Views:

NOTE:  This error no longer occurs after installing the Tax hotfixes from 21/09/2022.

The following error can occur when validating an IR3 return when negative income from a Trust is included:

!Error: total Tax paid by Estate/Trust of 0.00 cannot be greater than sum of Estate/Trust Income.

As the error implies, the tax amount in the Trust keypoint cannot be greater than the income. In this example, the income is (2500.00) and the tax is greater at 0.00

This return also includes interest income from the Trust (see Keypoint 13 above).

Instructions

To avoid the validation error, include all of the Trusts income and tax amount in KP 16 Estate/Trust.  In this case, it would involve:

1. Deleting the interest keypoint and adding the Interest income into KP 16:

2. Add all income and tax from the Trust to KP 16.  In this case income = 3133.34 +(2500) = 633.34 and the tax is .03:

The return will allow you to validate:

 

This issue also relates to the Gateway Services error mentioned in this article: https://myaps.reckon.com/knowledgebase/article/KA-05007/en-us

 

Related Products: APS TAX NZ