What’s new in MYOB Practice

New features

Error indicator on the tax return navigation bar to easily locate the error

31 October

The tax return navigation bar will show an indicator highlighting any validation errors linked to items. This will help you find where the error happened more easily.

You'll see red error or yellow warning indicators after you've validated the tax return. The indicators will show in the main label, sub-labels and any schedules or worksheets.

Only the most common errors will be indicated on the navigation bar and won't include error details. The full list of errors will be displayed on the top of the tax return as usual.

More tax returns let you add associations from existing data (EAP only)

21 October

In addition to spouse details in individual tax returns, you can now also add association details in 2024 tax returns onwards for:

• beneficiaries in trust returns

• partners in partnership returns

• investors (shareholders) in company returns.

Investors will no longer be rolled over from MYOB AE/AO for a dividend and interest schedule when migrating a company tax return. The Dividend income schedule and Interest income schedule aren’t affected.

Integrate the depreciating assets from Assets to an individual tax return

18 October

Keep all the asset information in one place and integrate them into different worksheets/schedules in a tax return.

Check out the new tax depreciation worksheet to allocate the amounts to the necessary schedules and worksheet fields.

Enhancements

New and improved tax estimate

23 October

We've improved the tax estimate by organising the information for better clarity. This new layout will highlight key information such as tax payable/refundable. This is part of the continued improvements to MYOB Practice. The latest enhancements include:

• Improved visual hierarchy of information and visibility of key amounts.

• Better layout and readability, such as updated fonts and fresh text styles, such as bold, underlines, and shading, and a new look for the header and footer.

No more overdue messages on Non lodgable status in the Activity statement list

4 October

Any activity statement with a non-lodgable status will now show on the lodged list after the due date has passed. You'll no longer see the overdue message in the lodgement due column for any obligation past the due date. This will avoid any confusion for any outstanding obligation that may not be required.

Tax return opens in a new tab

4 October

You can now right-click on the Compliance type in the Client workspace or Compliance page and choose Open in a new tab. This feature allows you to easily switch between windows while working on a tax return, helping you stay focused.

Improvements to validation errors in Trust return schedules

3 October

Following our improvements to validation errors in trust returns, we've extended this to rental, capital gains, losses, and trust income schedules within the trust return. You can now see errors as you type and go directly to the source of the error on these schedules.

29 September - New status date field in compliance

On the Compliance page, we've created a new Status date column. You can sort the returns using this field and keep the progress of your returns.

3 September - Validation error improvements (Trust return)

If you use trust return in MYOB Practice, you'll see improvements when validating the return. This makes sure the information you're entering is accurate and helps you avoid ATO rejections.

• See errors as you type
  As you complete certain fields, we'll check for any errors and show a red message below the field so you can fix it straight away.

• Go directly to the source of the error
  For any validation errors, just click the error message to go directly to the field that needs attention. This means you can find and fix errors quickly without searching.

1 September - Displaying activity statement form types and period

When you open the activity statement, you will see the form name, type, and period on top of the form. This includes revisions.
This will make it easier and simplify the process of identifying the obligations that you need to prepare and lodge for your client.

27 August - Sharing income from trust and partnership returns to other non-individual returns

You can now distribute income from a trust or partnership return to the Company, Trust and Partnership entities. This will reduce manual data entry into the income labels and you can avoid potential errors.

1 August – Tax return printing enhancements

We've changed the order of pages when printing the tax return. This will make it easy to look at the important information such as estimates and ELD to get your client's signature.

The printing order now is as follows:

• Tax estimate

• Electronic Lodgement Declaration

• Tax return

• Schedules and workpapers.

(Previously the estimate was printed at the end of the tax return, before the schedules and workpapers)

10 July - Small business instant asset write-off increase

The threshold to increase the Small business instant asset write-off to $20,000 is now law. We’ve updated the threshold amount in the software. Read more about the Small business energy incentive in the 2024 tax compliance changes page.

27 June

• Tax compliance for 2024 is here!
  You've got all the latest updates you need for the new tax year, including changes to:

  • Rate changes

  • Trust income schedule

  • Small business energy incentive

  • Government benefit certainty indicator

  • Digital games tax offset

  Learn more about changes in 2024 tax compliance.

• For individual tax returns from 2024 onwards, if spouse details are required, the relevant fields will have 0 by default to help avoid potential filing rejections for blank fields.
  We’ve also updated individual tax returns to let you easily add spouse association details using existing data.

23 April - Tax validation message

You'll see a message to warn you if you approve a tax return that has validation errors or hasn't been validated, with an option to continue or go back and validate.

