MYOB AE/AO release notes—5.4.44/2022.1 (Australia)

Includes all of the previous releases.

• Tax 2022.0 hotfix KB82678241 (Australia)
• MYOB AE/AO release notes—2022.0 (Australia)

This standard establishes disclosure requirements applicable to entities that are preparing general purpose financial statements and elect to apply the Tier 2 reporting requirements under AASB 1053 Application of Tiers of Australian Accounting Standards.

• Access the Simplified Disclosure reports under Non-transactional data.
• Additional disclosure notes and reports are available for all entity types except Superfunds
• We've significantly changed the Account group folder but have not moved account codes to a new folder. You'll need to move the account codes.
• We haven't included a Statement of cash flows in this release, you'll need to use the insert document to add the document to the report. Use this Statement of Cashflow-1sep.xlsx to create the report and insert it in the financial statements.

Accessing the SDS report

1. Go to the Client Accounting tab and select Reports.
2. On the Tasks bar, select Non-transaction data.
3. In the Reporting type drop-down, select Simplified Disclosure (Tier2).

Balance sheet

New Reports

Statement of profit or loss and other comprehensive income

Account group structure changes

Under Profit and loss statement > Expenses, we've renamed the account group Other to Other expenses. You'll need to move all the ranges in other expenses to the relevant expense categories (from Finance expenses to Impairment losses). 

By default, everything is summarised in this report. We've set up a new NTD table under NTD > Simplified disclosures > Profit or loss and other comprehensive income > Detail or summarise information in P&L. You'll have the option to select detail for any or all of the items listed.
The other comprehensive income balances at the bottom of the Statement or Profit and loss and other comprehensive income, comes from the Other comprehensive income folders under the Reserve and Retained earnings section of the equity.

Statement of Changes in Equity

Account group changes

We've expanded the account Group structure in the Reserves, Shareholder funds & Other folders to include a folder for every Reserve type (under Reserves) and the different Share types (shareholder funds) and for Other (any additional equity items). You'll find 4 subfolders under each Reserve type, Share type and Other.

• Opening balance

• Movement

• Other comprehensive income (not included for - Shareholders funds)

• Restatement (not included for Shareholders funds)

You'll need to move the relevant codes into these folders for the Statement of Changes in Equity. If you would like to print the statement of changes in equity while running special purpose reports, you'll need to remap account codes into the relevant account groups If you want to change the description on the report (profit or other comprehensive income), change the description of a line item on the report.

We have expanded and added the following accounting policy notes

• Basis of preparation note: We've updated the Basis of preparation note for SDS reporting.
• Revenue and other income: We have renamed the account group folder Sales to Revenue under Profit and loss statement > Sales and income.
  Some paragraphs will print only if there is a balance in the account group folder. Some paragraphs are set to always print. To remove any paragraphs, go to Client Accounting > Reports and untick the paragraphs you don't want to print.
• Goods and services tax (GST): We've added additional paragraphs to Goods and Services accounting policy notes.
• Income Tax: For Company, Individual, Unit Trust and Other Trust entities, the wording will change when Non-transaction data > Client Details > choose Simplified Disclosures (Tier 2) in Reporting Type is selected.
• Property, plant and equipment: We've added additional paragraphs and information to Property, plant and equipment accounting policy notes.
• Intangibles: We've updated the Intangibles accounting policy.
  • We've created a new accounting policy - Intangibles - Software,  Intangibles - Amortisation.
  • Deleted the Accounting Policy - Other intangibles
  • There is new account group - Software under Balance Sheet > Assets and liabilities > Assets > Non-current assets > Intangibles. You'll need to assign an account code to this folder at the Practice level or Client level.
• Investment Property: We've created a new Account Group folder - Investment Property under Balance Sheet > Assets and Liabilities > Assets > Non-current Assets. You'll need to assign an account code to this folder at the practice level or client level. 
• Borrowings: We've added a new accounting policy note — Borrowings for individuals, partnerships, trusts, company, SMSF, and Association.
• Financial Instruments: We've added a new accounting policy note - Financial Instruments. This note will print by default, untick from the reports menu if not applicable.
• Leases: We've added a new accounting policy note - Leases.
• Employee benefits: We've updated the Employee Benefits Accounting Policy.
• Change in Accounting Policy: We've updated the Change in Accounting Policy note. You need to complete all the details in the Non-transactional data (NTD).
  

