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Error Message V2832 Net Small business Income

Sarah2612
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Sarah2612

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Error Message V2832 Net Small business Income

Hi All, 

 

I have a situation where a partnership is running a business, of which it is a small business entity. One of the partners is a trust. 

 

The trust receiving the partnership income get's distributed to the family members. In the trust, where I indicate its a small business entity, item 5V is coming up as zero (as no business in trust, just distribution from partnership). Consequently I am getting error V2832. How else can I get the small business tax offset to the individuals?

 

Is there a way around this? TIA

1 REPLY 1
MYOB Staff Post Helen-Z
98 Posts
MYOB Staff Post
Australia
Helen-Z
MYOB Staff Post

98Posts

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Re: Error Message V2832 Net Small business Income

Hi @Sarah2612 

 

Thanks for your question, and welcome to the MYOB Community Forum!

 

From my understanding you have a partnership distributing to a trust, which is distributing to individuals. Unfortunately the Small Business Tax Offset cannot be double distributed, which is why you are getting the validation error. The offset needs to be distributed directly from the small business entity to the individual, it cannot be distributed via another entity.

 

I have included the Knowledge Base here article for further information.


Regards,

Helen
Tax Support Specialist
MYOB Australia Pty Ltd
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