2023 Smart Suite and Workpapers Release Notes

December 2023

J51 GST Reconciliation

In response to valuable user feedback, we're excited to announce future enhancements to the 'J51 GST Reconciliation' template:

• Streamlined Reconciliation Field: To optimise screen real estate, we've reduced the size of the Reconciliation Field and relocated it to the header. This change effectively minimises white space, providing a more focused workspace.
• Enhanced User Guidance: We've listened to your requests for improved usability. Now, you'll find comprehensive instructions thoughtfully integrated throughout the template, ensuring a smoother and more intuitive experience.
• Enhanced Navigation: We've introduced additional buttons to enhance navigation within the template. These new buttons will help you move through the template with greater ease and efficiency.
• Introducing a Sales Sensibility Check: We've added a Sales Check function to help you effortlessly detect variances between ledger balances and ATO lodgements, including the functionality to incorporate GST-free sales. This feature empowers you to maintain precise financial records with confidence.
• Fixed a bug where the Accounting System amount was not being picked up for the September quarter after adding the Xero report.

C20 Tax Reconciliation

• In this release, we've added the functionality to incorporate SBE amounts to adjust the distribution amount accordingly.
• Furthermore, we've enhanced visibility by displaying the income tax expense amount, along with the new option to include dividends paid or distributions that exist in the profit and loss statement.
• We have deactivated previous versions of the template. If you're working on jobs from before 2023, you will still have access to the latest template version with accurate tax rates for that specific year. This update guarantees seamless data transfer from prior years, resolving the previously encountered rollover issues when transitioning from 2022 to 2023.

N80 Entertainment

• Updated to the latest design, with the ability to automatically import Xero transactions directly for Active users. Easily identify non-deductible amounts that automatically flow through to the Tax Reconciliation.

M03 Capital Gains

• Fixed a bug where the CGT gain discount was not calculating 50% when the entity type was an Individual.

October 2023

Accountant's Content (Content Update 280)

Improvements to the Loan Repayment Calculator and associated templates

As discussed last month, a review of our loan-related templates was undertaken to streamline and eliminate any duplicate offerings. 

The summary of template changes are:

* Data from H24 will rollover into H11 or H13 as required.

H11 Chattel Mortgage Schedule

• Now available in 'Accounts and Tax' and 'Connected' starters.

H12 Loan Summary

• Used in the Loan Repayment Calculator starter only.
• Has been split into two summary sections – Chattel Mortgages and Hire Purchases.

H13 Hire Purchase Schedule New

• Created to distinguish between Hire Purchase loans and Chattel Mortgages. 
• Available in the Loan Repayment Calculator and as a standalone in 'Accounts and Tax' and 'Connected' starters.

The recommended workflow for multiple loans is:

• Use the Loan Repayment Calculator starter.
• Add as many H13 Hire Purchase Schedules and/or H11 Chattel Mortgage Schedules as required. 
• Data will automatically be summarised in H12 Loan Summary.

NOTE: If you still wish to utilise any of the templates that are marked for deactivation, download the relevant templates and upload them as worksheets for your firm. Refer to our support article Uploading a new or customised worksheet on how to do this. However, any functionality such as rollovers and data prefill will NO longer operate. 

Improvements and Bug Fixes:

C05 Dividends Paid and Franking Accounts

• Under the franking account closing balance, new fields have been added which calculate the maximum franked dividend and maximum dividend payable based on the company’s retained profits.

D01 Motor Vehicle Expenses

• Registration and insurance row has been split into separate expense items.

J05 Annual BAS

• Based on user feedback, J05 has been re-instated.

F20 Livestock

• Rounding has been adopted when calculating the average cost of livestock.

M03 Capital Gains

• The entity type requirement in the checklist has been removed and included in the main section of the template.
• The formula calculating discounted capital gain has been updated to include individual taxpayers.

M40 Car FBT

• The formula which notifies whether the log book is out of date has been amended in accordance with the required retention period.

N75 Superannuation

• The tolerance variance used to determine the reconciliation status has been amended from 2% to 0%.
• The opening balance reference has been updated to allow for manual entries.

September 2023

Accountant's Content (Content Update 279)

2023 Capital Gains Tax Workpapers – main updates include:

• Home – updated period start & end dates
• CGT Checklist – updated external hyperlinks
• SBE Aggregated Turnover – updated external hyperlinks
• GST Margin Scheme – added additional row and associated summary total row for Adjustments to Consideration received.

