MLS Days in Fund calculates incorrectly

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Merryn_S
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Australia
Merryn_S

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MLS Days in Fund calculates incorrectly

Taxpayer has 2 funds but part of the tax year is not covered by PHI. PHI Details with dates covered have been entered in the Private Health Insurance Schedules - Total days covered = 331.

The issue:

Item M2 - MLS - shows days in fund as Nil instead of 331 days. I.e. the total of days in the fund does not seem to be calculating in the ITR M2 Label correctly.  Consequently the tax calculations are incorrect as it is basing MLS on 365 days liable to surcharge rather than 34 days

 

The taxpayers partner ITR however seems to be calculating the days on fund and MLS correctly.

 

Any assistance to resolve would be appreciated.

1 REPLY
MYOB Staff Post ilmar
4 Posts
MYOB Staff Post
Australia
ilmar
MYOB Staff Post

4Posts

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2Solutions

Accepted Solution Solved Solution

Re: MLS Days in Fund calculates incorrectly

Hi @Merryn_S,

 

Thanks for your post, and welcome to the MYOB Community Forum - we hope you find it a useful resource!

 

I can see that you have been in contact with our support team and have been provided with a solution that was tested and confirmed working. If you are still experiencing this issue, please do let us know!

 

For future reference you will need ensure the following details are correctly inputted in the following schedule (see below image).

 

To get to this schedule:

  1. In an individual return, select the Medicare tab
  2. Select M2 label E
  3. Select fund details

funddetails.JPG  


Cheers,

Ilmar
AU Tax Support
MYOB Australia Pty Ltd
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