Ring fencing not working correctly in IR7 new AO tax programme

[ford]

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

[Niceday]

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

[ford]

lisacowe@snap.net.nz

[Niceday]

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