Partnership Return Items 32-35

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Contributing User oldfellamcg
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oldfellamcg
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Partnership Return Items 32-35

When completing the Partnership Return when the business has ceased, all asset & liability numbers are zero. However, the tax return verification will not allow all numbers to be zero - at least one number must be more than zero. This seems incorrect when the partnership business has ceased and the return is marked 'Final'.

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MYOB Moderator MattN
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MattN
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Re: Partnership Return Items 32-35

Hi @oldfellamcg

 

Thanks for your post!

 

The validation errors that MYOB Accountants Enterprise use are set by the ATO, not MYOB.  The ATO have a requirement that all of these fields cannot contain a $0 amount - even though logically when ceasing a partnership, you should have dealt with these accordingly.

 

the ATO's ELS gateways will not allow a return to be submitted that contains 0's in these fields (the field requires a value > 0).

 

the ATO and MYOB recommend simply putting a value of 1 on one of these fields to satisfy the requirements from the ATO ELS specification).

 


cheers,

Matt
Product and Technical Specialist
Practice Solutions
MYOB Australia Pty Ltd
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