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For Individual, Company and Fund returns MYOB AO prepares a detailed taxation estimate that lists the components of Tax Payable/Refundable in the order they are calculated and applied. The estimate of tax payable is displayed on the Tax returns tab.

For Trust returns MYOB AO prepares one estimate of tax payable and displays that amount on the Tax returns tab.

To view the taxation estimate for an Individual return
  1. Click AO-GS-Button-Tax.png on the MYOB AO tool bar to open the Tax — Client Search page.
  2. Locate the return for which you want the taxation estimate.
  3. Click Estimate on the Tasks bar. The taxation estimate print preview window opens.
  4. Review the taxation estimate and click AO-GS-Button-PrintPreview.png to print the report.
  5. Close the report.
  6. On the Tax Returns tab, the Tax Estimate is located under the Net Aust. Income.
To view the taxation estimate for a Company or Fund return
  1. Click AO-GS-Button-Tax.png on the MYOB AO tool bar to open the Tax — Client Search page.
  2. Locate the return for which you want the taxation estimate.
  3. Click Estimate on the Tasks bar.
  4. At the PAYG prompt click Yes to exclude and No to include the PAYG estimate. The Print window opens.
  5. Ensure that the correct printer is selected and that the printer properties have been configured correctly.
  6. Click Print to print the taxation estimate or click Preview to review the taxation estimate before printing.
  7. Close the report.
  8. On the Tax Returns tab, the Tax Estimate is located under the Net Aust. Income.
To view the taxation estimate for a Trust return

For each Trust return where the estimated tax payable is required:

  1. Click AO-GS-Button-Tax.png on the MYOB AO tool bar to open the Tax — Client Search page.

  2. Locate and open the Trust return.

  3. On the Front Cover, select ‘Y’ at the question ‘Is any tax payable by the trustee?

  4. Select the Tax table from the list provided.

  5. After making any adjustment to values in the return, press [F8] to distribute income. 

  6. Close the return.

  7. On the Tax Returns tab, select AO-GS-TasksBar-Refresh.png to ensure all newly calculated and distributed values are refreshed.

The Tax Estimate is located under the Net Aust. Income.

MYOB AO does not prepare multiple estimates for both the Trustee and the Trust’s beneficiaries under legal disability. Therefore, the estimate will NOT be correct where:
- both income to which no beneficiary is presently entitled AND one or more beneficiaries presently entitled and receiving a distribution of trust income are under a legal disability exist, OR
- more than one beneficiary presently entitled is under a legal disability.

 
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