• accounts   5% of original calculation

• INC tax

• accounts   $0.05

• REB tax

• accounts   $0.05

• SLS tax accounts

•    5% of original calculation

• tolerance for

• payments   7 days

Reconciliation

Reconciliation available on all account types

In MYOB AO, Tax Manager allows the reconciliation of income tax, tax credits, working for families and student loan. In AO Classic, only the income tax account was available for reconciliation. On conversion, you may have a number of unreconciled transactions that were unable to be reconciled in AO Classic previously.

Tax notices

In AO Classic, tax notices automatically include offsets. For example, the income tax account owed will be reduced by any credits from Working for families and IR526 tax credits. In Tax Manager these accounts are treated independently, therefore transfers between accounts will need to be done as required.

Working for families tax credits

For returns not yet started

For the terminal notice of a tax return that is not yet started, AO Tax Manager includes the Working for families tax credits, whereas AO Classic does not.

For completed returns

The working for families tax credit is migrated from the tax return, whereas the AO Classic use the assessment value from Tax Management. The tax return may have an incorrect value for some clients.

When you accept the assessment for the working for families tax credit, the tax notice will be updated to the accepted value.

Payment transactions dated the same date as the tax notice due

In MYOB AO, if there is a payment made on the same date as the tax notice due date, Tax Manager reduces the amount due by this payment. AO Classic did not.

Student loan amount due – Provisional notice

For the provisional notices, AO Classic calculates the student loan amount payment based on the prior year, if the current year income is not yet entered. AO Tax Manager does not yet calculate this way. This function will be introduced in a future update.

Reporting

Tax Manager allows you to interactively manage all your client’s tax information on the screen without having to produce and print reports.