Individual tax return updates in MYOB Practice Tax

Creating and lodging individual tax returns just got easier for MYOB Practice Tax users. In our latest platform update, we’ve enhanced the individual returns process, making it simpler, more accurate and more useful for you and your clients.

Here’s a look at what the changes will mean for you:

3 changes to individual income tax returns

Individual Income Tax Returns launched in April this year — if you use MYOB Practice Tax, you may have already started lodging online. The individual returns process lets users create a return from anywhere at any time, and lodge with the ATO through the cloud platform.

Since the launch, we’ve made three key enhancements to make the process even better for our users.

Here’s a look at the updates:  

1.  Open returns in a new tab

You can now open each individual tax return in a new tab or window, which means you can leave it open and come back to finish it later on. This new functionality also lets you flick between multiple returns with ease, so you can compare details or copy information as needed. It’s about making individual income tax returns even easier to manage, create, and lodge.

How does it work? Right-click on the hyperlink in your compliance list and select from the drop-down menu to open in a new browser tab or window. You can leave the return open in the tab or window until it’s completed, so you don’t need to restart if you’re interrupted by another task.

2. Clearer tax estimates

The design of the tax estimate is another key change. Estimates for individual income tax returns now have a clean, modern layout that’s easier for your clients to read and understand. They’re also designed to print more easily if you need to share a hard copy with clients. Generate a document that includes the client’s estimate, declaration and return in a single click — simple.

While a page redesign may seem minor, this change is significant for you and your clients. The clear, client-friendly layout minimises confusion, ensuring that you and your clients are on the same page. Consistent, compliant documentation can also help boost client confidence, making your business look organised and professional. With client expectations rising, this is crucial.

3. Automatic retrieval of assets and expenses

Automatic retrieval of asset and expense details is a game-changer for individual tax returns. This new feature means that you no longer need to retrieve tax depreciation details from the Assets module and manually enter onto the tax return.

With the Tax Depreciation worksheet, we’ve automated this manual entry process by syncing asset class data and expense amounts directly from the Assets module into the worksheet within the tax return, ensuring that all depreciation-related amounts are accurately reflected.

Users can then allocate these depreciation amounts directly to various tax schedules and worksheets from within the depreciation worksheet itself, which means there’s no need to refer back to the depreciation report while you’re working in the Assets module.

It’s easy to see the benefits here, from time savings to improved accuracy. Fewer manual inputs or copy/paste tasks reduce the potential for errors, leading to better outcomes for your clients and your practice.

Try the new functions in MYOB Practice Tax

The new individual tax return functions make the process clearer, simpler and more flexible, so life is easier for accountants — particularly at tax time. They’re designed to enhance MYOB Practice Tax, which already allows for tax preparation, Activity Statement creation and lodging in the cloud.

Company, Partnership and Trust returns are now available in MYOB Practice, so you’re able to prepare, share and lodge related entities in the cloud.

Of course, these changes are just the first step. We’re always looking for ways to enhance our products and tools by listening to feedback from users, looking for gaps or inefficiencies, and working with our product development team. It’s about continual, consistent improvement, so you know you’re always using the best possible product and the most effective accounting tools. 

Are you a user of MYOB AO/AE Tax and are ready to try the enhanced Individual Income Tax process for yourself? Watch our free webinar for step-by-step details on getting set up to start lodging online.

Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.