10th May, 2024
Recently, MYOB hosted the MYOB Practice Tax Update 2024 webinar, which was a great opportunity to provide a comprehensive look at the latest tax legislation changes and updates within MYOB Practice Tax.
Along with host Jody Sitters, the webinar featured some great demonstrations and insights from Jack Yeung, MYOB Solution Consultant.
Agenda:
Revised to allow totals to be automatically calculated. Also, Key Points 35 and 36 has new fields for Beneficiary current accounts and other assets and liabilities respectively.
Nil distributions: The IR6 has a new field in the beneficiary distributions section to indicate whether a nil distribution has been made to the beneficiary during the year.
New validations for beneficiary and IRD settlor numbers: We have added new error codes to ensure that the IRD number entered is the correct one for the specific beneficiary or settlor.
Jack then demonstrates the changes on screen to show users how the IR6 updates are implemented.
IR4J and IR8J: Opening balance in both will be prepopulated from IR data. Previously this was rolled over from last year’s return’s closing balance.
IR3 and IR3NR new income type fields: New income type fields in the Income with tax deducted schedule will be prepopulated with IR data including:
IR833: We’ve reduced the number of fields that need to be manually entered from 13 to just 3 in the IR833 attachment. Property details, sale price and purchase price will now be prepopulated with IR data.
In the Rental income statement under Interest expense when choosing the “loans drawn down prior to 27 March 2021” reason, the maximum interest claimed has been adjusted to 50%.
Firstly, you’ll see a grid where you can add the association (including shareholders, beneficiaries, settlors or partners). Any details added in the grid will flow through to the relevant parts of the return. There is also a new beneficiary distributions layout in the IR6.
A quick view of the Total income/loss and Residual Income Tax without having to go to the calculations section of the return.
Jack then runs through the changes on screen to show users how these updates are implemented.
Share data to non-individual returns including:
This feature will be available soon, so keep an eye out for this update announcement.
Jack finishes the webinar by taking users through the validation process on screen, showing how to do a final check before submission to IRD.
Common examples of errors we see include:
Also, for more information on this, head to our Fixing Errors in tax returns resource guide.
Trust Disclosures Common Errors (IRD)
In case you missed it, you can view the full webinar by clicking here.
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