All your tax updates on demand. Simple.
What you need to know Workbook Live Chat Have a Tax Party! CPD Hours Product demo’s
Inland Revenue (IR) shutdown Thursday 12 ‐ Tuesday 17 April 2018 What services are unavailable? ir-File myIR IR call centres and offices What MYOB services will this effect? E-File IRD downloads (TAWS) eGST filing in MYOB Essentials and AccountRight
Agenda 1 2 3 AIM UOMI FAQs from Support Use of Money Interest (UOMI) Common tax issues and how Accounting Income Method (AIM) for provisional tax safe harbour extension and to resolve them changes to the estimate method 4 5 6 Tax Manager updates Tax return changes IR10 Workpaper Including Residential Land New IR10 workpaper in New features and changes over the last year Tax (RLT) calculation change Client Accounting to import into the IR10 form 4
What products are we talking about? MYOB AO Classic MYOB AO MYOB AE MYOB AE (hybrid) Tax Tracking AE Practice Manager Often referred to as Return Preparation Return Preparation AO Classic Tax the ‘New AO’ Tax Management E-Filing Returns May include Tax E-Filing May include Tax May include Tax Manager Manager Manager 5
What products are we talking about? MYOB Essentials AccountRight AIM AIM 6
1 AIM Accounting Income Method (AIM) for provisional tax
Things to note Once you start AIM, it’s for the whole year AIM will be available in both Essentials and AccountRight ledgers AIM is filed at the same frequency as GST returns, or every 2 months AIM AIM payments are due with every AIM statement Penalties only apply if you don’t pay in full on time No tax pooling with AIM
Things to note To be eligible to use AIM a taxpayer must: Have gross income below $5 million NOT be one of the following types of entities: trustees, beneficiaries of a trust, or partnerships; AIM taxpayers who have investments in foreign investment funds or controlled foreign companies for the income year; M ā ori authorities; portfolio investment entities; or superannuation funds Not be in a transitional year
AIM Eligibility Once on AIM, entities can be disqualified from the scheme if they: have been liable in 1 of the last 4 years before the current year for a shortfall penalty in relation to their use of AIM; have consistently and systematically used AIM to inaccurately assess AIM its tax liabilities have failed more than twice in the current tax year to file their Statement of Activity
Demo AIM
What areas show AIM in Tax Manager? 1. New check box on clients tax tab 2. Alerts in Tax Manager 3. Option in the provisional tax calculator AIM 4. AIM column in Find Tax Client view 5. Two new tax notices
New check box on clients Tax tab Update your clients tax details for AIM
New check box on clients Tax tab Update your clients tax details for AIM
New Alert in Tax Manager Indicates AIM method selected on Client Tab
Option in the Provisional Tax Calculator Aim method available from 2019 provisional tax year
Option in the Provisional Tax Calculator Aim method displays on Tax Manager Summary view
AIM column in Find Tax Clients view
Two new tax notices Notice will only show other payments due
AIM What changes when filing a tax return? 1. No provisional tax calculation 2. Client tax statement – disclaimer AIM
Provisional tax option becomes AIM
No provisional tax calculator
Taxation Statement in AO Includes a disclaimer when using AIM that provisional tax will not show
Return Properties in AE
Taxation Statement in AE Includes a disclaimer when using AIM that provisional tax will not show
2 UOMI Use of Money Interest (UOMI) safe harbour extension and changes to the estimate method
Changes Safe harbour and who it applies to 1. Safe harbour rules extended to cover all entities 2. Threshold increased from $50,000 to $60,000 UOMI
Overpayment Rates changed 8 May 2017 new rates added Now 1.02% from 1.62% UOMI Underpayment 2019 tax year available Now 8.22% from 8.27% Access to the 2020 provisional tax calculator
Calculation date changes Example: Non-individual client March balance date UOMI Standard method for provisional tax RIT of $10,000 1. For 2017 the UOMI will generally be calculated from 29 August 2016 2. For 2018 the UOMI will generally be calculated from 8 April 2019
Demo UOMI– Part 1
UOMI Months later…
Demo UOMI– Part 2
Changes in AO without Tax Manager 1. Document date THEN 2. Return date THEN 3. Today’s date UOMI
Classic without Tax Manager The calculation uses the Document Date first
Classic without Tax Manager Secondly the calculation looks at the return date
Classic without Tax Manager Finally the calculation uses “today’s date” UOMI Today
Differences in AE Tax Calculation uses first day after P1 due or change from the list
Differences in AE Tax “Save Results” must be selected to save changes to the tax return
3 FAQs from Support Common tax issues and how to resolve them
What is a KB article and when should they be used? Access from my.myob.co.nz
Avoid creating a duplicate client record in Classic Create client in AO or AE using the wizard
Avoid creating a duplicate client record in Classic Required fields have red triangles
Avoid creating a duplicate client record in Classic Only complete the code and name
Avoid creating a duplicate client record in Classic Create client record then edit
What do I do if a tax notice amount is not the expected amount to pay? error FAQs from Support Article KB 37195
Relationship details not updating in the Tax Return To make sure the details are up to date: 1. Refresh the relationship in Return Preparation 2. Delete & re-create in AO or AE FAQs from Support Article KB 36297
Demo Updating relationships in Classic
Relationship issues in the Tax Return Use the Associated tab in AO or AE Article KB 34447
Run setup on each computer after installing updates Article Article Article AO Hybrid AE KB 34729 KB 38039 KB 32175
Workstation install after downloads Perform all the checks before you begin Article Article Article AO Hybrid AE KB 34729 KB 38039 KB 32175
F1 Help Key Dear F1 THANK YOU!!!! For being such an amazing source of help and information. I know you’re always there for me whenever I need. Your best friend Phil Court CA
F1 Help Key Find Tax Clients view
F1 Help Key Help opened by F1 key from Find Tax Clients view
4 Tax Manager updates New features and changes over the last year
Alerts, Alerts, Alerts There is a NEW Alerts view in Tax Manager Tax Manager updates
Demo Alerts view in Tax Manager
Security New task permission added for Alerts view
Alerts Error fixed - "An error has occurred on the host service" Tax Manager updates
Demo Voluntary adjustments
Tax Manager view Presentation and transfer changes for: Tax summary view Add item error Tax Pool Fund Transfers Tax Manager updates
Summary – Terminal Payments Tax Manager view
Tax Summary – Terminal Payments WFFTC and Student Loan sub-totals
Tax Manager reconciliation Can now add one-sided entries
Tax Manager transactions Tax Pool Transfers added as an option
Unreconciled view IRD Assessments will show on unreconciled view when: The assessment has an amount AND There is a variance Tax Manager updates
New IRD Status column Available in Find Tax Clients view from the field chooser
Filed date in Find Tax Clients view When a tax return is not using E-File this will now display the IRD assessment date Tax Manager updates
Even more columns! Tax Client column available from Find Clients view in AO and AE
Demo Filing Statistics view
5 Tax return changes Including Residential Land Tax (RLT) calculation change
Residential land withholding tax credits (RLT) The 2017 specifications contained incorrect instructions for the calculation and inclusion of RLT for: Income tax return: Estate of trust IR6 Tax return changes Income tax return: Partnerships and Look-through companies (LTCs) IR7 The calculations have been corrected for 2018
Residential land withholding tax credits (RLT) IR6 calculation 2017 IR6 calculation 2018
Residential land withholding tax credits (RLT) IR7 calculation 2017 IR7 calculation 2018
Residential land withholding tax credits (RLT) IR7 calculation change for 2018 total
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