The fields in the Terminal tax basis section automatically populate their values from Data reconciliation or tax returns.

How are the data sources prioritised?

1. These fields source their data from the reconciled IR assessment transactions as their first priority.

2. If there’s no reconciled IR assessment value, the fields use the tax return and the associated schedules as their data source. Tax notices are first populated with return data when you click Send to client on the return to change the return status to Pending client signature. Tax notices are populated with return data again when you click File with IR on the return to change the return status to Filed.

3. If there’s no approved or filed tax return, you can manually enter the values.

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   This data sourcing applies to unlocked terminal tax notices (notices with a status of In progress, Not started or In review.) If you want to apply these changes to locked terminal tax notices, you need to unlock them first. You may need to check the amounts of your unlocked notices if you previously entered amounts.

Where does the data come from within the data source?

If sourcing from Data reconciliation:

The data is sourced from the Assessment transaction in the Reconciled transactions section of the Data reconciliation page.

The Terminal tax basis fields source assessment transactions of Data reconciliation entries with a Tax type of Income tax.

If sourcing from tax returns:

In the Terminal tax basis section, the Taxable income and Tax on taxable income values come from section 32 - Taxable income/(loss), in the field Taxable income or loss to carry forward.

The UOMI calculation applies to all tax years. If you need to change terminal tax notices before the 2022 tax year, which have passed their due date, check and correct the calculation if necessary.

You can also learn more about UOMI in tax returns.

There are a couple of ways you can find the tax notices that have a UOMI amount from the Tax notices page in the All clients view:

• Filter the Tax notices page. Click More filters above the list of tax notices and select UOMI amount.
  
• Export tax notices data to a spreadsheet. On the top right of the page, click Export (XLSX).
  

1. Go to Compliance > Tax notices and open the terminal tax notice.

2. At UOMI calculation method, select your preference.
   

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   The UOMI calculation method that you select changes the UOMI fields that are available.

   UOMI method	Description
   Base on IR assessment	The terminal tax notice will include UOMI from Inland Revenue (IR). The notice also includes interest covering the date IR calculated interest up to the terminal tax payment due date. The default Extra interest up to date is the terminal tax date. The IR amount to value comes from the IR statements section of the Data reconciliation page. MYOB transactions aren't included. Base on IR assessment is the default option after a tax return is filed and Inland Revenue (IR) assesses it. You can't select this option if the return hasn't been assessed. Changing values If you want to change the Extra interest and Total due amounts, change the Extra interest up to date. If you want to exclude the extra interest from the total, and only want to reflect the IR calculated amount, change the Extra interest up to date to be blank or the same as the IR amount to date.
   Use amount from tax return	The terminal tax notice will display a UOMI in tax return field with the UOMI amount from the tax return. This is the default option after a tax return is approved (the return has a status of Pending client signature or Ready to file), or after a return is filed but IR hasn't assessed it.
   Calculate from start to end date	The terminal tax notice calculates UOMI based on a date range. The Calculated UOMI is displayed along with the RIT and dates used in the calculation. If you want to change the calculation: Select Calculate from start to end date and click Use of money interest calculator. The Use of money interest calculator dialog appears. Select a From and To date. The available From dates are the day after the provisional and terminal tax dates. The default To date is the terminal tax due date.  Click Apply. The tax notices displays the updated values.
   Override	Select Override and enter your own UOMI amount in UOMI override.
   Don’t include UOMI	No UOMI amount will display on the terminal tax notice. This is the default option if a tax return isn't approved.

The following fields are factored into the Total notice amount value in the Tax notice summary section of the page, and in the Notice amount on the Tax notices page list view that’s displayed when you don’t have a specific tax notice open.

Income tax fields:

• Total 20xx income tax owing—This field displays the amount owing to IR before factoring into the calculation the INC payments, transfers and other and INC expected payments, transfers and other fields.

• INC payments, transfers and other—This field only displays reconciled IR transactions from the Data reconciliation page. It considers payments, transfers and refunds.

• INC expected payments, transfers and other—This field displays unreconciled MYOB transactions from the Data reconciliation page. It considers transfers in and out, payments, refunds and other.

• Income tax owing—This value is the Total 20xx income tax owing value, minus the Payments & transfers value, minus the Expected payments & transfers value. The value is reflected in the Tax notice summary section of the page.

Student loan fields:

• Student loan repayment obligation—This field automatically populates its value from Data reconciliation or tax returns. For more information, see Payable amount data sources below.

