Tax returns
Will tax returns auto-populate with IRD data?
This is on the roadmap planned for the end of 2020 to early 2021. Initially the pre-filling of salaries & wages from IR, followed by the pre-filling of interest and dividends from IR. Ultimately, the practice will have 70% of the data pre-filled from online client accounting.
Our tax summaries are one page. Why does the new one stretch to two pages?
The tax statement (tax summary) produced by MYOB Practice Tax includes more detail than the tax summaries produced in AE/AO Tax, and will always include a place for the client to sign. It's designed for ease of viewing from the client's point of view.
The length of the tax summary also depend on your client’s details, as some tax statements can fit all the contents in a single page, but others who have income, deductions or many values other categories may overflow to the next page.
Working with portals
Do I need to use the portal to send tax returns or tax notices?
No, you can download a PDF of the tax return and e-mail it to your client.
When you receive the client's signature and approval, you would simply click the Client approved & signed button in the tax return. This will update the tax return status to Ready to file.
Can clients sign tax returns electronically within portal?
Documents sent via the client portal can be digitally signed by clients without having to print them.
When the client approves the document, it then comes back into MYOB Practice as the signed version. If you are running MYOB Document Manager, the signed/approved version is uploaded into Document Manager automatically.
Data reconciliation
Does the new system show different alerts, and can you filter the data?
From the ‘All Clients’ view, initially you will only be able to see if there is an alert/outstanding from IR. You cannot filter by alert type, though you can sort by all customers with alerts.
- Data reconciliation
Currently all tax clients with 1 or more unreconciled MYOB or IR transactions are automatically sorted to the top of the list with a warning icon. However, in Q1 2020, we plan to release filter on the alerts, so you can filter on tax type, year and transaction type. - Tax notices
Currently notices have no alerts, but you can use the existing filter to understand which notices are outstanding (i.e. need your action) or are overdue by filtering by due dates and statuses.
In Q1 2020, we plan to release alerts and filtering. The range of alerts are overdue, tax pooling, ratio/AIM, nil balance. The range of filters are partner, manager, staff, nil balance, delivery method.
When do you automatically reconcile transactions?
We'll automatically reconcile transactions where MYOB transactions and IRD transactions are:
- a similar amount (within $0.05 of each other).
- the transactions are dated within 7 days of each other.
- they have the same transaction type.
For example, the following transactions will be automatically reconciled:
Transaction | Type | Date | Amount |
---|
MYOB transaction | Transfer in | | 199.95 |
IRD transaction | Transfer in | 16/12/2020 | 200.00 |
Can we change the timeframe that the system automatically reconciles?
This time frame was set after going to market and getting feedback. The dates can't be too far apart, or the risk would be that unrelated transactions for the same amount could be incorrectly auto reconciled and that would cause more issues. However, once Practices are using MYOB Practice tax, feedback will be taken on board and if enough Practices request that the date parameter is widened, we will widen it.
How can I view missed payments?
There are 3 ways to view missed payments:
- By downloading a Missed payments report from the All clients > Tax notices page.
- By filtering the All clients > Tax notices page.
- From the Data reconciliation
Tax notices
How do we manage student loans?
Student loan repayments are planned to be released in Q1 2021. As an interim solution, in Q4 we are planning to release SLS tax type transactions to be available in Data reconciliation. In this view IRD sends through SLS assessment transactions with owed SLS repayment amounts. These amounts can be added to the provisional tax notices as voluntary amounts.
From the ‘All Clients’ view, initially you will only be able to see if there is an alert/outstanding from IR. You cannot filter by alert type, though you can sort by all customers with alerts.• Data reconciliation: currently all tax clients with 1+ unreconciled MYOB or IR transactions are automatically sorted to the top of the list with a warning3 | FAQs: MYOB Practice Tax MYOB simplify successicon. In Q1 2020, we plan to release filter on the alerts. E.g. which tax type, what year, transaction type. • Tax notices: currently notices have no alerts, but you can use the existing filter to understand which notices are outstanding (i.e. need your action) or are overdue by filtering by due dates and statuses. In Q1 2020, we plan to release alerts and filtering. The range of alerts are overdue, tax pooling, ratio/AIM, nil balance. The range of filters are partner, manager, staff, nil balance, delivery method.