This support note applies to:
- AO Tax (AU)
- AE Tax Series 6 & 8 (AU)
- AE Tax (AU)
In MYOB Tax you may occasionally experience in an Individual return, that a balancing adjustment amount (resulting from the sale of an asset) in a prior year, may appear at Item D5 Other work related expenses.
To resolve this you will need create a test asset to be depreciated, integrate it into Item D5 Other work related expenses and then delete this asset to remove the carried forward balancing adjustment amount.
Follow the menu path: Preparation>Schedules. The Select Schedule Type window appears.
Highlight the Depreciation Worksheet and click Select. The Depreciation Worksheet Index appears.
Click New. The Depreciation Item Properties window opens.
Complete the worksheet with asset details such as Date Purchased, cost of asset, Opening adjustable value (OWDV) etc. The details are completed.
Click the Disposal tab and complete the Disposal date and consideration. The details are completed.Ensure that the Disposal date entered is within the tax year period.
While in Disposal tab select the drop down arrow at the To form/schedule field in the Allocation of profit/loss area. The integration options display.
Select the I Form (D5) option. The I Work expenses (D5) details appear in the To form/schedule field.
Click on the Integration tab and select the option I- WRE Deductions. The Schedule Item field is active.
In the Schedule Item field click the drop down arrow and select Other work expenses (D5). Item D05 appears in the Schedule item field.
Click OK. The Depreciation Asset is saved and the Depreciation Item Properties window appears.
Click Cancel. The Depreciation Worksheet Index appears.
Click Close. The details of the disposal integrates to Item D5 and also the amount in the Deductible balancing adjustments label changes to include the new updated amount.
Repeat Steps 1 and 2 to access the Depreciation Worksheet Index window. The Depreciation Worksheet Index appears.
Highlight the test asset and click Delete. The message "Delete item. Are you sure?" appears.
Click Yes. The Depreciation Worksheet Index appears and the asset is deleted.
Click Close. The balancing adjustment amount in the schedule at Item D5 disappears or has changed to the correct figure.