I have a client Trust that earns interest on a foreign bank account. If I designate the interest as foreign assessable income, the taxable trust income calculation does not include the foreign interest income. The only way to get the interest included in the taxable income calculation is to treat it as Australian income (which is incorrect).
Can you let me know what chart of accounts you are using to record this interest income and also what tax label is selected for this account at the moment? I will let you know how best to fix this based on this info.
Thank you.