V2201 - V2299 2024

V2201 - V2299

V2201

If a fund is wound up, the question 'Have all lodgment and payment obligations been met?' must be completed.

Explanation	If a fund is wound up, the question 'Have all lodgment and payment obligations been met?' must be completed.
Form Type	MS

V2204

Other income code must be present.

Explanation	Other income code must be present if other income is present.
Form Type	EF MS

V2205

Other income must be greater than 0

Explanation	Other income must be greater than 0 if other income code is present
Form Type	EF MS

V2206

Exempt current pension income incorrect.

Explanation

Exempt current pension income cannot be greater than the sum of Label A (net capital gain), Label B (gross rent and other leasing and hiring income), Label C (gross interest), Label X (forestry managed investment scheme income), Label D (net foreign income), Label E (Australian franking credits from a New Zealand company), Label H (gross payments where ABN not quoted), Label I (gross distribution from partnerships), Label J (unfranked dividend amount), Label K (franked dividend amount), Label L (dividend franking credit), Label M (gross trust distributions), and Label S (other income).

Form Type

MS

V2206B

Exempt current pension income cannot be greater than gross income.

Explanation	Exempt current pension income cannot be greater than gross income.
Form Type	EF

V2207

Exempt current pension income equal to gross income and other deduction labels are greater than 0.

Explanation	Exempt current pension income equal to gross income and other deduction labels are greater than 0.
Form Type	MS

V2207B

Exempt current pension income equal to total assessable income and other deduction labels are greater than 0.

Explanation	Exempt current pension income equal to total assessable income and other deduction labels are greater than 0.
Form Type	EF

V2208

Supervisory levy must equal $259

Explanation	Supervisory levy must equal $259
Form Type	MS

V2209

There must be at least one member if the fund is continuing.

Explanation	If the fund has not been wound up during the income year then the return must show at least one member number and a family name.
Form Type	MS

V2210

Member date of birth or member TFN required.

Explanation	Member date of birth or member TFN must be present for each member.
Form Type	MS

V2211

Must be an amount at No-TFN-quoted contributions.

Explanation	If you have not provided a member's TFN and there are employer contributions for that member, an amount must be present at the 'No-TFN-quoted contributions' label in the income section of the return.
Form Type	MS

V2212

Assessable employer contributions are not present.

Explanation	Assessable employer contributions must be present if Employer contributions are present, except when member TFN has not been quoted and/or a member Inward rollovers and transfers amount is greater than $0.
Form Type	MS

V2213

Check calculation of total contributions.

Explanation	Check calculation of total contributions.
Form Type	MS

V2216

Check calculation of closing account balance.

Explanation	Check calculation of closing account balance.
Form Type	MS

V2225

Specified income year for FTE or IEE must be 2000 or later.

Explanation	Specified income year for FTE or IEE must be 2000 or later.
Form Type	MS

V2226

Cannot have member account balances when fund has been wound up.

Explanation	Cannot have member account balances when fund has been wound up.
Form Type	MS

V2227

Total member contributions must equal the sum of the closing account balance for all members.

Explanation	The sum of each members closing account balance must be equal to the total member closing account balances.
Form Type	MS

V2231

Invalid $c/L value

Explanation	Dollar and cent/loss field, values of n.nn/L where n is a digit, 0-9 only to be used, and /L indicates a loss.
Form Type	MS

V2232

Member number incorrect or not in sequence order.

Explanation	Member number incorrect as each member number can appear only once and in sequence order. The first number in the sequence must be 1.
Form Type	MS

V2252

Check "date fund wound-up" and "net assets available to pay benefits"

Explanation	If the fund has been wound-up during the year then ‘Net assets available to pay benefits’ should not be present.
Form Type	EF

V2253

Amount of Gross Tax required.

Explanation	No-TFN-Quoted Contributions amount has been reported, therefore Gross Tax must be present.
Form Type	EF MS

V2257

Total assets do not equal total liabilities

Explanation	Total Australian and overseas assets must equal total liabilities
Form Type	MS

V2265

Control of the trust outside of Australia is earlier than start of the substituted accounting period

Explanation	The central management and control of the trust outside of Australia time period is earlier than start of the substituted accounting period.
Form Type	X XX

V2266

Non-resident time period is earlier than start of the substituted accounting period

Explanation	Non-resident time period for tax purposes is earlier than start of the substituted accounting period.
Form Type	X XX

V2268

Specified individuals date of birth is later than start of the substituted accounting period

