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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Kylie Bennett commented
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.
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Helder Kacomanolis commented
How has Xero still not addressed this....
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Kerri Wise commented
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!
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Felicity Charles commented
I agree with Jan. This is very critical for all trust types to calculate the tax for clients
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Giorgio Manuli commented
The last time manual calculations were required was over 30 years ago. We are going back decades (we were previously on MYOB)
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Michael Beaver commented
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.
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Gayle Prowse commented
Xero is years behind in this area.
(Having recently changed over from MYOB) -
Alex Psomas commented
This is essential. Deceased Estates < 3 years is a start but nowhere near sufficient for a tax software.