Release date—29 March 2023
This release (5.4.46/2022.3) includes the following changes.
From April 2023, you can lodge the 2023 FBT tax return. See 2023 Fringe benefits tax return instructions on the ATO website.
FBT changes for 2023
- Exemption for the private use of electric vehicles
From 1 July 2022, employers won't pay FBT on benefits provided for eligible electric cars and associated car expenses. Benefits provided for electric cars are exempt from FBT if all the following criteria are met:
- the car is a zero or low emissions vehicle
- the first time the car is both held and used is on or after 1 July 2022
- the car is used by a current employee or their associates (such as family members)
- luxury car tax has never been payable on the importation or sale of the car.
For more information see Electric cars exemption
- COVID-19 testing for work-related purposes and the otherwise deductible rule
From 1 July 2021, individuals who buy or pay for a COVID-19 test for work-related purposes – such as to work out if they should attend or remain at work – can claim an income tax deduction for this expense.
If an employer buys, pays for or reimburses these expenses instead of the employee incurring the expense, the otherwise deductible rule may apply. This will reduce the taxable value of the expense payment, property or residual fringe benefit.
For more information see COVID-19 tests and the otherwise deductible rule.
- Access to certain FBT small business concessions
Under changes to the FBT and income tax laws, businesses with an aggregated turnover of $10 million or more and less than $50 million can access certain existing FBT small business concessions.
Eligible businesses can access:
- a fringe benefits tax exemption in relation to small business car parking
a fringe benefits tax exemption in relation to the provision of multiple work-related portable electronic devices.
The changes to eligibility for the concessions apply in relation to benefits provided to employees from 1 April 2021 onwards.
We've updated the following for the quarter :
- Interest rates for calculation of early payments, overpayments, and delayed refunds for the quarter ending March 2023.
- Consumer price index (CPI) rates for the quarter ending 30 September 2022.
- Consumer price index (CPI) rates for the quarter ending 31 December 2022.
Changes to your SQL sa password
To keep your data secure, you'll be prompted to change the password for the sa username in SQL if you're using the default password set by MYOB.
Changing the password can be done during the installation of this release or you can run the utility manually later.
For more information, see Changing the default password for 'sa' username in SQL.
- First Home Super Saver (FHSS) was included incorrectly when calculating ATI for Medicare and private health insurance calculation. This is now fixed.
- (Tax 2021) Capital gain calculation for non-residents: Incorrect discount was applied for asset purchased after 8th May 2012 for Foreign Resident in CGT. This is now fixed.
- Working holiday makers: Incorrect rates where used when calculating working holiday maker calculation. This is now fixed.
- (Tax 2021) HELP repayments not included in MYOB estimate where taxpayer has medicare reduction. This is now fixed.
- Individual return:
- CMN.ATO.IITR.730307: Work related uniform, occupation specific or protective clothing, laundry and dry cleaning expenses must be provided: We've implemented the validation message where there is an amount in the Deductions schedule but integrated into the individual tax return.
- CMN.ATO.IITR.730284 Other income type - Category 1 - Amount must be provided: In the Other income worksheet, when there is a code at Category but no amounts This is now fixed.
CMN.ATO.IITR.730308 - Work related uniform, occupation specific or protective clothing, laundry and dry cleaning expenses amount is incorrect: The amounts were integrating incorrectly where the record was $150 per transaction. This is now fixed
- Interest schedule: XML03: The tax return was rejected when the ATO pre-fill is ME BANK and has an invalid character.
- SMSF return
- Item 6 label D was incorrectly printing N even if is blank in the tax return. This is now fixed.
- ATO PDF copy will print the correct tax year for 2022.
- Company tax return:
Incorrect printing of headings and some fields introduced in 2022 do not print. These are now fixed.
- IDS schedule was not printing from Item 46 onwards if answered N. This is now fixed.
- Individual tax return
- Spouse details is no longer editable in a lodged return.
- Foreign income worksheet: You'll see a warning message : Supplementary dividend should not be greater than the Franking credits distributed if the Less Supplementary dividend amount is greater than Franking credits distributed.
- Capital gains schedule (Individual and Trust return):
- When rolling over a tax return from 2021 to 2022, Category code R is incorrectly rolling over Prior Year Loss. This is now fixed
- Company tax return
Loss carry back change of choice (2021 & 2022): Some fields were greyed out incorrectly in the loss carry back worksheet, this is now fixed.
Activity statements (BAS/IAS)
The PAYG Instalments were rounding to -1 option 2P was selected. This is now fixed.
For the 2 workpapers:
- Dividends paid – shareholders distribution statement
- Dividends received
We've updated the Corporate tax rate for imputation purposes for the 2021-2022 income year to 25%.
The rate field is editable and allows you to change the rate if required.
Intangible asset note
The note was printing a total only when there were 2 or more items. It will now total when there are 1 or more items.
Investment in properties note
In Reports > Other notes > Investment in properties note, we've updated the Heading text in Property6 from Use Account Descripton to Use Account Group name.
Export to Word
- We've fixed the paragraphs Accounting policy - revenue and other income - retail, wholesale, training and Accounting policy - Financial Instruments so when printing to word, it is no longer printing blank sections.
Statutory reporter rounding issue
- Previously, you've ticked Display Rounded Balances, the report and drill down on any report don't show the cents.
The changes you'll see after installing this version are:
- If you've ticked Display Rounded Balances and Calculate Rounding error adjustment, the behavior will be unchanged.
- If you've ticked Display Rounded Balances and not ticked Calculate Rounding error adjustment, the drill-down value will show cents.
If you've changed the Rounding error adjustment settings, make sure you click the Refresh icon(at the top left) for the settings to take effect. Reloading the report will not refresh the values.
- Assets that are migrated to Client accounting have a taxation depreciation of 100% which incorrectly changes to 0% in the Rate year 2+ field. This is now fixed.
Accounts migration to AE Ledger
- Any sub accounts from the Accounts file appear with the Unknown account name. This is now fixed.
- If you've created sub-accounts for each department with different names, the same set of sub-accounts will appear in all Divisions. This is now fixed.
- If you've created a different number of sub-accounts for the department, the number of migrated sub-accounts doesn't match with the original data. This is now fixed
- Account ledger with multiple partners into the AE ledger, only the first partner is migrated to the AE Ledger income allocation. This is now fixed.
Proof of Identity
- View the previous proof of identity entries in the View record section.
- Delete any clients with a complete POI.