Just these help pages, not phone support or the product itself
0
1
2
3
4
5
Very dissatisfied
Very satisfied
Why did you give this rating?
Anything else you want to tell us about the help?
Article ID: 30193946
Accountants Office Suite
Accountants Enterprise Suite
Australia
AO Tax (AU)
AE Tax Series 6 & 8 (AU)
AE Tax (AU)
ARTICLE LAST UPDATED: Sep 18, 2018 13:55
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.
This is happening if you have not completed the new field at Item 7 - Transfer balance cap. Complete this item for the correct calculation.
If you are not sure about what value needs to be entered in Transfer balance cap label use the the ATO calculator : Defined benefit income cap tool to calculate the amount and enter it in MYOB.
To support the new way taxpayers are taxed on the defined benefit income, the ATO has made changes to payment summaries and created a new label 7M in the tax returns for individuals.
You will now need to calculate your client's tax offset and include this amount at label T2.
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. Calculate the Transfer balance cap using the ATO calculator Defined benefit income cap tool and enter it one of the schedules.