MYOB AE/AO release notes – 5.4.54/2024.3 (Australia)

Release date – March 2025

This release includes changes in AE/AO, MYOB Practice, Assets online and Client Accounting. Read the release notes to learn more.

Fringe Benefits Tax (FBT) returns in MYOB Practice tax

FBT in MYOB Practice is available from 1 April 2025 if you've installed 2024.1 onwards and been granted access to the individual, company, trust and partnership return in MYOB Practice.

As part of our continuous delivery of MYOB Practice tax, you can create MYOB Practice Fringe Benefit Tax returns directly from AE/AO. Any returns created in MYOB Practice will display in AE/AO with a little cloud icon.

You can continue to create FBT returns in AE/AO, but we recommend using FBT in MYOB Practice. This will make the transition to MYOB Practice smoother for your practice in the future.

If you lodge the same tax return through AE/AO and MYOB Practice, the ATO will delete the second return that they receive if they determine it is a duplicate. The deletion won’t be reflected in AE/AO nor MYOB Practice.

Other enhancements in AE/AO

The tax returns tab will now display both AE/AO and MYOB Practice FBT returns along with tax returns and activity statements.
We will display more details in Return details in AE/AO for the following returns in MYOB Practice:
- FBT return: Return code, Tax Year, Form Type, From and To dates, Status, Status Date, Date Due, Date Lodged, Revision, and Payable/Refundable.
- Activity statements: Date, Date Due, Date Lodged, Revision, and Payable/Refundable.
- Tax returns: Status Date, Date Due, Date Lodged, and Tax estimate

Tax

Error fixes

Error: You can’t add beneficiaries to the TFN reporting form in a Trust return that is lodged in MYOB Practice.
This error occurred when trying to prepare a tfn details report when the beneficiary of the trust's 2024 income tax return was done in MYOB Practice. This is now fixed.
Estimate fixes
- Trust return estimate: If the assessment calculation code is 12 and amounts are distributed, the estimate does not generate. This is now fixed.
SBE depreciation display: The SBE depreciation value was displaying incorrectly when the Date first used/held ready was 30 June 2024. This was a display issue only and the values are correct in the tax return.
Printing:
- Company return 2024 :
  - The Consolidated group losses schedule 2024 is not printing when printing the return. This is now fixed.
  - Item 6 Label R - Foreign income was not displaying in print preview. This is now fixed
- Trust income schedule 2024:
  - TFN was not hidden when Hide TFN is ticked. This happens in Company, SMSF, Partnership and Trust returns. This is now fixed.
  - Tax office copy PDF was printing #Error for some values in the Trust income schedule. This is now fixed.

PLS validation fixes

Individual tax return
- XML01 and XML03 errors - We’ve implemented F3 validation conditions for various XML errors to avoid ATO rejections.
- INCDTLS.000415: This error occurs when the Interest adjustment description field is greyed out even when the reason is Other.
Trust return
- XML01 and XML03 - This issue occurred when there was a balancing adjustment at item 14 and was not being included in the return. This is now fixed
- TRT.433083 - Capital gains is incorrect: This issue occurred when capital gains are distributed to more than 1 beneficiary. This is now fixed.
- TRT.442897 - This issue occurred when there is a distribution from partnership with franked distribution income and franking credits. This is now fixed.
Partnership 2024
- VR.ATO.PTR.440038 - This issue occurs due to the incorrect integration of the values from the trust income schedule to the main return. We’ve implemented the validation rule.
- CMN.ATO.IDS.440760 - This is now fixed.

Client Accounting

Assets and workpaper fixes

Assets online

When calculating Accounting depreciation (using Straight line method) for the final year, the residual value is not included in the calculations. This is now fixed.
The Accumulated depreciation expense calculation is incorrect as it adds the residual value twice. This is now fixed
CSV imports: If you imported an asset using CSV with a purchase date from the previous year and selected Immediate write-off as the Depreciation method, you may have noticed that the value for private use was displaying as zero after the import. This is now fixed.
CSV imports: If the method was TFE in a CSV import file for assets, it wasn't being imported correctly. This is now fixed and the TFE method will import.
The motor vehicle cost limit is updated to 2024-25 rate to $69674.

Workpapers

When printing workpapers if you’ve selected Default printing order, document hyperlinks will attach to each workpaper instead of at the end of the PDF document.