Xero - beautiful accounting software

Xero Business Community

Xero Business Community

Hi everyone, Come on over to the new discussions in Xero Central. It’s a more intuitive way to connect and chat all things business with one another. Ask questions, dish out answers, and get involved.

You can still view topics in the Xero Business Community to see all the useful knowledge that’s been shared there; and you can restart conversations you feel have been of huge value to you on Xero Central.

If you have brilliant ideas for innovations, you can keep on adding feature requests in the Xero Business Community, and voting on existing requests. There’s more in store, as we come up with the best way to take on your thoughts and share developments
Community > Using Xero >

In Xero Tax (AU) 2020 Trust Returns, make 16R flow correctly

Started by Nathan Scarffe -   in Using Xero

Hi,

My first post - so no idea if this is in the right section.

So I've noticed this for quite some time, but have just been using a workaround with the hopes it would be fixed itself. The fix has not yet occurred.

Anyhow, in Xero Tax's 2020 tax returns for Trusts, label 16 R, "Deductions Relating to:" ... "Franked Distributions", does NOT offset franked income. This needs to be fixed.

E.g. If you have a dividend recorded in the tax return (say, $700 franked, $300 franking credit), and record a deduction at 16 R (say, $200), in the beneficiaries schedule, it will incorrectly display $1,000 franked income, $300 franking credits, and NEGATIVE $200 Non-PP income. It should display $800 Franked and $300 franking credits.

The only workaround that I have come up with is the record $1 of franked income at the Partnerships and Trusts section (8 F), and then record the full franked deduction (+$1) at 8 G (being "Deductions relating to franked distributions from trusts in label F").

Can this please be fixed, it's clearly just a formula issue. I don't know if this is an issue in other years also, as our firm is new to Xero Tax.

Cheers,
Nathan
Hey Nathan
this does not sound like an enhancement request to me, It sounds like a bug.
Therefore you ned to contact support and report an issue.
Hope they fix it for you
 

Tony Finch