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Distributing the 'Income to which no beneficiary is presently entitled' in a Trust return

This support note applies to:

  • AO Classic Tax (AU)

Article ID: 24853

In MYOB Accountants Office (AO) Classic Tax when completing a trust return if there is distributable income to which no beneficiary is presently entitled this can be entered into the tax return.
 

To enter the income to which no beneficiary is presently entitled

  1. Click the Distribution tab. The contents of the tab displays.

  2. At Item 54 Statement of Distribution select the checkbox marked "Is there any income to which no beneficiary is presently entitled?". The checkbox is ticked and Label V is active.

  3. At Item 54 click Label V. The Statement of Distribution window opens.

    This is a distribution statement specifically for income that will not be distributed.

  4. Enter the values required in the relevant fields then click Save & Close. The data entered is saved and the tax return appears.

  5. Click the Front Cover tab. The content of the tab displays.

  6. Select Tax payable from the navigation panel on the left side of the return. The return displays the "Is any tax payable by the trustee?" checkbox.

    Please review this question and all the front cover details to ensure that you have completed it correctly.