For Individual, Company and Fund returns MYOB AO prepares a detailed taxation estimate that lists the components of Tax Payable/Refundable in the order they are calculated and applied. The estimate of tax payable is displayed on the Tax returns tab.
For Trust returns MYOB AO prepares one estimate of tax payable and displays that amount on the Tax returns tab.
For eachTrust return where the estimated tax payable is required:
Click on the MYOB AO tool bar to open the Tax — Client Search page.
Locate and open the Trust return.
On the Front Cover, select ‘Y’ at the question ‘Is any tax payable by the trustee?’
Select the Tax table from the list provided.
After making any adjustment to values in the return, press [F8] to distribute income.
Close the return.
On the Tax Returns tab, select to ensure all newly calculated and distributed values are refreshed.
The Tax Estimate is located under the Net Aust. Income.
MYOB AO does not prepare multiple estimates for both the Trustee and the Trust’s beneficiaries under legal disability. Therefore, the estimate will NOT be correct where: - both income to which no beneficiary is presently entitled AND one or more beneficiaries presently entitled and receiving a distribution of trust income are under a legal disability exist, OR - more than one beneficiary presently entitled is under a legal disability.