Forum Discussion

alexzhu's avatar
alexzhu
User
4 years ago
Solved

2020 Tax - Rental schedule

When there is a rental property shared between 2 individuals, and each of them is paying different amount of loan interests, say husband pays 5k and wife pays 6k, in order to correctly capture this e...
MYOB Essentials
  • Sandy_C's avatar
    Sandy_C
    4 years ago

    Hello alexzhu 

     

    Thank you for your post and feedback.

     

    I would like to let you know that there has been big changes between the 2019 and 2020 rental schedule, hence why MYOB is working to improve the functionality of the 2020 Rental property schedule. These are expected in future releases. For now if rental property is shared, but each owner has different amounts, you will either need share all or do not share and complete another schedule separately.

    Using an example: (e.g one owner has loan interest, the other owner doesn't) - one schedule will need to be created for the first owner, and a second schedule will need to be created for the other owner.

     

    We do understand it's tedious work having to enter multiple schedules and hope with the newer tax release, we'll be able to deliver a better user experience. 

     

    Regards,

     

    Sandy
    Client Support Representative

Sandy_C's avatar
Sandy_C
MYOB Staff

Hello alexzhu 

 

Thank you for your post and feedback.

 

I would like to let you know that there has been big changes between the 2019 and 2020 rental schedule, hence why MYOB is working to improve the functionality of the 2020 Rental property schedule. These are expected in future releases. For now if rental property is shared, but each owner has different amounts, you will either need share all or do not share and complete another schedule separately.

Using an example: (e.g one owner has loan interest, the other owner doesn't) - one schedule will need to be created for the first owner, and a second schedule will need to be created for the other owner.

 

We do understand it's tedious work having to enter multiple schedules and hope with the newer tax release, we'll be able to deliver a better user experience. 

 

Regards,

 

Sandy
Client Support Representative

KRNMS's avatar
KRNMS
Partner
4 years ago

I have the latest version of tax 2020 and we are still unable to enter individual interest claims.  I have multiple owners of several rental properties, so your suggestion of entering a single schedule for each owner is time consuming and unreasonable to pass the cost on to the clients when it is the software that is incompetent.  This  was not necessary in 2019 and should not be necessary for 2020.

 

It is now December and half way throught the next tax year.

 

Problems like this should not still be occurring and we do not receive any discount on our MYOB subscription for all the errors we have had to work around this year.

  • Sandy_C's avatar
    Sandy_C
    MYOB Staff
    4 years ago

    HI KRNMS 

     

    Apologies for the delayed response and sorry to hear your frustration.

    Since the 2020.1 release, we have made many improvements and changes to our returns and schedules. 

    In the rental schedule, you can now enter the private use $ amount in the one schedule without having to create another schedule.

     

    I would also highly recommend going through the release notes for the install as it gives the full overview of updates/changes made to the software.

     

    Regards,

     

    Sandy
    Client Support Representative

     

    • KRNMS's avatar
      KRNMS
      Partner
      4 years ago

      Hi Sandy

       

      It is not the private use amount that is the problem.  It is the inability to enter one owner's cost such as interest in the second column when the rental details are shared across multiple property owners.  Deleting integration of depreciating assets, deleting schedules, re-entering as if the shared owner has 100% ownership so that that one owner's share can be entered correctly is the problem.  We are reporting inaccurate data to get around the software issues.

       

      We have read the release updates and phoned MYOB Support who have acknowledged this is STILL a known issue and is to be rectified.

       

      So many issues to work around this year that were not a problem in previous years.  Understandable that the ATO has made changes however we pay a hefty amount for software to be compatible with the ATO.  It is now January 2021 and the 2020 tax software still has issues.

      • Sandy_C's avatar
        Sandy_C
        MYOB Staff
        4 years ago

        Hi KRNMS 

         

        I really do apologize for this and thank you for your time in letting us know. I will past this feedback onto our development team.

         

        Regards,

        Sandy