AU Tax - Trust Income Schedule
I'm completing my first Trust ITR for 2024, and inputting info into the new Trust Income Schedule.
The Non-PP income flows through to Item 8, but the Capital Gain isn't flowing through to Item 21...
WHY do you insist on SO MUCH double entry??!?
It's not even throwing an error, like the 'Managed Fund' schedule does in an Individual ITR??
Paul Howlett
shared this idea
Appreciate the conversations here. The other idea linked in this conversation that we delivered on was for the ability for information to flow from the Trust Return(TRT) to Individual Returns(ITR) which is facilitated with the Trust Income Schedule,
This is slightly different in that you're wanting information from the CGT worksheet to flow through to a TRT.
Right now non ITR's will need to create a CGT worksheet after the Trust Income Schedule, we appreciate wanting to see further improvement in this space for non ITR's to create a CGT event in a worksheet. It's something we looking to implement in the future but don't have a timeframe on atm. I'll let you know here if there are any changes. Thanks
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Jane Perry
commented
to flow from the Trust Return(TRT) to Individual Returns(ITR) - is a basic expectation
In addition we are looking to why in a CRT (Company Return) the trust income schedule has details for CGT which feeds no where - so putting it in CGT schedule will at least ensure that it is reflected correctly BUT the trust schedule will need to be blank even though incorrect otherwise client may think it is a duplication
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Damian Ebzery
commented
Like with Individual Tax Returns where you have the ability to create a worksheet from the Trust Income Schedules (often multiple and time consuming) this should be the same for the TRT. If the tech is there for the individual it shouldn't be hard to sort it for the TRT.
I have very many clients with Investment Discretionary Trusts that need this.
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Melanie Morrison
commented
Xero, until the capital gain from a Trust distribution flows to item 21 automatically, please put a warning in the Trust Income Schedule!
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Vicki Carlisle
commented
Kelly said it was delivered in this previous Product Idea but it wasn't: https://productideas.xero.com/forums/940636-for-accountants-bookkeepers/suggestions/45728917-xero-tax-au-distribution-from-managed-funds-wo#{toggle_previous_statuses}
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Vicki Carlisle
commented
And it would be good to have an update from Xero Tax (AU) staff on this???
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Vicki Carlisle
commented
Oh finally I have found confirmation that this is affecting others. I don't understand why foreign income flows through and capital gains don't???
Surely if this can work in an individual return it can work in a trust return as well.