MYOB AE/AO release notes—5.4.45/2022.2 (Australia)

Release date—November 2022

Tax

Rates

Interest on overpayments and late refunds - Updated for the period 1 July 2022 - 30 September 2022, and 1 October 2022 - 31 December 2022.
Early Payment Interest - Updated for the period 1 July 2022 - 30 September 2022, and 1 October 2022 - 31 December 2022.
CPI rates: Updated to 126.1 for the quarter ending June 2022

Individual return

Depreciation worksheet: You can now select Opt out of Temporary full expensing (TFE) in the Stimulus method election drop-down for assets acquired on or after 01/01/2021.
Multi-property rental schedule:
- (2021 & 2022) 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.
- (2021 & 2022): When you share the rental schedule with the private use amount, the amounts in the shared return were incorrect. This is now fixed.
- (2021): When there is a tax loss in 2021 and the rental schedule is attached, the prior year losses schedule (pyl) was incorrectly populating with the values from the rental schedule. This is now fixed.

- (2020,2021 & 2022) Printing: Item 24 Australian Government special payments was printing twice. This is now fixed

Company return

International Dealings schedule:
- (2020): We've implemented the ATO specifications including changes to validation errors.
- Printing: When there is a value at Item 1b, and Item 2b, the labels are printing incorrectly. This is now fixed.
(2021 & 2022) FITO: The Foreign income tax offset (FITO) was calculated at a 30% company rate rather than the Base Rate entity (26% for 2021, 25% for 2022) rate if applicable. This is now fixed.
Printing:
- The word investment was missing when printing Item 9 Label N: Subsequent year accelerated depreciation deductions for assets... This is now fixed.
- R&D schedule: Part D Item 3 wasn't printing if there is more than one record. This is now fixed.
(2021 & 2022): Change in choice schedule (cic) schedule: In an amended company return, you can now print an ATO PDF copy of the Change in choice schedule.

Partnership and Trust returns

(Partnership 2022 Partnership ) Printing - When there are more than 4 partners, the ATO PDF copy was not the printing the 4th partner This is now fixed.

PLS errors

(Individual return 2021 & 2022) CMN.ATO.GEN.XML04: This rejection occurred when there were more than 50 records in the Dvidiends worksheet. This is now fixed.
(Individual return 2022) XML 03 Interest income worksheet: Some of the pre-filled interest income records have an invalid character, (ie, ME Bank) causing XML 03 rejection. This is now fixed.
(Individual return 2022): CMN.ATO.GEN.XML04: This error is implemented and will occur if there is a dividend record and Unfranked or Franked dividend amounts are zero.
(Activity statements) CMN.ATO.AS.EM060: This rejection occurred when there were labels T11, 5A, 8A, and 9 were incorrectly rounded. This is now fixed.
(Company return 2020 ) CMN.ATO.IDS.440561: International related party dealings information is required: This error was occurring incorrectly and is now fixed.

Client Accounting

Statutory reporter

In the Client accounting > Statutory reporter > Compilation report, we've inserted the following sentence into the 2nd paragraph, under the Assurance Disclaimer heading:

Accordingly, these special purpose financial statements may not be suitable for other purposes.

Quantities in formatted reports: If you've migrated from old MYOB Essentials to new MYOB Essentials/MYOB Business, and when you post a client accounting journal with quantities, it was not appearing on the formatted reports. This is now fixed.

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