EF: V2717 and V2772 when validating the SMSF Annual Return

This support note applies to:

• AO Tax (AU)
• AO Classic Tax (AU)
• AE Tax Series 6 & 8 (AU)
• AE Tax (AU)

In MYOB Accountants Enterprise and Accountants Office Tax (MYOB Tax) when preparing a SMSF Annual Return you may experience one or both of these errors when validating the tax return.  The following will explain these error messages so that it will assist you with resolving these ATO validation errors.

This information provides details on the following:  

V2717 : Check Gross Income

The ATO's definition of this error is:

If the amount at Exempt current pension income amount (Item 10 Label A) is equal to the amount at Gross Income (Item 11 Label W), reduce all item 11 income amounts to zero.

The following is the ATO Edit Test, which we have transposed for you (i.e. identified the tax return Item and label numbers) so that you can reconcile this error message more efficiently.

Item 10A = the sum of the following Items

11A + 11B + 11C + 11X + 11D + 11E + 11F + 11H + 11I + 11J + 11K + 11L + 11M + R1 + R2 + R3 - R6 + 11S + 11T + U1 + U2 + U3

 

For more information on how the ATO wants income declared in the relevant years' SMSF return please refer to the ATO return instructions for a 'Self-managed superannuation fund annual return'.  This document can be found on the ATO website.  This has been a known data input requirement since the preparation of the 2013 annual return. . 

V2772: Check Exempt current pension income

The ATO's definition of this error is:

If the response to 'Did the fund have any other income that was assessable?' (Item 10 Label E) is 'No' then Exempt current pension income (Item 11 Label Y) is not required.

The following is the ATO Edit Test, which we have transposed for you (i.e. identified the tax return Item and label numbers) so that you can reconcile this error message more efficiently.

        Item 10E = 'N' and Item 11Y ≠ Null

MYOB Tax defines 'Null' as zero or no entry. For more information on how the ATO wants income declared in the relevant years' SMSF return please refer to the ATO return instructions for a 'Self-managed superannuation fund annual return'.  This document can be found on the ATO website.  This has been a known data input requirement since the preparation of the 2013 annual return. 

Where do I enter values into the SMSF tax return?

MYOB strongly advises that if you have any questions as to where amounts are to be entered in the relevant years' SMSF tax return please refer to the return instrustions, the ATO website or contact the ATO directly.

If the ATO has given you advice on where a value is to appear in the tax return but you would like assistance with how to use MYOB Tax, contact MYOB Support with this information.

How do I enter tax credits after resolving these errors?

Once you know from the ATO where a value is to be entered, MYOB Support will be able to assist with how the software can achieve this.

MYOB advises that values entered in the tax return do integrate with the Calculation tab (if required). The Calculation tab is where the reconciliation of tax payable/refundable (including the application of tax credits) is done.
MYOB Tax also permits the ability to click on labels in the Calculation tab and enter these credits independently if required. Example: Franking credits.