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ford's avatar
ford
Trusted User
3 years ago

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

3 Replies

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  • Hi Ford,

     

    Thank you for your post.

     

    Can i please call you directly to discuss how ring fencing works.

     

    Please provide a contact number or email address and i can contact you directly.

     

    Thanks

     

    Lisa

      • Niceday's avatar
        Niceday
        MYOB Staff

        This question has been resolved by a phone call to the customer