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AU Tax - Xero Tax Trust Estimate For ALL Trust Types

We need a Trust Estimate to be included in Trust tax returns for ALL types of trusts. Xero recently added a trust estimate but it is for Deceased Estates Less Than 3 years only. This is not useful. This type of trust is a very small percentage of the trusts that our firm has.
We need the estimate to be able to calculate -
- Deceased Estates More Than 3 Years
- Discretionary Trusts where there are Foreign Beneficiaries
- Discretionary Trusts where there Minor Beneficiaries
- Discretionary Trusts where there is no beneficiary presently entitled

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Jan Donnelly shared this idea  ·   ·  Report…  ·  Admin →
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  • Tracey Dallow commented  ·   ·  Report

    This is very important to us and we can't believe Xero doesn't do this.
    MYOB has been doing this correctly for years. Unfortunately we've had to do a manual calculation which we never had to do on previous software.

  • Kylie Bennett commented  ·   ·  Report

    It would also be very helpful if the trust estimate could calculate lump sum offsets. MYOB has been able to do this accurately for decades.

  • Kerri Wise commented  ·   ·  Report

    I agree exactly with what Michael Beaver said. Having thought I had entered something wrong somewhere, I had not considered that Xero cannot actually calculate the tax payable by the trustee where the deceased died more than three years ago. I hope this function is added soon!

  • Felicity Charles commented  ·   ·  Report

    I agree with Jan. This is very critical for all trust types to calculate the tax for clients

  • Giorgio Manuli commented  ·   ·  Report

    The last time manual calculations were required was over 30 years ago. We are going back decades (we were previously on MYOB)

  • Michael Beaver commented  ·   ·  Report

    I just spent the best part of an hour trying to work out what we'd done wrong, not even thinking for a second that Xero didn't actually do this. It would be helpful for it to be implemented, like the competition did a long time ago.

  • Gayle Prowse commented  ·   ·  Report

    Xero is years behind in this area.
    (Having recently changed over from MYOB)

  • Alex Psomas commented  ·   ·  Report

    This is essential. Deceased Estates < 3 years is a start but nowhere near sufficient for a tax software.