MYOB AE/AO release notes—5.4.50/2023.3 (Australia)

Release date—April 2024

Client Accounting

MYOB Essentials to MYOB Business ledger configuration update

From April 2024, we will stop supporting MYOB Essentials. All customers using MYOB Essentials have now been migrated to MYOB Business.

Any client configured with MYOB Essentials in Client accounting will show an error after April 2024. To avoid this error, update your MYOB AE/AO to 5.4.50. During the installation, any clients using MYOB Essentials will have their configuration updated to MYOB Business. Learn more.

Resolved issues

This release includes the AE/AO Client Accounting KB92995595 hotfix (Australia) hotfix released on 14th February 2024. If you haven’t installed the hotfix, you can install this release which will also include the changes below.

The Income Tax and Dividends section of the Income Statement, Summary Department Report and Consolidated Department Report will now report the closing balance instead of the net movement.

Tax

Final release of AE Series 6/8 tax

This is the final release for Series AE 6/8 tax. From 15 June 2024, Series AE 6/8 tax will no longer be supported. To get your 2024 tax update, you’ll need to migrate to the PM Plus integration.

To learn more about this migration, see

We also offer a paid service if you’d like us to migrate to PM Plus for you. Email our customer success team at csaccounting@myob.com for more information.

2024 Fringe Benefits Tax return

From April 2024, you can lodge the 2024 FBT tax return. See 2024 Fringe benefits tax return instructions on the ATO website.

Rates changes

We've updated the following

Foreign currency exchange rates for the 2023 financial year.
GDP adjusted to 6% for the 2023-24 income year. This is used for calculating quarterly GST and PAYG instalment amounts.

Resolved issues

Estimate

SAPTO: We've fixed the issue where the SAPTO was not applying the resident tax-free threshold to the SAPTO rebate threshold.

PLS validations/rejections

Individual return:

(Business Income Statements and Payment summaries (bip) worksheet) CMN.ATO.INCDTLS.000374: This error happens when the Income type is incorrectly defaulting to B. This is now fixed.
(Distributions from Trust -dit worksheet) CMN.ATO.IITR.730088|CMN.ATO.IITR.730097: We've implemented a F3 validation where there is a value from the Foreign income worksheet but the foreign income type code is blank or foreign income type code has a code but foreign income or expenses are blank.
(Other income for Category 1, 2 and 4) IITR.730295: We’ve implemented an F3 validation when the description or value exists but the income type code is blank.
ATO validation changes: We've implemented changes as per the ATO for VR.ATO.IITR.730057 and VR.ATO.IITR.800005

Company return

CTR.500370/CTR.500371: This error occurred due to a rounding issue in the Loss Carry back offset. This is now fixed.

Other changes

We've updated the occupation codes picklist to match the ATO specifications.

Upcoming changes to SQL 2014

Microsoft is ending support to SQL 2014 on July 9th. To upgrade your SQL version, we will release a tool in the future AO updates. As a pre-requisite to run the tool, make sure you’ve installed version 5.4.50 or later.