This support note applies to:
- AO Tax (AU)
- AE Tax (AU)
In MYOB Tax 2016.0 we have identified an issue with the calculation of complementary tax during the first 2 years of deriving primary production income and electing to use income averaging.
Per Section 392-10 of the Income Tax Assessment Act 1997, for the first averaging calculation a minimum of two years is required in which the basic taxable income of the second year must be no less than the first.
MYOB Tax is currently calculating complementary tax in the taxpayers second year where the first years' taxable income is less than the second years' taxable income.
This issue was first identified in Tax 2016.0 and is still calculating incorrectly in the most recent release.
MYOB is investigating this issue.
1. Remove the first year from the return Properties > Estimates tab in order to print the estimate.
2. After printing the estimate the client must return the first years income to the Properties > Estimates tab so that the rollover to next year is correct. If not, next year's estimate will be wrong.
MYOB INTERNAL STAFF ONLY
Problem Record # 135679456761
Service Request # 135260099276