• SLS payments, transfers and other—This field displays reconciled IR transactions from the Data reconciliation page.

• SLS expected payments, transfers and other—This field displays unreconciled MYOB transactions from the Data reconciliation page.

• Student loan owing—The value is the Student loan repayment obligation value, minus the SLS payments, transfers and other value, minus the SLS expected payments, transfers and other value. The value is reflected in the Tax notice summary section of the page.

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  You no longer need to use voluntary adjustments for recalculated student loan amounts. The student loan fields automatically display the recalculated amounts.

Working for families fields:

These payments may be made weekly, fortnightly or as a lump sum amount paid after the end of the tax year. The payment is received as a refund in the interval chosen by your clients. 

• Working for Families tax credit—This field automatically populates its value from Data reconciliation or tax returns. For more information, see Payable amount data sources below.

• FAM refunds, transfers and other —This field displays reconciled IR transactions from the Data reconciliation page.

• FAM expected refunds, transfers and other—This field displays unreconciled MYOB transactions from the Data reconciliation page.

• Working for families tax credit owing—This field displays the amount owing to IR if Working for families is overpaid. The value is the sum of the other three fields in this Working for families section of the page. If the sum is negative amount, then the field will display 0. The value is reflected in the Tax notice summary section of the page.

The Student loan repayment obligation field and Working for Families tax credit field automatically populate their values from Data reconciliation or tax returns.

How are the data sources prioritised?

1. These fields source their data from the reconciled IR assessment transactions as their first priority.

2. If there’s no reconciled IR assessment value, the fields use the filed tax return and the associated schedules as their data source.

3. If there’s no filed tax return, you can manually enter the values.

Where does the data come from within each data source?

If sourcing from Data reconciliation:

The data is sourced from the Assessment transaction in the Reconciled transactions section of the Data reconciliation page.

• The Student loan repayment obligation field sources assessment transactions of Data reconciliation entries with a Tax type of Student loan.

• The Working for Families tax credit field sources assessment transactions of Data reconciliation entries with a Tax type of Working for families.

If sourcing from tax returns:

• The Student loan repayment obligation value comes from the End of year repayment obligation amount in the Student loan schedule.

• The Working for Families tax credit value comes from the total of the entitlements minus the tax credits paid by WINZ of the Working for families schedule, displayed beneath the Working for families tax credits paid by WINZ field.
  

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  If you reconcile after the return is filed, the terminal tax notice will use the IR assessment transaction for the source of its values. The fields will become non-editable when the tax return is filed. The Student loan repayment obligation field, Working for Families tax credit field and the fields in the Terminal tax basis section work independently. That means it’s possible that a combination of data sources are used within the same tax notice. For example, if there’s an unfiled tax return in MYOB Practice and the return is filed via another method outside of MYOB Practice, MYOB Practice may receive reconciled IR transactions to be used as the data source of some fields. So you could end up with, editable Terminal tax basis fields (because the return hasn’t been marked as filed in MYOB Practice) but a non-editable Student loan repayment obligation field (because it’s using reconciled IR data).

To apply tax pooling to a tax notice, open the terminal tax notice and select Yes to the question Will this instalment be tax pooled?

If there's an MYOB transaction for the expected terminal tax payment in Data reconciliation, we'll reverse it, so the terminal tax payable won't carry forward to the next tax notice.

1. Answer Yes to the question Do you want to make a voluntary payment?
2. Select a Tax type:
   • FAM—Working for families
   • FBT—Fringe benefits tax
   • GST—Goods and services tax
   • INC—Income tax
   • SLS—Student loan

3. Enter the voluntary adjustment amount.

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   If you've selected the tax type FBT, GST or SLS, you must enter a positive amount.

4. To add an additional voluntary adjustment, click Add another voluntary adjustment.
   

Income tax and Working for families tax types only

1. To add a credit voluntary adjustment to a tax notice, answer Yes to the question Do you want to make a voluntary payment?
2. In the Tax type drop-down, select either INC - Income or FAM - Working for families.
3. In the Total voluntary adjustment amount field, enter a negative amount.
   
   The Tax notice summary fields update automatically. The negative voluntary adjustment amount appears in brackets and reduces the amount payable.

1. Go to the Compliance > Tax notices page.
2. On the filter bar, click More filters and select Any from Voluntary adjustments.
3. Open the affected tax notices and click remove to the right of the adjustment in the Voluntary adjustment section.
   

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