AU Tax Estimate - Trust Tax Return
Ability to have a tax estimate included in a trust tax return where there is tax payable/refundable.
Purpose: To easily estimate and calculate Estate Tax Returns for all deceased clients.
Hey community, thanks to everyone that added their votes and feedback to this idea!
Understand that previously, determining the estimated tax payable by the trustee of a deceased estate involved a bit of manual calculation work. I’m happy to confirm that this can now be calculated from within Xero Tax.
For the steps to calculate this, and a bit more info, we've updated our Xero Central article ‘TRT – Cover and Income sections’
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Vicki Carlisle commented
Ability to have a tax estimate included in a trust tax return where there is tax payable/refundable.
Purpose: To easily estimate and calculate Estate Tax liabilities for all trust returns where the trustee is to be assessed (not just deceased estates, which has been delivered).
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Jan Donnelly commented
I can see that Xero has added a tax estimate for Deceased Estates < 3years. What about > 3 years?
What about all other Trusts? We REQUIRE estimates for ALL Trusts, not just deceased estates. We need them for discretionary trusts that accumulate or have minor beneficiaries or foreign residents. This is a majority of the trusts that we require estimates for, so the update is not helpful. -
Kylie Bosnjakovic commented
I'm also a recent convert to Xero tax from MYOB. Agree with another poster that we haven't had to do manual calculations for deceased estates for years. Really need the estimate as a matter of urgency.
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Kristin Mesagno commented
Such a necessary feature. Not just for deceased estates but any circumstances where the trustee is assessed.
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Paul Howlett commented
@Giorgio no, Xero is not serious about their tax software - it's a minimum viable product that they only have to keep accounts locked into their ecosystem.
Also having come from MYOB in the last year I have quite the list of bugbears and workarounds (mostly re-entry in multiple places), such that I cannot believe Xero and their claims about Beautiful Business™...
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Giorgio Manuli commented
I'm new to XERO tax, previously we used MYOB and I was recently advised to do manual calculations for a deceased estate tax return. The last time manual calculations were required was over 30 years ago. We are going back decades, is XERO serious about their Tax software?
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Natasha Stanton commented
We are always wanting the report to show all details, amounts and calculations of the estate being done. Is there a possibility the Xero can add the feature whereby the tax on the returns can be calculated rather than only showing the taxable income? This would be a great feature to be added as all other software's provide such detail.
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Caleb Sutherland commented
Would be a nifty feature to add that would save time and resources
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Anita Nepal commented
Much needed feature. The executor always asks for estimate to keep the money aside to pay tax. MYOB has this. Bizarre Xero doesn't.
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Kirsty Martin commented
This would be very helpful and (I assume) easy to add the functionality.
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Nina Totzek commented
It would be so easy to add that feature, wouldn't it!?
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Karen Goodman commented
I cannot believe that Xero doesn't do this.
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Ayse Aslan commented
important given deceased estates equates to almost 15% of our total tax returns
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BDO Australia Xero HQ commented
Ability to produce a tax estimate in situations where tax is payable by the trustee.
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Karene Tardrew commented
PLEASE PLEASE update the software to allow these estimates, It is very important. Other software does this, xero needs to lift its game!
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Andrew Ryan commented
Find it ridiculous that other software providers have this as standard but Xero can't do it.
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Gemma Kovaloff commented
This should be mandatory. Might as well do a manual return with manual calculations. I have been a tax practitioner for 30 plus years and Xero is by far the worst software I have ever used.
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Barbara Howse commented
This is an important feature that is available from other software providers. It needs to be included
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Chris Beks commented
Everyone will die at some point, so there will always be a need for this calculation to be included in a Trust tax return. It really should be a standard inclusion like other tax return estimates for companies and individuals!
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Tye Bonar commented
This is critical xero. Stop being so basic with everything! Just copy MYOB.