8th July, 2024
At MYOB, we’re committed to supporting our Partners and their clients with our comprehensive suite of tax solutions and valuable resources.
Our recent webinar, MYOB Tax Updates 2024 provided an in-depth look at the key changes and new features in MYOB software to help you navigate tax season with ease.
Host Jody Sitters, MYOB Community Relations Manager – Accountants, along with the MYOB Team, take Partners through the latest tax updates, ensuring you’re fully informed.
The team is also joined by Joyce Ong and Lisa Greig – Tax Nuggets Academy, discussing the ATO’s top 3 focus areas for FY24 that you need to be aware of.
One of the significant updates this year is the introduction of the Trust Income Schedule. This new schedule, part of the Modernisation of Trust Administration Systems (MTAS) project, simplifies the reporting process for trustees and beneficiaries.
As well as introducing the new schedule based on the ATO’s requirements, we’ve also updated the layout design to provide consistency across return types and enhance efficiency.
Jack Yeung, MYOB Solution Consultant, demonstrates how the new Trust Income Schedule works.
We’ve included other income tax reporting changes under MTAS including new capital gains fields, and data validation to facilitate consistent reporting and strengthen data integrity.
The small business asset instant write-off has been extended until 30 June 2024 (pending 30 June 2025 legislation), allowing small businesses with an aggregated turnover of less than $10 million to immediately deduct the full cost of eligible assets costing less than $20,000.
This update aims to improve cashflow and reduce compliance costs for small businesses.
This threshold applies on a per-asset basis, enabling businesses to write off multiple assets.
MYOB will update the depreciation worksheet for 2024 in the next hot fix, making it easier for you to apply these changes.
Temporary full expensing, which allowed businesses to claim an immediate deduction for the business portion of the cost of an asset, ended on 30 June 2023.
MYOB has removed the temporary full expensing labels in all main returns to reflect this change.
Similarly, the small business technology investment boost, which provided an additional 20% tax deduction on eligible technology expenditure, has also ended.
This has been replaced with fields for the new small business energy incentive, which will provide an additional 20% deduction on spending that supports electrification and more efficient use of energy.
The Digital Games Tax Offset (DGTO) provides eligible game developers with a 30% refundable tax offset for qualifying Australian development expenditure.
The offset is capped at $20 million per company per income year and applies to the completion, ongoing development, or porting of digital games.
MYOB has introduced new labels at Item 24 to accommodate this offset, ensuring compliance with the latest tax regulations.
The ATO has enhanced the prefill solution for bank interest data, aiming to limit errors and improve accuracy.
Additionally, new fields for government allowances and payments have been introduced, including a Government Benefit Certainty Indicator and adjustment reasons for prefilled values. These updates ensure accurate reporting and compliance with ATO requirements.
James Roberts, MYOB Product Manager, introduces the updates to MYOB Practice Tax, focusing on the transition to online individual tax returns and activity statements.
The 2024 individual tax returns are now available in MYOB Practice Tax. This transition leverages the power of the cloud for a smoother, more streamlined experience.
James demonstrates how to move a client’s individual tax return online, showcasing the clean, modern interface and user-friendly navigation.
The online tax return process includes rolling over previous year tax data, creating schedules and worksheets from prior year information, and importing depreciation worksheets. This transition reduces data entry time and minimises errors.
James also discusses the move to MYOB Practice for activity statements, highlighting the improved end-to-end cloud-based workflow.
This transition aims to enhance efficiency and accuracy, providing a seamless experience from preparation to lodgement.
Activity statements in MYOB AE/AO will no longer be created after the 2024.0 tax release or 30 September 2024, whichever comes sooner.
However, you can still view and download previous activity statements and prepare and lodge any existing activity statements in progress.
To support you during this busy tax season, MYOB offers a range of resources and extended support hours:
The EOFY Partner hub provides best practices for using MYOB’s tools to save time and enhance efficiency. This resource is packed with tips and tricks to help you navigate EOFY seamlessly.
Discover how to get your practice set up and ready to use individual tax returns in MYOB Practice Tax.
Take advantage of our handy tax tables that give you everything you need at a glance.
Before your practice can start preparing tax returns online, you’ll need to complete 8 easy set up steps.
Are you tired of long, boring and expensive tax training? Two hour, one-way-webinars, where you’re on mute and checking your emails? Training for the sake of getting CPD hours, rather than to teach you anything useful?
Gain practical insights from practitioners who live and breathe tax every day. Tax Nuggets Academy collaborates with tax and accounting experts on small medium business and private tax issues, to create engaging training videos.
Setting yourself up for success in the new financial year requires staying updated with the latest tax changes and leveraging the right tools.
MYOB’s comprehensive suite of tax solutions, combined with valuable resources and expert support, ensures that you can navigate EOFY with confidence and efficiency.
Register now for our upcoming webinars and take advantage of the resources available to enhance your EOFY processes. Equip yourself with the skills and knowledge to support your clients better and set them up for continued success in 2025.
Click here for more information and to register for our webinars.
Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.