Visma Skatt & Bokslut Pro
Forest account/forest damage account
Under Year-end closing -
The appendix transfers the deposit/withdrawal for the year to the Other tax adjustments page of the Sole Proprietorship page.
If you only want to use the calculation appendix as an aid without affecting other parts of the program, make sure that the button Transfer deposits/withdrawals to tax adjustments in Sole Proprietorship is unchecked at the top of the page. No transfer will then be made to the Other tax adjustments page.
- From the The deposit applies to, select whether the calculation of the yearly deposit base amount should be done for the Forest account or the Forest damage account.
There is also an option to choose extended deductibility for Forest account.
Only one forest account or forest damage account may be deposited per taxation year.
- Enter Total amount for each line under Calculation of maximum deposit.
Calculation of the maximum possible deposit
Since the possibility of making deposits in the forest account and the forest damage account is limited by the forest income for the year, the program calculates the maximum possible deposit here as follows:
- Normally, a maximum of 60 percent of the income from the granting of felling rights - sale of standing timber - may be deposited in a forestry account and a maximum of 80 percent in a forest damage account.
- Revenues from the sale of forest products and the market value of forest products removed for processing may normally be deposited at 40 percent of the revenue in the forest account and 50 percent of the revenue in the forest damage account.
- In the case of extended right of deduction on a forest account, the same rules apply as usual, with the difference that 80% of the forest income due to granted felling rights may be deducted. For disposal of forest products and extraction of forest products, 50% may be deducted.
- Enter the year's deposits, interest and withdrawals as well as previous years' deposits and withdrawals on the forest account under Balance on forest account/forest damage account.
Feel free to use the Previous years' deposits and withdrawals section to keep track of past deposits and withdrawals.
Previous years' deposits and withdrawals
With the help of the expandable section Previous years' deposits and withdrawals, you can use the appendix to keep track of all deposits and withdrawals from the forest account. You record historical data on each yearly row. The year's deposits and withdrawals are listed at the top of the page.
From this section, a value is transferred to the line Balance of previous years' deposits including interest. The value is the sum of the amounts in the Deposit column reduced by the sum of Withdrawals this year and increased by Interest for the year after taxes. At the same time, the sum of the year's withdrawals is also transferred to a separate line.
- Enter the amount of the deposit in the field Deposit during the taxation year. Please note that the deposit cannot be higher than the amount calculated by the program as the maximum deposit amount.
- Enter withdrawals of amounts deposited earlier in the tax year in the field Withdrawal for the year of the amounts deposited during the taxation year.
If withdrawals have been made from previous years' deposits, these should instead be entered in the Balance of previous years' deposits including interest. - The field Deposit for the taxation year after the end of the year is included to remind you that deductions can be made in this year's declaration also for deposits made after the end of the taxation year.
Deposits may be deducted if they are made no later than the last day for filing the tax return.
The Total balance now shows the total balance of deposits in forest accounts.
General information on forest accounts and forest damage accounts
Forest account
If you are a self-employed person who is engaged in forestry, you have the right to defer the taxation of forest income. A deposit in a special bank account (forest account) can smooth out irregular forest income between years. Money deposited in a forest account is not taxed until the year it is withdrawn.
In order to defer the taxation of a certain amount, the same amount must be paid into a special bank account. The amount deposited is deducted as an expense and is therefore tax-free as long as it remains in the bank account. When money is withdrawn from the bank account, the amount must be declared as income from business activities. You may not make a deposit in a forest account in more than one bank per income year. The money must be deposited in the account by the date the income tax return is due. If you are granted a postponement of the declaration, the last payment date will be postponed accordingly. The bank provides a statement for the deposit.
Maximum forest account deposit
Deposits and deferrals may not exceed
- 60 percent of the income from the sold felling right
- 40 percent of the income from sold forest products
- 40 percent of the income from harvested forest products, such as timber.
If forest damage such as storm felling, fire, flooding, drought or insect infestation has meant that a significant proportion of the forest has had to be felled earlier than would otherwise have been the case, deposits and deferrals may be made at increased rates.
Minimum forest account deposit
The minimum deferral deduction and the minimum amount that can be deposited in the forestry account is SEK 5 000 per year. If you are several co-owners of a farm unit, the limit of SEK 5 000 applies to each of you.
The deferral deduction must not result in a deficit
Deposits may not be made in such a large amount that a deficit arises when calculating income from business activities.
Withdrawal from forest account
Withdrawals may be made no earlier than four months after the date of deposit and may be made in whole or in part, but not less than SEK 1 000. The money cannot remain in the account for more than 10 years. When money is withdrawn from a forest account, the amount should be recognised as income from business activities. There is no requirement that the money withdrawn must be used in a particular way.
Interest on forest account
When you receive interest on a forestry account, 15% tax is payable on that interest. This tax is a so-called definitive withholding tax, which means that the bank recognises and pays the interest and you do not have to declare it. The interest earned, net of tax, is recognised as income when you withdraw the amount from the account.
Forest damage account
If you are self-employed in forestry and are forced to harvest forest earlier than would otherwise be the case, due to storm felling, fire, flooding, drought, insect infestation or similar events, you are entitled to defer the taxation of your forestry income. By depositing money in a special bank account (forest damage account), irregular and forced forest income can be levelled out between years. Money deposited in a forest damage account is not taxed until the year it is withdrawn.
The prerequisites for a deposit in the forest damage account and for deferment are that
- more than 1/3 of the forest has to be harvested earlier than would otherwise be the case due to the damage
- at least 75 percent of the year's forest revenue comes from such harvesting.
In order to defer the taxation of a certain amount, the same amount must be deposited in a forest damage account. The amount deposited is deducted as an expense and is therefore tax-free as long as the money remains in the forest damage account. When money is withdrawn from the forest damage account, the amount must be declared as income from business activities. You may not make deposits in the forest damage account in more than one bank per income year. The money must be deposited in the account by the date the income tax return is due. If you are granted a postponement of the declaration, the last payment date will be postponed accordingly. The bank provides a statement for the deposit.
Maximum forest damage account deposit
Deposits and deferrals may not exceed
- 80 percent of the revenue from the sold felling right
- 50 percent of the income from sold forest products
- 50 percent of the income from harvested forest products, such as timber.
Insurance compensation for forests or forest products is also considered as income on which the right to deposit in a forest damage account is based.
Minimum deposit
You must deposit at least SEK 50 000 per year in your forest damage account, as SEK 50 000 is the minimum deduction you can defer. If you are several partners, the limit of SEK 50 000 applies to each partner.
The amount of deferral may not be so large as to create a deficit in the business activity.
Deferral either via forest damage account or forest account
If you deduct a deposit on a forest account, you cannot also deduct a deposit on a forest damage account.
You cannot make deposits in the same income year in more than one bank. If you did it anyway, you can only deduct the deposit at the first bank you used.
Withdrawal from forest damage account
Withdrawals may be made no earlier than four months after the date of deposit and may be made in whole or in part, but not less than SEK 1 000. The money cannot remain in the account for more than 20 years. When money is withdrawn from the forest damage account, the amount must be declared as income from business activities. There is no requirement that the money withdrawn must be used in a particular way.
Interest on forest damage account
When you receive interest on a forest damage account, 15% tax is payable on that interest. This tax is a so-called definitive withholding tax, which means that the bank recognises and pays the interest and you do not have to declare it. The interest earned, net of tax, is recognised as income when you withdraw the amount from the account.
