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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.

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AdminXero Team (Admin, Xero) shared this idea  ·   ·  Report…  ·  Admin →
delivered  ·  AdminEthan M (Admin, Xero) responded  · 

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’

Show previous admin responses (2)
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  • Claudia Lisci commented  ·   ·  Report

    It would be very useful to have a tool that would calculate the tax in Deceased estates or Trust tax returns where no beneficiary is presently entitled.
    Other accounting softwares have this feature and it would be very good if Xero could get up to date on this.

  • Allisa Coltish commented  ·   ·  Report

    This is a must- MYOB was able to issue tax estimates in the Trust Return. Moving to XERO we should be able to provide at least the same amount of information to our clients not less

  • Judy Manteufel commented  ·   ·  Report

    It would be very useful to pass onto our clients. The tax payable is very important to trustees in their time of sorting affairs. We at present need to go back to our old MYOB AE tax software to obtain the estimate and information for same to give to our trustees and executors.

  • Sofija Dzaferovic commented  ·   ·  Report

    Agreed. This should be a standard feature of all trust returns. There are situations (usually stated in the trust deed) where no beneficiary is entitled to specific income and tax is payable by the trustee. It is unprofessional to send a tax return to a client without a tax estimate page.

  • Samantha Pyatt commented  ·   ·  Report

    Agree, our previous software could calculate the tax payable/refund by the Trustee. Not sure why XERO cant do it.

  • Joseph Carnuccio commented  ·   ·  Report

    For a deceased estate, there should definitely be a tax estimate. Furthermore, in a standard trust where no beneficiary was entitled to the income, there should also be a tax calculation, as tax is payable by the trustee. I am surprised this feature doesn't exist in the tax software. The development team should look to bring this in.

  • Andrew Heffernan commented  ·   ·  Report

    Yes this needs to be feature of trust tax returns because the calculations can be quite complex. We are now forced to go back to our old MYOB AE tax software to calculate the trust tax outcome to advise our clients.

  • Paul Howlett commented  ·   ·  Report

    It's truly mind boggling that Xero's tax preparation software is unable to provide an income tax estimate when income tax is payable/refundable by a trust entity.

    Deceased Estates are the obvious example, but this should be a standard feature of ALL trust returns.

  • Dino Vido commented  ·   ·  Report

    It is really antiquated that Xero cannot provide a tax estimate for trust tax returns where tax is payable by the trust - eg deceased estates etc. Compared to other tax return preparation software this issue is a real deficiency and should be a simple fix!

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