Forum Discussion

7 months ago

Solved

Unit Trust Validation Error

Hello, trying to validate a 2024 unit trust tax return and it's bringing up a validation error TRT 433088 Type of trust must be a deceased estate - Code 059.

It is not a deceased trust and all labels describing trust type (U), tax payable (N) and beneficiary codes (35) are correct, with none indicating a deceased estate is involved

AU Tax

Amy_M1
7 months ago
Hi Smartsteps!
The ATO have introduced this, TRT.433088 - Type of trust must be a 'deceased estate' - code '059' along with other new errors in a 2024 trust return.

To fix these errors, make sure you’ve completed:

The Family trust election or Interposed entity election status field on the Front Cover
or

the TB statement question on the Distribution statement.

For more information on the new validation errors within a 2024 trust return, please see the link below:

https://practice-support.myob.com/psinstall/myob-ae-ao-release-notes2024-0-australia

Amy_M1
MYOB Staff
7 months ago
Hi Smartsteps!
The ATO have introduced this, TRT.433088 - Type of trust must be a 'deceased estate' - code '059' along with other new errors in a 2024 trust return.

To fix these errors, make sure you’ve completed:

The Family trust election or Interposed entity election status field on the Front Cover
or

the TB statement question on the Distribution statement.

For more information on the new validation errors within a 2024 trust return, please see the link below:

https://practice-support.myob.com/psinstall/myob-ae-ao-release-notes2024-0-australia
Smartsteps
7 months ago
Has anyone had this error and fixed it
- KimPaw
  7 months ago
  Same issue.
  - Dina1
    7 months ago
    Hi I don't know about MYOB but I faced the same issue in Xero and fixed it by answering NO in the "Will you make a TB statement?" question in the beneficiary statement.
    
    This is now requiring a selection of YES/NO instead of just skipping.
    
    Below is the answer from Xero Support.
    
    Hope this helps.
    --
    Based on your description and error code from the screenshot, CMN.ATO.TRT.433088, if assessment code 35 is used in the beneficiary statement, you will need to answer the question "Will you make a TB statement?".
    
    If your answer is YES, you will need to fill up the following fields in the beneficiary schedule:
    Tax File Number
    Name of non-individual beneficiary or Surname/family name of individual beneficiary
    Tax preferred amounts must not be 0 or empty
    Untaxed part of share of net income must not be 0 or empty
    
    If your answer is NO, you'll need to make sure:
    Tax preferred amounts must be empty
    Untaxed part of share of net income must be empty.
    
    This error message is a new validation check for TRT 2024 and is working as designed. Could you please review all the beneficiary schedules and retry validating your return?