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:
Reference | Title | Status | Action |
H09 | Chattel Mortgage | Deactivate | By 31 Dec 2023 |
H10 | Hire Purchase | Deactivate | By 31 Dec 2023 |
H11 | Chattel Mortgage Schedule | Maintain | Refer to notes below |
H12 | Loan Summary | Maintain | Refer to notes below |
H13 | Hire Purchase Schedule | New | Refer to notes below |
H15 | Inter Entity Loan | Maintain | No change |
H20 | Leases | Maintain | No change |
H24 | Loan Repayment Schedule * | Deactivate | By 31 Dec 2023 |
H25 | Bank Loan | Maintain | No change |
* 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
Updated hyperlinks for 2024
BAS Information Gathering Questionnaire
Updated 2024 luxury car tax thresholds
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
Permanent Notes – includes a feature so that any notes added in this section will be rolled over each year
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