2024 Company Debit Loan Workpapers – main updates include:

• Home – update period start & end dates
• Division 7A Workpapers support article – updated for current workpapers
• Company Debit Loan Checklist - included change to sub-trust arrangements, updated external hyperlinks
• Distributable Surplus – Fix Go to Index button
• UPE Repayment Calculator –updated for 2024 benchmark interest rates.
• Div. 7a Calculator – added drop-down box to select loan security, added provision for static data year loan established, moved Term of Loan to Loan details section, added auto-calculate cell for Loan Remaining term, updated for 2024 benchmark interest rates

Improvements and Bug Fixes:

C05 Franking Account

• Added additional line above the tax rate in dividends paid section to select whether company is a base rate entity.

F10 Bank

• Fixed bug where Checklist Items were showing as complete when not started.

FB10 Car FBT

• Added journal for employee contribution. 

N75 Superannuation

• Added column G Adjustments to take into account salary sacrifice arrangements.

Knowledge Documents:

All knowledge documents listed have had formatting, links and document profiles updated where relevant. In addition, all merge equivalent templates have also been updated. Document changes noted below where additional changes have been made:

Cashflow – Workpapers

• Updated dates on home page for 2023 year, updated for current Business Fitness branding.

Entity Matrix – Choosing a Business Structure

• Removed date specific rates

Valuation of Business – Workpapers 

• Updated dates on home page for 2023 year, updated for current Business Fitness branding.

Company Shareholders Loan Accounts

• Update hyperlinks to 2024 Company Debit Loan workpapers, include note in Step 3 on change to sub-trust arrangements.

August 2023

Accountant's Content (Content Update 278)

2024 BAS & IAS – main updates include:

• Home Page – updated period start & end dates
• Tax Rates – updated all rates for the 2024 year
• Checklist – reviewed and updated all references, hyperlinks and included/deleted sections where relevant
• GST Worksheet Short Form – updated instructions references where relevant
• GST Worksheet Simpler BAS – updated instructions references where relevant
• Luxury Car Tax – updated for 2023 and 2024 luxury car tax rate thresholds
• Fuel Tax Credits - updated for new fuel tax credit rates from 01 August 2023 

Knowledge Documents

All knowledge documents listed below have had formatting, links and document profiles updated where relevant. In addition, all equivalent merge templates have also been updated. Document changes noted below where additional changes have been made:

2024 Calendar of Key Dates

• Reviewed and updated 2023/2024 due dates and checked all hyperlinks

BAS and IAS Preparation Procedure

BAS Information Gathering Questionnaire

July 2023

New Features:

In response to the recent tax legislation amendment, where small businesses are now eligible to claim a 'bonus' tax deduction equal to 20% of qualifying expenditure, we have released two templates to assist with your 30 June 2023 preparation: 

• C40 Technology Investment Boost
• C45 Skills and Training Boost

These two templates will then prefill the eligible deductions cells in C20 Tax Reconciliation. 

Improvements and Bug Fixes: 

J50 BAS Lodgements

• Added columns for Fuel Tax Credits and Deferred GST

J51 GST Reconciliation

• GST amounts now prefill into J51 GST Reconciliation from J50 BAS Lodgements

C05 Dividends & Franking Account

• Added monthly PAYG instalments fields
• Added running balance column to keep track of running franking credit balance
• Tax payments now prefill as credit transactions

C20 Tax Reconciliation

• PAYG instalments now prefill into C20 Tax Reconciliation from J50 BAS Lodgements
• Tax is no longer being calculated on negative taxable income
• The Tax Reconciliation display can now be updated (simple, comprehensive and client view)

H35 Provision for Tax

• PAYG instalments now prefill into H35 Provision for Taxation from J50 BAS Lodgements

C15 Losses

• The franking account closing balance no longer shows as a negative amount

Company Tax Return

• Links to C20 Tax Reconciliation are now working

F10 Bank Reconciliation

• Description cells are unlocked for editing

General

• Updating the workpaper status now reflects back in the Index sheet

June 2023

Accountant's Content (Content Update 276)

2023 Accounts and Tax Workpapers (stand-alone and connected) – main updates include:

• Home Page – update period start & end dates
• Tax Rates – updated all rates for the 2023 year
• All Checklists – updated all rates for 2023 and included/deleted sections where relevant
• Refer to April 2023 Content Release Notes for templates updated for 2023 Interim Accounts & Tax Workpapers
• Templates in general – ATO hyperlinks updated, specific row/cell references amended for Active workpaper compatibility

