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??
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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.