28th March, 2025
Whether we’re adding new features, simplifying workflows, or building a whole new module, MYOB is always changing and adapting to better serve our customers.
This quarter, we’ve introduced several significant changes to the MYOB Practice Compliance platform (formerly MYOB Practice), including Fringe Benefits Tax returns in the cloud, auto-filling depreciation data and a redesign of tax return PDFs in response to customer requests. We’ve also launched the new Client Accounting module in Practice Compliance — a major milestone that lets accountants manage compliance in the cloud.
Here’s what the changes mean for your practice:
New tax functions include FBT returns and a redesign of tax return PDFs.
Preparing annual FBT returns is about to get quicker and easier, which means more time for your team and better outcomes for clients. From April, you’ll be able to prepare and lodge FBT returns from the cloud through the Tax in Practice Compliance platform. This gives you the flexibility to work on FBT returns from anywhere and means less switching between platforms when working on client documents.
After feedback from our clients about layout and readability, we’ve redesigned final tax return statement in Practice Compliance.
When you generate a return and click ‘preview PDF’, you’ll see the difference. The new design presents the main form, schedules and worksheets in a clear, reader-friendly way. This makes it easier for your team to review and sign off returns at the end of the financial year. It also makes life easier for your clients, as the new layout is much more accessible for non-accountants.
Find out more about the latest updates to tax returns in Practice Compliance here.
Build productivity across your practice with these efficiency-boosting updates. From auto-filling information to in-platform amendments, they’re small changes that add up to tangible gains.
Ready for fast, accurate depreciation filing? Tax in Practice Compliance now automatically pulls and pre-fills key information from the asset registry. This means that when you or your team are preparing a tax return, it will already include asset details and depreciation amounts in the relevant sections. You’ll also get an automated, reader-friendly document that sums up the depreciation amounts – a quick, simple way to let clients know the key details.
The new auto-fill tool cuts out much of the back-and-forth involved in depreciation filing and reduces the risk of errors – both wins for productivity in your practice.
ATO (Australian Taxation Office) pre-fill reports are a time-saver when you’re creating individual tax returns – and we’re making it even easier to use them. When you’re creating a new tax return and using pre-fill data in MYOB Practice Compliance, the system will auto-save a copy into the documents tab. Click to check details, copy and paste amounts, or compare calculations in seconds, without switching over to another site or platform.
Making a change to a completed tax return can be fiddly and time-consuming, particularly if you have to use different systems to amend and lodge new details. The new amendment tools in Practice Compliance are designed to solve this issue. If you notice a mistake or missing item after you’ve completed a tax return, you can lodge an amendment through Tax in Practice Compliance. Even better, it works for any of the major returns, including company, partnership, trust and individual returns.
Sick of manually entering contact or association details into returns, reports or schedules? Practice Compliance now lets you pull information from saved contacts and auto-fill relevant fields – for example, the Rental Property Schedule. It reduces time-consuming data entry for your team and minimises the risk of transcription errors or mistakes.
The newly released Client Accounting module is a game-changer. The module, built in partnership with Silverfin, offers standardised work papers, financial statements and management reports in the cloud for Australian accountants.
The module will feature an AI assistant that helps pre-fill account details and spot discrepancies, tools for in-platform collaboration and document sharing, and automated alerts to help you keep up with compliance requirements. As part of the Practice Compliance platform, it’s fully integrated with your current accounting and practice management systems.
Through the Early Access Program, you can leverage a cloud-native solution that sits alongside MYOB’s cloud tax offering today, enabling seamless core compliance workflows—starting with your core compliance for clients with companies, with release for Trusts, Partnerships, Sole Traders and Agri clients in development.
Practice Compliance has seen some significant changes over the first quarter of 2025 to our cloud offering. As we move towards the middle of the year, we’ll continue to add functions and features, roll out new workpapers in Client Accounting, and listen to client feedback about workflows and tools that need to change. As always, it’s about making sure our accounting customers are set up for growth, productivity and exceptional service.
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.