2023 Personal ITR Workpapers – main updates include:

• Home Page – update period start & end dates
• Tax Rates – updated all rates for the 2023 year
• All Checklists – updated all rates for 2023 and included/deleted sections where relevant
• Work Related Self Education – Category A & B descriptions expanded. Category E section removed and formula amended to remove $250 threshold as no longer required from 1 July 2022. 
• Templates in general – ATO hyperlinks updated, specific row/cell references amended for Active workpaper compatibility

2023 Trust Workpapers – main updates include:

• Home Page – update period start & end dates
• Trust Dist Step by Step – row references to Capital Gains Allocation worksheet updated
• Pattern of Distributions – Minimum percentage formula updated
• Templates in general – Specific row/cell references amended for Active workpaper compatibility

2023 SMSF Compliance Workpapers (stand-alone and connected) - main updates include:

• Home - updated period start & end dates
• SMS Compliance Checklist – updated all rates for 2023, updated/included new sections where relevant and updated hyperlinks
• Contributions - updated cell tips for 2023

The following previously released Smart Workpapers have been updated for the increase in the 2023 Medicare Levy threshold:

• 2023 BAS & IAS Workpapers
• 2023 Tax Planning Workpapers
• 2024 Salary Sacrifice Workpapers

Smart Workpapers Templates:

Re-Designed

C05 Franking Accounts

C20 Tax Reconciliation

F05 Trade Debtors

F10 Bank

H05 Trade Creditors

H35 Provision for Tax

N75 Superannuation

N80 Wages

New

J50 BAS Lodgements

J51 GST Reconciliation

• J50 and J51 will replace existing templates: J05 BAS Annual, J10 BAS Monthly, J20 GST Reconciliation and J21 GST Reconciliation – Quick.
• H08 Superannuation Liability has been replaced by the re-designed N75 Superannuation

Knowledge Documents

All knowledge documents listed below have had formatting, links and document profiles updated where relevant. In addition, all equivalent merge templates have also been updated. Document changes noted below where additional changes have been made:

Accounts & Tax - Year End Questionnaire 2023 - updated for the 2023 year

Personal ITR - Year End Questionnaire 2023 - updated for the 2023 year

Primary Production - Year End Questionnaire 2023 - updated for the 2023 year

SMSF - Year End Questionnaire 2023 - updated for the 2023 year

Accounts and Tax Procedure - How We Do It Here - updated for the 2023 year

Personal ITR Procedure - updated for the 2023 year

SMSF - Year End Compliance Procedure - updated for the 2023 year

May 2023

Accountant's Content (Content Update 275)

2023 Tax Planning Workpapers – main updates include: 

• Home Page – amended formula for Proportional Method – Project Factor format from year to dd/mm/yy.

2023 FBT Workpapers – main updates include: 

• FBT Rates – updated Motor vehicle other than car – rates per km for 2023 rates

April 2023

Accountant's Content (Content Update 274)

2023 Interim Accounts & Tax Workpapers – main updates include: 

• Tax Rates – updated tax rates for 2023 year including removal of the low and middle income tax offset, medicare levy thresholds, car parking kilometre rate and car limit
• Losses - updated for inclusion of 2021/2022 year
• Tax Reconciliation- amend cell references in checklist items
• Cashbook – amend instructions in General Notes to remove specific cell references for Active Workpapers compatibility
• Livestock – amend to remove specific cell references for Active Workpapers compatibility and update ATO hyperlink reference
• Borrowing Costs - amend to remove specific cell references for Active Workpapers compatibility
• Intangibles - amend to remove specific cell references for Active Workpapers compatibility
• Credit Card - amend to remove specific cell references for Active Workpapers compatibility
• Provisions - Long Service Leave - updated superannuation rate for 2023
• Provisions - Annual Leave - updated superannuation rate for 2023
• Trust Distribution Summary - amend to remove specific cell references for Active Workpapers compatibility
• Rental Property - amend to remove specific cell references for Active Workpapers compatibility
• Sales Trading Account - amend to remove specific cell references for Active Workpapers compatibility, update ATO hyperlink and update for 2023 private use rates
• MV FBT Contributions – amend to remove specific cell references for Active Workpapers compatibility and update ATO hyperlink 
• Fines & Penalties – update ATO hyperlink
• Interest Apportionment - amend to remove specific cell references for Active Workpapers compatibility
• Land Tax Apportionment - amend to remove specific cell references for Active Workpapers compatibility
• Payroll Tax – review all states and updated all calculations for each state for current rates
• Service Fees – amend ATO hyperlink
• Superannuation – remove COVID-19 references, remove SGC $450 threshold, update SGC rate for 2023

