MYOB AE/AO release notes—5.4.48/2023.1 (Australia)

• We've increased the number of member statements from 4 to 12 for the Superfund entity type.

• Specified text feature:
  You now have the ability to use the Specified text feature to edit heading descriptions, sub-total and total descriptions, and descriptions that are currently blank for sub-totals and totals, and on the summarised line items.

  • This feature is available for the following reports and will be available for more reports in the future:

    • Statement of profit or loss and other comprehensive income

    • Income statements

    • Appropriation statement

    • Operating statement

    • Balance sheet

    • Statement of financial position

    • Statement in changes in equity

  • When editing a heading or total description, you may see the following window. You have the option to change the heading and/or a total within the same property. If you're changing the description of a total, make sure to select the Total description as it always defaults to the Heading description.

    

    You can't change the descriptions for the following scenarios. When printing

    • the details of an account range (e.g., printing all items in the Expenses folder).

    • the details by header account. This setting is managed by the Account Type Group through Manage Accounts.

    
    

Account Policy Notes

• For the entity type Superfund, the Critical accounting estimates and judgments accounting policy will now always print

Notes to the financial statements

• We've moved the heading Movements in the Investment Property Note and it will now print under Balance at beginning year.

• We've made the spacing wider for columns in the Movements in carrying amounts in the Investment Property Note.

• We've corrected

  • the note number alignment for the Liability for accrued benefits note for the Superfund entity type.

  • the incorrect referencing to the trustee(s) in the notes and the Independent Audit Report - SDS when running the financial statements for Simplified Disclosures for the Association entity type.

Trustee's declaration

• The signatures at the bottom of the declaration are now aligned.

Committee's report

• No significant change in the nature of these activities occurred during the year will now only print if the NTD has been completed for Principal activities.

• The committee report will now be printed before the Auditor's Independence report.

Compilation Report

• The condition on the compilation report has been updated so it will now only print if the Auditor’s name has not been filled out in Non-transaction data > Auditor's details > Auditor's name

Auditor’s Independence Declaration

• The condition has been updated so the Declaration will now only print if you have entered the Auditor name under - Non-transaction data > Auditor's details > Auditor's name.

• CPI rates: CPI rates are updated for the period ending 30 June 2023.

• Interest schedule: When the interest income is prefilled subsequently, any Interest Certainty indicator reason and description from the first prefill were not cleared. This is now fixed.

• (2021, 2022, 2023) Tax estimate: The HELP debt repayment estimate was incorrect when there is a Medicare family low-income reduction.

• FBT 2024 was accessible incorrectly from the 2023 tax return. This is now blocked so you can no longer create a 2024 FBT return.

• Digital games tax offset: In the Refundable tax offset (rto) worksheet, we've created a new Other refundable tax offset field to claim the tax offset. See the ATO website for more info on Digital games tax offset.

• Printing: Item 7J and Item 7L were not included when printing the Electronic Lodgment Declaration (ELD). This is now fixed.

• (2022 and 2023) CMN.ATO.IITR.730359 Foreign income tax offset amount is incorrect: We've added an F3 validation if the FITO amount at Item 20 O exceeds the sum of all of the foreign tax paid amounts provided in the attached Income Details schedule.

• IITR.730234/ IITR.730240: We've added an F3 validation error if there is a Business Income Statements & Payment Summaries (bip) schedule with zero amounts and incorrectly rolled over.

• (2022) CMN.ATO.IITR.730088: We've fixed the integration of the foreign income worksheets (for), and Foreign Employment Income Non-Payment (fem) worksheet into the main return.

• CMN.ATO.IITR.211016: We've fixed the Go to link and it will now go to the spouse details so the required details can be completed.

• (2022 and 2023) CMN.ATO.SMSFAR.437136: We've added an F3 validation error if Credit for tax withheld - foreign resident withholding is greater than zero

• INCDTLS.000416: This error happens when there is no code present in the interest worksheet. This is now fixed.

• INCDTLS.000120: This error happens when Lump Sum in Arrears codes are incorrectly rolled over. This is now fixed.

• (2021 and 2022) V23: This error happened in an activity statement due to a rounding issue at the PAYG instalment calculation. This is now fixed.

• (2022 and 2023) XML04 - DividendTotal not found: We've implemented F3 validation where the Dividend record is present and zero in the amounts field. 

• CMN.ATO.IITR.800002/CMN.ATO.IITR.800004: We've fixed the Go to link and it will now go to the correct business item.

We've fixed a page scaling/sizing issue in the Activity statement Obligations homepage.