Tax Time 2020 Update is on its way

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MattN
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MYOB Moderator
MYOB Moderator

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Tax Time 2020 Update is on its way

When is Tax 2020 going to be released?
Subject to any last minute legislative or ATO changes, we're still on track to release your annual compliance update on the afternoon of 30 June 2020 for Tax lodgments and Tax preparation.

 

When will the ATO start processing 2020 forms?
See Tax Time 2020 on the ATO website.

 

Where can you see the latest MYOB release status?
We will regularly update the downloads page for your tax product on my.MYOB with the latest release status.

 

Upcoming Tax Service Packs

 

With 2020 being an exceptional year with COVID-19, not all the tax changes will be available with this Release.

We’re continuing to prepare service packs to bring you more updates which we will release on a rolling basis as they become available over the next few months and we will notify you at the time.

 

These upcoming service packs include:

  1. Pre-fill: We’re extending pre-fill to more worksheets:
    • Foreign Employment Income non payment summary (fem)
    • Distribution of managed funds (dim)
    • Other income Category 4 (emp)
    • Attributed Personal Services income (aps).

These worksheets were introduced as part of the new Income Details Schedule.

Of course, you don't have to wait for pre-fill to start working on these worksheets; you can still fill them manually.

  1. Validation: Our unique validation testing engine endorsed by the ATO provides a wider range of tests for peace of mind which will be performed when you validate the return. These tests are for the new Income Details Schedule.

  2. R&D schedule: We're waiting for the government to pass Bill 2019 before we can include full details in the schedule. Until then, the R&D schedule is still available and reflects the current rules.

  3. SQL certification: AE/AO will be SQL 2019 certified.

cheers,

Matt
Senior Product and Technical Specialist
Practice Solutions
MYOB Australia Pty Ltd

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