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7 votes
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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Damian Ebzery
supported this idea
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90 votes
An error occurred while saving the comment Damian Ebzery
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Where you have a client that works for the Australian Defence Forces they are exempt from Medicare Levy and if their Family (not themselves) are covered by Private Health then they are exempt from the Medicare Levy Surcharge as well. It would be great to have a tick box that allows the selection of Exempt from MLS. Currently if you say no to the Private Health and put 365 days in the area for not liable the validation throws up a warning. It would be better to have a MLS exemption option.
XERO Tax Software does not allow me to follow the ATO guidelines as XERO tax does not have the right options in the MLS area as set out in Step 2 below (from the ATO website). This client is a member of the ADF and therefore is exempt from MLS.
Step 1
If you and all your dependants (including your spouse) had an appropriate level of private patient hospital cover for the whole of 2021–22, print X in the Yes box at the right of E item M2. Make sure you also complete your Private health insurance policy details 2022. You have now finished this question.
If you or any of your dependants (including your spouse) did not have private patient hospital cover or only had cover for part of the year, print X in the No box at the right of E item M2. Continue to step 2.
Step 2
If you were in an exemption category (see Surcharge exemption categories) for the whole of 2021–22, print X in the Yes box to the left of 'You do not have to pay the surcharge.' and write 365 at A item M2. You have now finished this question. Go to Private health insurance policy details 2022.
If you were not in an exemption category, print X in the No box to the left of 'You may have to pay the surcharge.'
Step 3Write at A item M2 the number of days for which you do not have to pay MLS.
If you do not have to pay MLS for any days during the period 1 July 2021 to 30 June 2022, write 365 at A item M2.
If you have to pay MLS for:
the whole period 1 July 2021 to 30 June 2022, write 0 at A item M2
part of the period 1 July 2021 to 30 June 2022, write at A item M2 the number of days for which you do not have to pay MLS.Damian Ebzery
supported this idea
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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.