MYOB AE/AO release notes—5.4.49/2023.2 (Australia)

If you're on the MYOB Practice tax Early Access Program, we strongly recommend installing this update.

• Improvements when moving a tax return from MYOB AE/AO to MYOB Practice
  You'll have a better experience when migrating tax returns from AE/AO to MYOB Practice thanks to many improvements we've made throughout the process.

  • The Live button with the cloud icon at the top of AE/AO is now called MYOB Practice.

  • The Move the tax return online window opens as soon as you click Create Return in AE/AO.

  • For the full list of changes and all the details, see What’s new in MYOB Practice.

• The Specified text feature, previously available for some reports, is now available for all reports.

• There’s a new accounting policy note for each entity type, called Contract assets and liabilities.

Income statement

• The income statement shows net movement, rather than the closing balance of accounts.

Balance sheet

• For the super fund entity type, we’ve removed duplicate account codes from the Equity > Unallocated account group folder.

Audit report

• For the association entity type, we’ve updated the audit report to refer to the Incorporation Act 2015.

Compilation report

• The compilation report refers to Special Purpose reports instead of General Purpose reports when the Auditor’s name is blank under Non-Transaction Data.

Accounting policy note

• The accounting policy note Impairment of non-financial assets only prints for the association entity type.

Notes to the financial statements

• The Employee Benefit note only prints if using Simplified Disclosure reports.

Statement of change in equity

• The opening balance for reserves has been removed where a restatement has taken place.