Tax Estimate [F4]

For MYOB AO, this Estimate Report provides a detailed estimate of tax payable with the components of Tax Payable/Refundable in the order they are calculated and applied. The Taxation Estimate may also be obtained when printing the income tax return.

For MYOB AE and Series 6/8, an estimate will be prepared for a trust return where the Front Cover shows Is any Tax payable? as Y and the relevant trust table is selected.

To generate an estimate of tax payable/refundable

With the return open:
1. click the Estimate icon or [F4] or Preparation > Calculation > Estimate. The calculation begins immediately once the Estimate is selected. A dialog indicates that this process is in progress.
2. (AE, Series 6 & 8) Alternatively, from the Calculations index right click on the calculation and click select Reports > Estimate.
(AO) For a Company return select Yes or No at the prompt Exclude PAYG estimate? in the calculation.
(AE, Series 6 & 8) Once prepared the Estimate offers the report options. Select the report options and click OK to continue.
Select the reporting options on the Preview/Print Screen for this estimate and click OK.

Report options

To include the different estimate options when printing the return

From with the tax return:

Follow the menu path: Reports > Print Return.

Select the Print option > Estimates tab.

You can select the following options to be included when printing the tax return.

Taxation estimate: This option provides an estimate of tax payable in a format similar to that issued by the Australian Taxation Office.

Detailed estimate: This option provides a detailed estimate of tax payable in a format which presents the components of Tax Payable/Refundable in the order they are calculated and applied.

Projected Payments schedule: This option reports the projected amounts of tax and the dates on which instalments are due. When this option is checked, you will be able to change the Estimated lodgment date if the date for lodgment is to be a date other than the current date.

Next lodgment date: If a Projected Payments Schedule is selected, the date will be available for editing. The default date is the system date, that is, today's date. A Projected Payments Schedule based on today's date plus a calculated number of days for the assessment to issue from the ATO will be prepared. The date of lodgment may be a date other than today's date. It must be entered in the format DD-MM-CCYY.

Medicare Audit Trail: This option provides a detailed report of the Medicare calculations, including upper and lower thresholds, exemptions and number of children.

SAPTO Audit Trail: This option provides a detailed report of the Senior Australians and low-age Government Pensioner offsets calculations. The audit trail will print when this audit trail option is set and the taxpayer has a SAPTO or Department of Veteran Affairs code and has taxable income.

Exclude TFN: This option provides similar functionality to income tax return printing, providing for the printed copy of a tax estimate to exclude the tax file number.

Method of calculation of instalments: If as a result of the calculation, the system detects that Instalments are applicable, the Method of calculation of instalments will be set to Q. If the payment is other than quarterly, select from the list which contains these options:

Annual
Seasonal
Quarterly

There may be some situations where you may need to edit the estimate manually. See Editing a tax estimate manually for more information