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Community > Using Xero >

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

Started by Nathan Scarffe -   in Using Xero


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.

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