23 April - Filter tax returns by the client’s office category

This information only applies if you have MYOB Practice and MYOB AE/AO

If you applied multiple office categories to your clients in MYOB AE/AO, you can filter by office on the MYOB Practice Compliance list in All clients view. For example, if you want to find all tax returns or activity statements from clients with an office category of Melbourne.

23 April - Individual tax returns are now available

We've released Individual tax returns in MYOB Practice.

If you use MYOB AE/AO, you can prepare and lodge individual tax returns in MYOB Practice Tax. See our onboarding guide on how to set up and get started.

15 April - Easily find and fix errors as you enter data in a tax return

We’ve improved error validations in individual tax returns and schedules. This makes sure the information you're entering is accurate and helps you avoid ATO rejections.

• See errors as you type

  While entering data into certain fields, we'll check for any errors and display a message in red below the field so you can fix it straight away.

• Go directly to the source of the error

  For any validation errors, just click the error message to go directly to the field that needs attention. This means you can find and fix errors quickly without searching.

This feature is available on the

• Individual tax return fields

• Schedules that are completed to enter income such as salary and wages, interest income etc.

• Rental property schedule

• Deductions schedule

We're planning to introduce it across other form types and schedules.

15 March - Quick view of the tax estimate
You can now get a running balance of the taxable income and tax payable or refundable on top of the tax return.
This gives you quick visibility of estimated amounts based on what's currently entered in the tax return.

What are the fields displayed?

12 March - Populating distributions from trust and partnership income amounts into individual tax return
When you distribute to an individual beneficiary in a trust return or to an individual partner in a Partnership return, the amounts will automatically populate the individual tax return labels you're distributing into.

1 February - Improvements to moving a tax return from MYOB AE/AO to MYOB Practice
You'll have a better experience when moving tax returns from AE/AO to MYOB Practice thanks to many improvements we've made throughout the process.

• The Move the tax return online window's performance, visuals, descriptions and linked resources have been updated and improved.

• The Live button with the cloud icon at the top of AE/AO is now called MYOB Practice.
  

  

• Previously, you'd need to create, rollover, open and close a tax return in AE/AO before you could open the Move the tax return online window.
  Now the Move the tax return online window opens as soon as you click Create Return in AE/AO.

• Previously, with some computer screen resolutions, the Move the tax return online window would be cropped. Now it'll look good with all resolutions.

• Previously, the Move the tax return online window would momentarily not be viewable when you click the Move the return online button. Now this won't happen when you click the button.

• Previously, when moving the return was finished and you closed the Move the return online window without launching the return, there'd be nothing on the AE/AO window to indicate that the return was moved.
  Now, the AE/AO window will automatically refresh and show the new return with a little cloud icon next to it, indicating it's a return in MYOB Practice.

  

• Previously, after moving a return to MYOB Practice, you may have seen errors for your assets. This was caused by the depreciation worksheet in AE/AO not requiring an asset class, while MYOB Practice does require an asset class.
  Now, we've fixed this by adding a Default Asset Class value in Client Files > Assets. You can transfer the asset class after moving the return to MYOB Practice at your convenience, instead of needing to fix all the assets before being able to move returns without issue.

• If you experience an issue with the migration process, you'll see more detailed error messages than before, most with links to more help.

Learn more about the process in the following pages:

• Creating a tax return

• Tax return data that rolls over

• Errors when moving tax return from AE/AO to MYOB Practice

24 January - More ways to find a tax return
Above the list of returns on the Compliance page:

• the Search field lets you search by client code.

• there's a new field that lets you filter by manager

15 January - Adding columns to the Online files page
Click the Columns icon to add and remove the columns displayed.

9 January - Focus on information in schedules with a cleaner interface
When you open a schedule, it'll expand to fill the whole browser tab. Other settings, menus and the client sidebar will be hidden. You'll see the client name and client code above the schedule.

14 August - Simplified workflow for removing client file access

This only applies if you have MYOB Practice without MYOB AE/AO

When you remove a user, their access to client files will also be removed. This means you no longer need to remove file access in my.myob. By keeping more of your workflow within MYOB Practice, you get a more consistent, focussed experience.

Deleting the user won't remove their access to client files if the user is marked as Admin in my.myob.com > My account > Manage online file access. To remove file access for Admin users, contact us.

25 June - User management improvements

MYOB Practice users without MYOB AE/AO only

It's easier than ever to add new users to MYOB Practice. You no longer need to create a my.myob account, and you can do all the setup steps from within MYOB Practice.

There are also two new permissions available to control who can manage practice users and online file access.

You may notice some updated permission and label names while doing user management tasks. For example, the Administrator permission is now Practice administrator, the Staff menu is now User and the Roles menu is now Permissions.

Read all about the details about adding users and assigning permissions.