EI 2018: Item 7 - Aus Annuities & Super income incorrect calculation

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Article ID: 30193946

ARTICLE LAST UPDATED: Aug 02, 2018 11:25

In MYOB Tax version 2018.0 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.

ATO have introduced a new field at Item 7 - Transfer balance cap. Complete this item for the system include the cap in the calculation.

If you are not sure about what value needs to be entered use the the ATO calculator : Defined benefit income cap tool to calculate the amount and enter it in MYOB.

If you are getting a PLS rejection: CMN.ATO.IITR.000666, check your amounts at Item 7 : Australian annuities and superannuation income streams.

MYOB INTERNAL STAFF ONLY

Insert PR# 159202379683

SR# 159192780547

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