The accounting income method (AIM) for paying provisional tax Approved Accounting Software

Super Partner GDK
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The accounting income method (AIM) for paying provisional tax Approved Accounting Software

Hi

 

Which MYOB Products are AIM Approved Accounting Software?

Thanks
Graeme Knox BSc BCom DipCom COP ACA
Business Analyst
Brunton NZ Ltd
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MYOB Moderator Steven_M
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Re: The accounting income method (AIM) for paying provisional tax Approved Accounting Software

Hi @GDK

 

My understanding that the AIM will be available through our online based products such as MYOB Essentials and AccountRight Live (similar to that of eGST) closer to the proposed launch date of AIM in April 2018.

 

You can find out more information on AIM from Want to make Provisional Tax easier? Move online

Accounting Income Method (AIM) for Provisional Tax – what you need to know

 


Kind Regards,
Steven
MYOB Client Support
MYOB Moderator Steven_M
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Re: The accounting income method (AIM) for paying provisional tax Approved Accounting Software

Hi @GDK

 

Just thought I would come back to let you know that we do have a landing page in regards to AIM that does have more information and the current stage of work.

 

AIM (Accounting Income Method)


Kind Regards,
Steven
MYOB Client Support
Contributing Partner Nial
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Re: The accounting income method (AIM) for paying provisional tax Approved Accounting Software

Hi Steven,

 

Can you please advise if there is a roadmap to include AIM capability in MYOB EXO and/or MYOB Advanced?

 

Thanks

 

Nial

Partner GraemeKnox
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Re: The accounting income method (AIM) for paying provisional tax Approved Accounting Software

Hi

 

A Client is on AccountRight Enterprise Version 19 and using multi-currency, they want to upgrade and use the functionality for the new provisional tax method. Is this possible and what version can they upgrade to?

 

According to what I read it is only online versions.

 

 

Graeme
MYOB Moderator Steven_M
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Re: The accounting income method (AIM) for paying provisional tax Approved Accounting Software

Hi @GraemeKnox

 

The Accounting Income Method (AIM) will be available in our online-based programs (AccountRight Live and MYOB Essentials). To my knowledge, we don't have any immediate plans to introduce that to the AccountRight Classic range. On the other hand, our development teams are actively working on introducing multiple currencies into the AccountRight Live range, however, no direct date has been set for that.


Kind Regards,
Steven
MYOB Client Support
Trusted Cover User Trandy
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Re: The accounting income method (AIM) for paying provisional tax Approved Accounting Software

Hey There

Will there be an AccountRight Live upgrade released in the next few weeks to facilitate AIM?  

 

Cheers

Jannette

Super Partner GDK
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Re: The accounting income method (AIM) for paying provisional tax Approved Accounting Software

Hi @Trandy

 

AccountRight  2018.1.1 has been released with support for AIM.

Thanks
Graeme Knox BSc BCom DipCom COP ACA
Business Analyst
Brunton NZ Ltd
Ultimate Partner Mike_James
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Re: The accounting income method (AIM) for paying provisional tax Approved Accounting Software

Hi @GDK, AIM is an optional method for paying provisional tax. I've been reading the determinations issued by the IRD which affect the calculation of taxable profit/loss in each AIM period, and I would advise anyone considering switching to AIM to be very familar with this material, and consider the impact on their business first.

 

See http://www.ird.govt.nz/technical-tax/determinations/aim/, especially A5 on trading stock, and A9 on provisions, and particularly the special rules around salary provisions for shareholder-employees.


Regards, Mike (mike@datawise.co.nz)
DataWise Limited (www.datawise.co.nz), developers of:
DataWise Report Writer - Custom Reporting from MYOB programs
(Including AccountRight Classic/Live, and exo Payroll)

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