MYOB AO Tax - Base Rate Entity not calculating at 27.5% reduced tax

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TandP
4 Posts
Cover User
Australia
TandP
Cover User

4Posts

5Kudos

0Solutions

MYOB AO Tax - Base Rate Entity not calculating at 27.5% reduced tax

I have 1 client's company tax return which won't calculate the tax rate at 27.5% no matter what I put in to the return. The entity is a base rate entity receveiving a distribution from a trading trust which is entirely made up of small business income. All other clients seem to calculate correctly, except this one. 

 

I have deleted the return, re-generated it and tried again without any luck. 

Base Rate Entity 1.PNG
Base Rate Entity 2.PNG
1 REPLY 1
MYOB Staff Post ilmar
24 Posts
MYOB Staff Post
Australia
ilmar
MYOB Staff Post

24Posts

13Kudos

3Solutions

Re: MYOB AO Tax - Base Rate Entity not calculating at 27.5% reduced tax

Hi @TandP,

 

Generally we have found that if the Base Rate eligibility tests and small business eligibility tests have been answered correctly, then the front cover question relating to 'Life Insurance Company' may be set to 'Y' which may vary the rate to calculate at 30%. If this is the case where 'Life insurance Company' does not apply to the client then changing the field to 'N' may correct the issue,


Cheers,

Ilmar
AU Tax Support
MYOB Australia Pty Ltd
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