Forum Discussion

Smartsteps's avatar
Smartsteps
11 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's avatar
    Amy_M1
    10 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

6 Replies

  • Dina1's avatar
    Dina1
    11 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?

     

     

  • Amy_M1's avatar
    Amy_M1
    MYOB Staff
    10 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

  • NJT2016's avatar
    NJT2016
    Cover User
    10 months ago

    Hi

    putting N in that box worked for me. Thanks for the tip

FAQs

Australian Tax FAQ's (DESKTOP + ONLINE)

Hello everyone!  We've collated a list of frequently asked questions users have posted on the Forum for your convenience. Check them out below! GENERAL What do I need to do before starting a ne...

Looking for something else?

Search the Community Forum for answers or find your topic and get the conversation started!

Community home

Dig into MYOB Academy for free courses, learning paths and live events to help build your business with MYOB.

 

Related content