"Taxpayer is an SBE; for calculation of small business income to distribute to partners, please complete worksheet at 5V"

This support note applies to:

AO Tax (AU)
AE Tax Series 6 & 8 (AU)
AE Tax (AU)

Article ID: 38251

In MYOB Tax the following warning message "Taxpayer is an SBE; for calculation of small business income to distribute to partners, please complete worksheet at 5V" will be generated on [F3] validation for any Trust or Partnership where there is Net business income at Item 5S and the SBE eligibility question above label 5V has not been answered.

To clear this warning, complete the SBE Eligibility questions and if the answer to both is Yes, review the worksheet behind item 5V.

It is important to note that these worksheets are MYOB AE and AO worksheets only. They are NOT transmitted to the ATO when you lodge the return.

To complete the worksheets

Open the Small Business Entity - Eligibility Tests worksheet and answer the two questions. This worksheet can be accessed by pressing the Enter key on the keyboard at the checkbox, or via the menu path: Preparation > Schedule > Small Business Entity - Eligibility Tests (scb).

If the answer to both questions is Yes, then you'll need to open the Small Business Income for distribution worksheet at Label 5V: Net small business income and make any necessary income or expense adjustments per the fields provided. If there are no reconciling adjustment (Additions or Subtractions), then close the worksheet [F6].

MYOB INTERNAL STAFF ONLY

Insert PR# 136678073598

SR#136566117331