Accountant's Content (Content Update 273)
 

2023 Tax Planning Workpapers – main updates include: 

• Tax Year NamedRange formula for date format updated for the following templates:
  • Home Page
  • Tax Planning Report
  • Original Projected Income

March 2023

Accountant's Content (Content Update 272)

2023 Fringe Benefits Tax Workpapers – main updates include:

• Updated for current Business Fitness branding
• Home Page – updated dates
• Tax Rates – updated all rates for the 2023 FBT year
• Checklists – updated what's new for 2023, updated ATO hyperlinks and included/deleted sections where relevant
• FBT Summary – updated Display Workpaper Information section for 2023 year
• For all templates two new notes sections have been incorporated:
  • General Notes – replaces the Display Workpaper Information section. Any links to relevant reference information has been included in this section

2024 Salary Sacrifice Workpapers – main updates include:

• Updated for current Business Fitness branding
• Home Page – update dates
• Tax Rates – updated all rates for the 2023 year & 2024 where applicable (Specifically increase superannuation contribution rate to 11.0%)
• Checklist – updated dates and ATO hyperlinks
• For all templates two new notes sections have been incorporated:
  • General Notes – replaces the Display Workpaper Information section. Any links to relevant reference information has been included in this section
  • Permanent Notes – includes a feature so that any notes added in this section will be rolled over each year

2023 Tax Planning Workpapers – main updates include:

• Index Page – added new Help Files section with a hyperlink to the support article on how to use the Tax Planning Smart Workpapers
• Tax Planning Report – updated cell reference to correct Simple/Complex Strategies template cells

Knowledge Documents

All documents listed below have had formatting, links and document profiles updated where relevant. In addition, all equivalent merge templates have also been updated. Document changes noted below where additional changes have been made:

Fringe Benefits Tax Procedure – updated hyperlinks to 2023 documents

FBT - Information Gathering Questionnaire & Merge Version – Updated for 2023 rates & year. Removed COVID-19 references 

January 2023

Accountant's Content (Content Update 271)

2023 Tax Planning Workpapers - main updates include:

• Updated for current Business Fitness branding
• Home Page – update period start & end dates
• Tax Rate updated for 2023 financial year
• TP01 Simple Tax Strategies - updated to correct ATO reference and hyperlink
• TP02 Complex Tax Strategies - updated for 2023 rates and correct ATO references and hyperlinks
• TP04 Checklist - Short - updated for the 2023 year
• TP05 Comprehensive Checklist - Business Clients - updated for the 2023 year
• TP05 Comprehensive Checklist - Individual Clients - updated for the 2023 year
• TP20 Division 7A - updated rate for the 2023 year
• TP19 Losses - updated to include 2021/2022 year loss column
• For all templates two new notes sections have been incorporated:
  • General Notes – replaces the Display Workpaper Information section. Any links to relevant reference information has been included in this section
  • Permanent Notes – includes a feature so that any notes added in this section will be rolled over each year

Tax Facts and Figures Workpapers 

• Workpapers have been deactivated

The following Starter Files have been updated for the current Business Fitness branding:

• 2022 Accounts and Tax Workpapers
• 2022 Accounts and Tax – Connected Workpapers
• 2023 BAS & IAS Workpapers
• 2022 Capital Gains Tax Workpapers
• 2023 Company Debit Loan Workpapers
• 2022 FBT Workpapers
• 2022 Loan Repayment Calculator
• 2022 Personal ITR Workpapers
• 2023 Salary Sacrifice Workpapers
• 2022 SMSF Workpapers
• 2022 SMSF – Connected Workpapers
• 2022 Trust Workpapers

Knowledge Documents

All knowledge documents listed below have had formatting, links and document profiles updated where relevant. In addition, all equivalent merge templates have also been updated. Document changes noted below where additional changes have been made:

Tax Planning - Client Newsletter 2023 - updated all rates and information relevant for clients for the 2023 year

Tax Planning Procedure - updated for 2023 year and updated applicable hyperlinks

Share Transfer Form - amended Note 1. for stamp duty exemption