MYOB AE/AO release notes—2019.0 (Australia) BETA

For MYOB AE/AO

1. Open MYOB AE/AO.

2. Click Help and select About.

3. Click Plugins.

4. Check the version number of individual products.

For AE/AO Tax

1. Open a tax return.
2. Click Help and select About.
3. Check the version number is 2018.3 for a 2018 return and 2019.0 for a 2019 return.

• We've made changes to the International dealings schedule (IDS):
  • Section A—Changed questions 2 and 13f.
  • Section B—Changed question 19a to indicate if a taxpayer has any financial arrangements that didn't give rise to a debt interest.
  • Section C—Changed questions 21, 22, 23 and 29.
  • Section E—Added a question, 40d, about amounts denied under section 160ZZZL of the ITAA 1936.
  • Section G—Added this section as part of the implementation of the OECD hybrid mismatch rules.

Additions

• There's a new deductions schedule.

You'll need to know how to complete IITR deductions. Click here to learn how!

• A new income category at item 24 of the First home super saver scheme (FHSS).
• Low and middle income tax offset.

Removals

• We've removed the Interests and dividend deductions (BJ) schedule.

Other changes

• We've updated the following:
  • The Medicare levy low income threshold.
  • The income tax thresholds for residents, non-residents and working holiday makers.
  • Private health insurance rebate for 2018–19.
  • HELP, TSL, SSL or ABSTUDY SSL and SFSS Thresholds 2018–19.

• We've added a reportable tax position schedule for companies with a turnover greater than $250 million.
• We've changed the base rate entity from companies with an aggregated turnover threshold of less than $25 million, to those with less than $50 million.

• If you're an individual entity and sell your main residence to downsize, you can put the sale proceeds toward a superannuation contribution of up to $300,000.
• For individual entities, the total superannuation balance (TSB) is made up of balances from the limited recourse borrowing arrangement (LRBA).
• We've increased the bank account name to allow 200 characters (SMSF only).
• We've added the following:
  • In the SMSF auditor section, the label Was Part A of the audit report qualified?
  • In the assets and liabilities sections, the label Crypto-Currency.
  • At label 7C, a drop-down for selecting the electronic service address.

We'll continue developing Tax 2019 after the beta release. The following will be available in the 2019.0 general release:

• 2019 pre-fill changes of the individual return.

• Changes to the work-related self-education expenses worksheet (sed).

• Add D4 to the deductions schedule.

• Some depreciation required for the deductions schedule changes are incomplete.

• Tax Letters.

• Reports.

• Tax Tracking (AE non integrated release sites only).

• Increase in instant asset write-off threshold and turnover.