This support note applies to:
- AO Tax (AU)
- AE Tax Series 6 & 8 (AU)
- AE Tax (AU)
In MYOB Tax, in a Trust Return where multiple tax estimates are required, the result displayed is not generated based on each beneficiaries respective tax classification.
MYOB advises that when running a tax estimate in a Trust return MYOB will only produce one tax estimate per return. In a Trust this estimate is based on the selected estimate category (otherwise referred to as the tax table) in the front cover of the trust return after entering Yes to the question Is any tax payable by the trustee.
The following examples below, illustrate when the Trust tax estimate is accurate when the following Distribution scenario's have been entered:
- All income is classed as Income to which no beneficiary is presently entitled = Tax estimate is correct.
- Full distribution to only 1 Beneficiary under a legal disability = Tax estimate is correct.
- Part of the distribution is classed as Income to which no beneficiary is presently entitled and there is more than 1 Beneficiary under a legal disability receiving a distribution = Tax estimate is not dissected between each distribution tax classification. MYOB generates a tax estimate by grouping all the values and produces a single tax estimate based on the tax table selected at the front cover of the return.
MYOB Tax does not produce multiple tax estimates in a trust. They are not generated for each individual beneficiary based on their specific tax classification.