Ring fencing not working correctly in IR7 new AO tax programme

ford
Trusted User
308 Posts
Trusted User
New Zealand
Trusted User

308Posts

22Kudos

3Solutions

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 3
Niceday
MYOB Staff
43 Posts
MYOB Staff
New Zealand
MYOB Staff

43Posts

4Kudos

3Solutions

Re: Ring fencing not working correctly in IR7 new AO tax programme

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
Trusted User
308 Posts
Trusted User
New Zealand
Trusted User

308Posts

22Kudos

3Solutions

Re: Ring fencing not working correctly in IR7 new AO tax programme

lisacowe@snap.net.nz

 

Niceday
MYOB Staff
43 Posts
MYOB Staff
New Zealand
MYOB Staff

43Posts

4Kudos

3Solutions

Re: Ring fencing not working correctly in IR7 new AO tax programme

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

Didn't find your answer here?

Try using advanced search to find a post more easily Advanced Search
or
Get the conversation started and make a new post Start a Post