The income source codes selected in the ‘Trust Participant Schedules’ under section ‘Details of Taxable amounts distributed to / vested in beneficiaries or taxable in terms of section 7 or paragraph. 68 – 72 of the Eighth schedule to the Income Tax Act, 58 of 1962 must correspond to the income source codes reflected under local and / or foreign income where amounts were distributed to / vested in beneficiaries or taxable in terms of section 7.
For instance, if local interest was completed with source code 4201 and an amount was completed as distributed to / vested in beneficiaries or taxable in terms of section 7, then in the Trust participant schedule, the taxpayer should complete the corresponding amount under ‘Details of Taxable amounts distributed to / vested in beneficiaries or taxable in terms of section 7 or paragraph 68 – 72 of the Eighth schedule’ in the ‘Trust Participant Schedule’.
