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<!--Product families-->
<div style="display: none;" data-swiftype-name="productFamily" data-swiftype-type="enum">Accountants Office Suite</div>
<div style="display: none;" data-swiftype-name="productFamily" data-swiftype-type="enum">Accountants Enterprise Suite</div>
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<div style="display: none;" data-swiftype-name="country" data-swiftype-type="enum">Australia</div>
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<div style="display: none;" data-swiftype-name="productCapability" data-swiftype-type="enum">AO Tax (AU)</div>
<div style="display: none;" data-swiftype-name="productCapability" data-swiftype-type="enum">AE Tax Series 6 & 8 (AU)</div>
<div style="display: none;" data-swiftype-name="productCapability" data-swiftype-type="enum">AE Tax (AU)</div>
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In MYOB Tax version 2018.0, in a 2018 individual tax return when calculating the tax-free element for Item 7 : Australian annuities and superannuation income streams, the system does not include the $100,000 benefit cap. This happens if you have not completed the new field at Item 7 - Defined Benefit Income cap. You'll need to complete this item for the correct calculation. | UI Text Box |
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| To access the Defined Benefit Income cap label, click on any of the labels at Item 7 to open the worksheet. 
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What value do I need to enter in the Defined Benefit Income Cap label?Use the the ATO calculator : Defined benefit income cap tool to calculate the amount and enter it in MYOB. Changes to Defined Benefit Income labelThe ATO has made changes to payment summaries and created a new item: Item 7 Label M in the tax return, to support the new way taxpayers are taxed on the defined benefit income. 
For more information, see the ATO newsletter - Tax professionals newsletter, Issue 29 - Join our live webcast – 10 August | UI Text Box |
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| You will now need to calculate your client's tax offset and include this amount at the tax offset label T2. |
Need to know more?See the ATO link Item 7 - Australian annuities and superannuation income streams 2018 on how to complete this label. | UI Text Box |
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| - If you are getting a PLS rejection: CMN.ATO.IITR.000666, check your amounts at Item 7 : Australian annuities and superannuation income streams and Item T2 - Australian Super income stream.
- There is currently an issue if you have more than one payment summary. Enter the correct value in one of the schedules by calculating the Transfer balance cap using the ATO calculator Defined benefit income cap tool. Make sure the value in MYOB matches the ATO calculator.
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| MYOB INTERNAL STAFF ONLY Insert PR# 159202379683 SR# 159192780547 Use PR 162039823120 when there is multiple payment summaries. |
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