Ring fencing not working correctly in IR7 new AO tax programme
Hi
Can anyone help me with a ring fencing calculation error on MYOB's new AO tax platform. I spoke to two people at MYOB yesterday, neither of whom understood ring fencing or how that feature of the tax programme works.
I am putting information into an IR7, but there is no section for ring fencing. If I put the information into section 18 the front summary page doubles the amount of income tax. The IR7 is for a company and they made a loss in 2021 and I am supposed to ring fence the loss. But when I try to do that it generates an error (ERR) on the individual shareholder IR3 when I distribute it. I don't understand how Ring fencing works, neither do the people at MYOB. So they have had to lodge a case with their technical team. In the meantime is there anyone who can help me with this? Thanks