Taxation Note is calculating tax at 33% instead of 28%
This support note applies to:
- AE Reporter (NZ)
In MYOB Reporter version 3.4.4, you may experience the Taxation Note is calculating Prima Facie Income Tax, Non-Deductible Expenses and Non-Assessable Income incorrectly at a rate of 33% instead of 28% in the #Company Financial Statements for the 2017 financial year.
This issue occurs where the tax rate is calculating at 33% instead of the 28%, being the rate applied for the 2012 financial year and onwards.
We have addressed this issue in AE Reporter, version 3.5.100.
Download the latest release on the my.MYOB Product Downloads page, New Zealand.
Prior to this release, to calculate the correct values in the Taxation Note, edit the format to calculate tax using the correct tax rate.
To open Report Designer at Practice level
For more details refer to Accessing Practice Level Report Designer.
- Perform the following instructions from within the Practice Report Designer window.
Click Formats tab. The list of formats appears.
The Formats tab is located at the bottom left side of the Practice Report Designer window.- Double click the Notes - Taxation format. The report format opens in the right-hand pane.
- Navigate and click in cell C6. The cell is highlighted.
- In the cell, change the number 33 to 28. The formula now calculates at 28%.
- Repeat step 4 for cells C7, C8 and C9. The formula for the cells C7, C8 and C9 now calculates at 28%.
- Click Save. The amended format is saved.
- Click Close. The format closes.