Explanation	Specified individuals date of birth is later than start of the substituted accounting period.
Form Type	X XX

V2269

Control of the trust outside of Australia is earlier than start of the election commencement time

Explanation	The central management and control of the trust outside of Australia time period is earlier than start of the election commencement time.
Form Type	X XX

V2270

Non-resident time period is earlier than start of the election commencement time

Explanation	Non-resident time period for tax purposes is earlier than start of the election commencement time.
Form Type	X XX

V2272

Specified individuals date of birth is later than start of the election commencement time

Explanation	Specified individuals date of birth is later than start of the election commencement time.
Form Type	X XX

V2273

Election commencement time is earlier than start of specified income year

Explanation	The commencement time for the family trust election is earlier than the start of the income year specified.
Form Type	X XX

V2274

Control of the trust outside of Australia time period is invalid

Explanation	The central management and control of the trust outside of Australia time period is earlier than the start of the income year specified.
Form Type	X XX

V2275

Non-resident time period is earlier than start of specified income year

Explanation	Non-resident time period for tax purposes is earlier than start of the income year specified.
Form Type	X XX

V2277

Specified individuals date of birth is later than start of specified income year

Explanation	Specified individuals date of birth is later than start of the income year specified.
Form Type	X XX

V2278

Revocation indicated and date FTE ceases to be in force or income year of revocation is missing

Explanation	Revocation indicated and date FTE ceases to be in force or income year of revocation is missing.
Form Type	X

V2279

Revocation indicated and income year of revocation not the same as year of return

Explanation	Revocation indicated and income year of revocation not the same as year of return
Form Type	ET MS X

V2281

Family Trust Election Standalone can only be 'E' for Election

Explanation	A Family Trust Election Standalone form can only be 'E' for Election.
Form Type	XX

V2282

To make a correct TB statement, TFN and name are required for resident beneficiaries.

Explanation	Resident beneficiary details must include TFN and Name. Only one individual or non-individual name may be present.
Form Type	ET

V2284

National rental affordability scheme tax offset amounts.

Explanation	The total amount at National rental affordability scheme tax offset (Label R - beneficiary entitled and no beneficiary entitled) in the distribution statement must equal the amount at National rental affordability scheme tax offset entitlement (Item 50 Label F).
Form Type	ET

V2285

Tax losses carried forward to later income years - Total is incorrect

Explanation	The Tax losses carried forward to later income years - Total must be equal to the sum of the tax losses carried forward of each year.
Form Type	BP

V2286

Net capital losses carried forward to later income years - Total is incorrect

Explanation	Net capital losses carried forward to later income years - Total must be equal to the sum of the tax losses carried forward of each year.
Form Type	BP

V2287

Tax losses carried forward to later income years - Total is not equal to Part F Label J

Explanation	Tax losses carried forward to later income years - Total must be equal to the Total tax losses carried forward to later income years (Part F Label J).
Form Type	BP

V2291

Total tax losses carried forward to later income years (Part F Label J) is incorrect

Explanation	Total tax losses carried forward to later income years (Part F Label J) must be equal to Label A + B - C + D + E - F - G - H - I (in Part F).
Form Type	BP

V2292

You have indicated that you are making a TB statement but you have not made a distribution to a trustee beneficiary.

Explanation	Where a trust is making a TB statement by answering the TB question Yes, the Assessment calculation code should be Null, 35, 140, 14 or 120.
Form Type	ET

V2293

You have indicated you wish to make a TB statement. You must complete labels P and/or Q with an amount greater than zero.

Explanation	Where the trustee has indicated that they are making a TB statement, by answering the TB question Yes, there must be a value greater than 0 at P or Q.
Form Type	ET

V2294

You have indicated you do not wish to make a TB statement by answering the TB statement question No, P & Q must be blank or zero.

Explanation	Where the trust has indicated that they are not making a TB statement, by answering the TB question No, P and Q must be blank or equal to zero.
Form Type	ET

V2295

To make a correct TB statement, name and address are required for non-resident beneficiaries.

Explanation	When making a TB Statement, non-resident beneficiary details must include name and address.
Form Type	ET

V2298

Invalid date of birth

Explanation	The date of birth of the specified individual cannot be later than the election commencement time or the substituted accounting period for the family trust.
Form Type	Y YY

V2299

Invalid day specified

Explanation	Day specified cannot be earlier than the substituted accounting period for the family trust election.
Form Type	Y YY