• Introduction Paragraph: We've created a new introduction paragraph for SDS reporting.
• New Critical Accounting Estimates and Judgments note.
• New Revenue and other income note: We've added new NTD fields are added under NTD > Simplified disclosures > Notes to the financial statements > Revenue and other income > Disaggregation of revenue from contracts. 
  The Disaggregation of revenue from contracts is a new table. Enter the amounts for this year and last year for the following fields:

  • Timing of revenue recognition - at point in time

  • Timing of revenue recognition - overtime.

  • There is a new multi-record table - Type of contract. Enter the description and TY, LY amounts for each type of contract (eg - Sale of goods - retail, Sale of goods - wholesale). Descriptions will print exactly how they are entered into NTD.

• New Income tax expense note: The Local income tax and Deferred tax come from the account group: Profit and loss statement > appropriation > Income tax and the Additional details from the NTD.
• New Other financial assets note: We've added new notes to Other financial assets and a new account group folder — Other financial assets under Balance Sheet > Assets and Liabilities > Assets > Non-current Assets and Balance Sheet > Assets and Liabilities > Assets > Current Assets.
• Trade and other receivables note: We've renamed the folder Receivables to Trade and other receivables under the Account group folder Balance sheets > Assets and liabilities > Assets > Current assets > Trade and other receivables.
  Under the Trade and other receivables, there are 2 new account group folders: Trade receivables and Other receivables.
• Under Trade receivables, there are 2 new account group folders:
  • Trade receivables
  • Provision for bad debts. If you have Provision for bad debts, then you'll need to move the account code range(s) into the Provision for bad debts folder and also move the relevant account code ranges into the Trade Receivables folder.
    If you don't have any Provisions for bad debts then you don't need to move any of the account code ranges. They can stay where they are currently, under the main header account group folder.
  You might want to move the account code ranges into the folders at the practice level. This will not affect the way the note prints for Special purposes. 
• New paragraph at the Inventories note: We've added a new paragraph to the Inventories notes that will allow you to type the inventory write-downs.
  You'll need to move the relevant account codes into the newly created folders if needed. This will trigger a Note and the note number will be referenced in the Balance Sheet.
• New Investment properties note: We've added a new note and a new account group folder - Investment properties.
  You'll need to move the relevant codes into the new account group folder under Balance Sheet > Assets and liabilities > Assets > Non-current assets > Investment Properties.
• New Contract balances note: We've added a new note and new account group folder - Contract balances. The total comes from the account group structure.
  Account group structure:

Balance Sheet > Assets and Liabilities > Assets > Non-current Assets > Contract Assets
Balance Sheet > Assets and Liabilities > Assets > Current Assets > Contract Assets.
Balance Sheet > Assets and Liabilities > Liabilities > Non-current Liabilities > Contract Liabilities
Balance Sheet > Assets and Liabilities > Liabilities > Current Liabilities > Contract Liabilities

• Property, plant and equipment note: We've added an additional section - Movements in carrying value to the bottom of the PPE note. You need to complete the NTD details.
• New Intangibles assets note:
• New Leases note: We've added a new note - Leases.
  Account group structure:
  • New account group folders for Right of use assets: Balance sheet > Assets and liabilities > Assets > Non-current assets. There are 5 subfolders (Asset 1 to Asset 5). The line description for the Leases note comes from the account group folder name which you will need to rename. Move the appropriate accounts codes into each of the subfolders for:

    • Right of use Asset

    • Depreciation

  • New account group folders for Leases liabilities:
    
    • Balance sheet > Assets and liabilities > Liabilities > Current liabilities

    • Balance sheet > Assets and liabilities > Liabilities > Non-current liabilities.

New Non-transaction data tables will need to be filled in under NTD > Simplified disclosures > Notes to the financial statements > Leases.

• • Trade and other payables: We've added an additional paragraph at the end of the note.
  • Borrowings note: We've added two new paragraphs at the bottom of the borrowings note, including the option to add collateral for each borrowing, This can be completed in NTD.
  • New Employee Benefits note: We've added a new note and account group folder - Employee Benefits. The total comes from the account group structure.
    
