The Trust Tax Estimate is calculated using the beneficiary's Assessment Calculation Code and, where applicable, any amounts entered for section 98(3) or section 98(4).
If the beneficiary is under a legal disability or is the principal beneficiary of a Special Disability Trust, the income amount is taken from the Statement of Distribution. Any offsets and credits recorded in the Statement of Distribution are also included in the estimate.
Additional information may be required to calculate the estimate. When needed, these fields appear at the bottom of the beneficiary section, directly above the estimate. If an estimate is not required, these fields and the estimate section will not be displayed.
The estimated tax payable, excluding any PAYG Instalments Credit, is transferred to the beneficiary's return. These fields remain editable in the Trust Distributions Received worksheet, as the final amount assessed by the ATO may differ from the estimate.
The following example shows a Trust Tax Estimate for an individual beneficiary.
