MYOBCommunity
Partner Zone
|
|
Partner Zone

Distributing from a resident trust to a non resident beneficiary

This thread is now closed to new comments.
Some of the links provided in this thread may no longer be available or relevant.
If you have a question please start a new post.
Highlighted
Mize
1 Post
Cover User
Australia
Mize
Cover User

1Posts

0Kudos

0Solutions

Distributing from a resident trust to a non resident beneficiary

Hi Support,

 

In relation to distribution from resident trust to a non-resident individual beneficiary, the trustee is liable to pay tax on the assessed amount disclosed in s98(3). The tax estimate is showing the correct tax payable but in doing so the tax payable is offset by the franking credits disclosed at dividends which is incorrect.

 

I have prepared the return on the same basis as 2013 but the 2014 return is showing the incorrect trustee tax liability.

 

Wondering if you can help me out.

 

Thanks.

 

Regards,

 

Michael Wong

1 REPLY 1
Former Staff Esbisme
216 Posts
Former Staff
Australia
Esbisme
Former Staff

216Posts

13Kudos

32Solutions

Re: Distributing from a resident trust to a non resident beneficiary

Hi @Mize

 

First let me apologise as you had not received a response to your post.  We aim for a much faster response time however from what I can see - your office contacted the Support Team which is great.

 

In relation to your query (and also for the benefit of all those in the Community Forum) this is a known issue that MYOB is addressing in the coming tax release which will come out hopefully by the end of this month.

 

So we would encourage you that if you can wait for the release that would be great - then it would just be a matter of refreshing the data in the return so that the tax estimate calculation is refreshed.  Alternatively, you can manually edit the tax estimate and instructions on how to do this can be found in KB 35650:  How do I manually edit the tax estimate?

 

Hope this information is useful as a point of reference and thanks for your question in the Community Forum.

Cheers,

Esther
Practice Solutions - Support
MYOB Australia Pty Ltd
Didn't find your answer here?
Try using advanced search to find a post more easily Advanced Search
or
Get the conversation started and make a new post Start a Post