    • Account group structure:
      Balance Sheet > Assets and Liabilities > Liabilities > Current Liabilities > Provisions > Employee Benefits.
      Balance Sheet > Assets and Liabilities > Liabilities > Non-Current Liabilities > Provisions > Employee Benefits.
  • New Dividends note: We've added a new note - Dividends. You'll need to complete the franking credits in the NTD.
  • New Key management personnel remuneration note: We've added a new note - Key management personnel remuneration.
  • New Auditors remuneration note: We've added a new note - Auditors remuneration. This note will display in the report list if there's a balance in the Auditors Renumeration account group folder.
  •  New Tax assets and liabilities note: We've added a new note - Tax assets and liabilities. The total comes from the account group structure.
    • Account group structure
      Balance Sheet > Assets and Liabilities > Assets > Non-current Assets > Deferred Tax Assets.
      Balance Sheet > Assets and Liabilities > Liabilities > Non-current Liabilities > Deferred Tax Liabilities
      Balance Sheet > Assets and Liabilities > Liabilities > Current Liabilities > Current Tax Liabilities
      
  • New Financial risk management note: We've added a new note and account group folder - Financial risk management.
    • New NTD fields:
      Simplified disclosures > Notes to the financial statements > Financial risk management > Financial assets.
      Simplified disclosures > Notes to the financial statements > Financial risk management > Financial liabilities.
      There are 5 new tables under each of the above. You'll need to type in Description, TY amount, LY amount.
  •  New Contracted commitments note: You can type the details of the contracted commitments. This note will always display, and you need to untick it from reports if you don't want it to show.
  • New Issued capital note: You'll see the account name in the note and if you've moved the accounts to the new folder structure, you'll see the new account folder name.
  • New Contingencies note: You can type in the details of the contingencies. This note will always display, and you need to untick it from reports if you don't want it to show.
  • New Related parties note
  • New Reserves note

• New Auditor’s Independence Declaration report
• New Auditors report
• New Directors' report: For company entities, we've added a new Directors report.
• New Directors declaration paragraph: We've added a new paragraph in the Directors declaration for SDS reporting.
• New Statement by members of committee report: For association entities, we've added a new report - Statement by members of committee.

• GDP uplift factor: GDP is updated to 2% for the 2022-23 year.
• Foreign exchange rates: Exchange rates have been updated for the period ending 30 June 2022.

• (Tax 2022): Dividends worksheet:
  • When there is pre-filled dividends data in 2021 and rolled over into 2022 return, it created a blank first record in the pre-fill section of the dividends worksheet. This is now fixed
• Tax (2021 & 2022) Multi-property rental schedule:
  • When the rental property is shared with another return, amounts were shown incorrectly at the Default private use column in the shared return where there was no default private use for the shared return. This is now fixed.
• Tax (2021 & 2022) Salary and wages schedule: Validation error XML03 implemented: This error will occur if there is foreign employment income and the following countries have been selected:
  

  • AUSTRALIA

  • CHRISTMAS ISLAND

  • COCOS (KEELING) ISLA

  • NORFOLK ISLAND

• Printing
  • The TFN at D12 Personal Superannuation contributions still prints even if the Hide TFN checkbox is ticked. This now fixed

• International dealings schedule:
  Validation errors corrected:
  • CMN.ATO.IDS.440677
  • CMN.ATO.IDS.440701
  • (tax 2021)CMN.ATO.IDS.440561 (This was a rejection from the ATO): After running the update, review IDS Section A 11g in rejected returns. We had incorrectly greyed out this field, though clients will need to answer it after 2022.1 install
• R&D schedule:
  
  • V2511 and V20 errors appear on F3 validation when the TFN was left blank at Part D Aggregated turnover section. We've updated the validation rules and TFN field at Part D aggregated turnover is no longer mandatory

• (Tax 2021) Printing
  • The tax office copy pdf for Partnership tax return was printing wrong headers when partners/beneficiaries are more than 4 partners/beneficiaries entered in the tax return. This is now fixed.
    
  • The trust tax return labels (Item 49 P and Q), and the partnership labels (Item 48 U and V) were displaying incorrectly. This is now fixed.
• 2021 trust return:
  • The TFN in Statement of Distribution and Net capital gains worksheets prints even if the Hide TFN checkbox is ticked. This is now fixed.
• International dealings schedule:
  • Validation message CMN.ATO.IDS.440677 is corrected.
  • Validation error CMN.ATO.IDS.440701 is corrected.