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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: Jan 30, 2019 11:55
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 happens if you have not completed the new field at Item 7 - Defined Benefit Income cap. You'll need to complete this item for the correct calculation.
What value do I need to enter in the Defined Benefit Income Cap label?
The ATO has made changes to payment summaries and created a new item: Item 7 Label M in the tax return, to support the new way taxpayers are taxed on the defined benefit income.
You will now need to calculate your client's tax offset and include this amount at the tax offset label T2.
There is currently an issue if you have more than one payment summary. Enter the correct value in one of the schedules by calculating the Transfer balance cap using the ATO calculator Defined benefit income cap tool. Make sure the value in MYOB matches the ATO calculator.
MYOB INTERNAL STAFF ONLY
Insert PR# 159202379683
SR# 159192780547
Use PR 162039823120 when there is multiple payment summaries.