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ET: V332a "Net trust income is not equal to distributed income"

This support note applies to:

  • AO Tax (AU)
  • AE Tax Series 6 & 8 (AU)
  • AE Tax (AU)
Article ID: 28894

In MYOB Tax you may experience the error V332a "Net trust income is not equal to distributed income" when validating a Trust tax return.

This error occurs if you have a value at Item 22 Tax Losses Deducted. The amount at Item 22 is not deducted in the distribution statement because Item 22 does not specify whether the deduction relates to PP or NPP income or both. This is as per ATO specifications.

To resolve this, manually complete the distribution statement for each beneficiary. For example, if there is an amount of $1000 at Item 22 related to NPP losses, of which, $500 is attributable to one of the beneficiaries, and in the beneficiary's distribution statement you have $400 for NPP income, you enter -100, i.e. 400 - 500, for the NPP income amount in the distribution statement.

If there is a balance of income, then allocate this to one of the beneficiaries.

ATO definition

Net trust income is not equal to distributed income

The overall net trust income is greater than zero (the sum of net Australian income/loss plus net capital gain plus attributed foreign income plus other assessable foreign source income minus tax losses deducted) and the sum of the income amounts in the distribution statement is not equal to the overall net trust income.

To successfully validate this return, distribute the net trust income in to each beneficiaries' distribution statement or beneficiary not entitled statement.

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