practice tax


10th May, 2024

MYOB Practice Tax Update 2024: What’s new

Recently, MYOB hosted the MYOB Practice Tax Update 2024 webinar, which was a great opportunity to provide a comprehensive look at the latest tax legislation changes and updates within MYOB Practice Tax.

Along with host Jody Sitters, the webinar featured some great demonstrations and insights from Jack Yeung, MYOB Solution Consultant.


  • Tax updates
  • Troubleshooting common errors
  • Helpful resources

Updates to IR6

Additional reporting

Revised to allow totals to be automatically calculated. Also, Key Points 35 and 36 has new fields for Beneficiary current accounts and other assets and liabilities respectively.

Other changes to IR6

Nil distributions: The IR6 has a new field in the beneficiary distributions section to indicate whether a nil distribution has been made to the beneficiary during the year.

New validations for beneficiary and IRD settlor numbers: We have added new error codes to ensure that the IRD number entered is the correct one for the specific beneficiary or settlor.

Jack then demonstrates the changes on screen to show users how the IR6 updates are implemented.

Watch the webinar here

Changes to Multiple Returns

New IR data sourcing for pre-population

IR4J and IR8J: Opening balance in both will be prepopulated from IR data. Previously this was rolled over from last year’s return’s closing balance.

IR3 and IR3NR new income type fields: New income type fields in the Income with tax deducted schedule will be prepopulated with IR data including:

  • Lump sum payment backdated from Accident Compensation Corporation.
  • Backdated attendant care lump sum payment from Accident Compensation Corporation.
  • Backdated lump sum payment from Work and Income.

IR833: We’ve reduced the number of fields that need to be manually entered from 13 to just 3 in the IR833 attachment. Property details, sale price and purchase price will now be prepopulated with IR data.

Rental income statements

In the Rental income statement under Interest expense when choosing the “loans drawn down prior to 27 March 2021” reason, the maximum interest claimed has been adjusted to 50%.

Adding associations

Firstly, you’ll see a grid where you can add the association (including shareholders, beneficiaries, settlors or partners). Any details added in the grid will flow through to the relevant parts of the return. There is also a new beneficiary distributions layout in the IR6.

Tax outcomes

A quick view of the Total income/loss and Residual Income Tax without having to go to the calculations section of the return.

Jack then runs through the changes on screen to show users how these updates are implemented.

Improvements and updates coming soon

Share data to non-individual returns including:

  • IR3NR
  • IR4
  • IR6
  • IR7
  • IR8
  • IR9

This feature will be available soon, so keep an eye out for this update announcement.

Common return errors

Jack finishes the webinar by taking users through the validation process on screen, showing how to do a final check before submission to IRD.

Common examples of errors we see include:

  • Blank form attachments, including IR526, IR215, or IR1261
  • Missing IRD numbers
  • Blank transfer account type
  • One or more reasons must be selected when residential property interest has been claimed

Also, for more information on this, head to our Fixing Errors in tax returns resource guide.

Handy resources

2024 MYOB Tax Tables

MYOB EOFY Hub for Accountants

Trust Disclosures Common Errors (IRD)

Fixing Errors in Tax Returns

In case you missed it, you can view the full webinar by clicking here.

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.

MYOB is not a registered entity pursuant to the Tax Agent Services Act 2009 (TASA) and therefore cannot provide taxation advice to clients. If you have a query concerning taxation including filing your BAS return or annual tax statements then you should consult with your accountant or other registered tax adviser.