Error Prompt: CMN.ATO.TRT.433098 - Franking distributions is incorrectly distributed.
When sum of net Australian income/loss plus net capital gains, plus attributed foreign income plus other assessable foreign source income minus allowable tax losses of earlier income years deducted this year is less than or equal to zero, then the sum of all Franked distributions - Beneficiary shares plus Franked distributions - No beneficiary presently entitled must be less than or equal to zero
- Net Australian income or loss – other than capital gains
- Listed country
- Unlisted country
- Net foreign source income
- Australian franking credits from NZ franking company
- Total
- Franked distribution
- Net capital gain
Solution: To resolve the error, you need to go to "Beneficiaries" tab and then open each of the beneficiary worksheets and delete if there is any amount input under Label U - Franked distribution.
Delete the amount in Label U under the "Distributed" column if there an overall trust loss or there is zero overall trust income.
Below sample image of the worksheet after deletion of amount in Label U:
