status in the
Trust GST Status
 field in ONESOURCE Trust Tax:
Numeric code
Status
1
Not applicable
2
Not currently subject to GST
3
Currently subject to GST
4
May be subject to GST in the future
5
To be determined by Executor / Administrator
6
Specialist GST review required
7
Grandfathered
8
Exempt
In addition to the
Trust GST Status
 field, you should add the following fields to your custom register:
  • The
    Lock GST status
     field. Adding this field allows you to lock a trust GST status that you updated so that your update is not overridden the next time your data is loaded into your ONESOURCE Trust Tax database.
  • The
    Inclusion Ratio
     field. Adding this field allows you to view and update the inclusion ratio for one or more trusts that file Form 706-GS(D-1).
To create a custom register for identifying trusts with distributions that may be GSTs:
  1. From the Register Listing page, select Modify Register Properties for the
    Active Accounts
     base register.
  2. On the Register Properties page, open the
    Information
     collapsible section.
  3. Change the register name in the
    Register Name
     field so you can identify the custom register as a register for identifying trusts with distributions that may be GSTs.
  4. Select the scope for the custom register from the
    Scope
     drop-down list.
  5. Select Save As in the button bar.
  6. In the first grid under the
    Detail Columns
     collapsible section, apply a filter to view only the columns that have
    GST
     in their headings. To apply the filter, select the filter bar below the heading of the
    Column
     column, enter
    *GST
     then press ENTER or select
    Filter
     " "then select
    Apply this Filter
    .
  7. Add the
    Trust GST Status
     and
    Lock GST status
     columns. To add the columns, select the check boxes to the left of the
    Category
     column then select
    Add
     above the grid.
  8. Remove the applied filter. Select Filter for the
    Column
     column then select
    Clear This Filter
    .
  9. In first grid under the
    Detail Columns
     collapsible section, apply a filter to view the fields in the
    Form 706GSD
     category. To apply the filter, select the filter bar below the heading of the
    Category
     column, select
    Form 796GSD
     then press ENTER or select Filter then select
    Apply this Filter
    .
  10. Add the
    Inclusion Ratio
     column. To add the column, select the check box for the
    Inclusion Ratio
     column then select
    Add
     above the grid.
  11. Select
    Save
    .
  12. Add an ask filter so that only those trusts that meet a status that you select are displayed when the custom register is run. To add an ask filter:
    1. Select
      And
       from the
      Condition
       drop-down list in the row that includes the text, "Please select here to add new row."
    2. Select
      Trust GST status
       from the first
      Column
       drop-down list.
    3. Select
      Not equal to
       from the
      Operator
       drop-down list.
    4. Select
      Ask
       from the
      Value Type
       drop-down list.
    5. Select
      Ask
       in the
      Value
       column.
    6. Press TAB until you move off the row. Your
      Detail Filter(s)
       section should look like the following graphic:
    7. Select
      Save
      . You can now run the register, or you can select
      REGISTERS
       to return to the Register Listing page.