Trust tax estimates for minor beneficiaries
I prepared a 2019 Trust tax return where the Trustee was being assessed on behalf of two minor beneficiaries and AE Tax produced a Tax Estimate which combined their share of income and calculated tax for the Trustee based on one tax free threshhold. I advised the client that this tax would be claimed as a credit in the the kids separate tax returns (half in each) so we could get back all of the franking credits.
However, when the ATO issued the NOA for this Trust they issued two separate notices of assessments ie. one for each child and each had their own tax free threshhold so the amount of tax payable was different to what was originally calculated by AE Tax.
Is AE tax able to calculate separate amounts for each minor beneficiary? If so, how do I get this to happen? I need to do tax returns for four testamentary trusts again this year with numerous minor beneficiaries and I would like to be able to show the client what to expect from the ATO.