Smart Suite Templates & Workpapers Release Notes (Accountants Content)

Content release schedule for 2020


September 2020

Content Release


Accountant's Content (Content Update 252)


COVID-19 Workpapers – updated COVID-19 Alternative Tests JobKeeper Extention template - Business temporarily ceased trading during the relevant comparison period

2020 Tax Facts and Figures – converted to active Smart Workpaper document.


Accounts & Tax Workpapers - update the functionality and layout of the monthly GST template.



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:

ASIC Registration of Company Checklist


ASIC Registration of a New Company 


ATO Instalment Obligations 


Quality Control – Checklist


Authority to Deduct Fees Production Forms  - reviewed and updated in accordance with APES 310 Client Monies.


Debtors - Control and Collection of Overdue Accounts  


HR Policy - Use of Company 


Recruitment Interview Checklist


Career Development and During Employment Procedure


Probationary Period Procedure 


WHS - Emergency Management Control and Evacuation Plan


WHS - Work Health & Safety Policy and Procedures Handbook


Management Meetings


Meeting Agenda - Strategic Planning




September 2020

Content Release


Accountant's Content (Content Update 251)


2020 Tax Facts and Figures – reviewed and updated Centrelink rates from 20 September 2020.


Job Budget and Fixed Price Agreement Smart Workpapers - reviewed and updated for the 2020 year.


COVID-19 Workpapers – updated templates included:

  • Comprehensive JobKeeper Extension Checklist - new checklist dealing with JobKeeper extension and fair work certificates. 
  • Employer Eligibility JobKeeper Extension - new template including updates to the eligibility test & turnover test.
  • Business Participant Eligibility JobKeeper Extension - new template including updates to the eligibility test & turnover test.
  • COVID-19 Alternative Tests JobKeeper Extention - new template to assess an employer's eligibility for one of the updated alternative tests.
  • Employee Eligibility - main updates include:
    • Include payment rates and periods for reference
    • Update eligibility checklist items for new rules
    • Calculation of hours worked in the reference period
    • Update record of payments and eligibility to include new payment rates 

August 2020

Content Release


Accountant's Content (Content Update 250)


2021 Company Debit Loan Workpapers – main updates include:

  • Company Debit Loan Checklist - updated interest rates, updated external hyperlinks;
  • Debt and Equity Checklist - updated external hyperlinks;
  • Div. 7a Calculator - updated interest rates & rollover functionality;
  • UPE Repayment Calculator - updated interest rates.

 

2020 Loan Repayment Calculator - this document has been reviewed and updated.

 

2020 Capital Gains Tax Workpapers – main updates include:

  • CGT Checklist – update hyperlinks & new checklist items for main residence exemption for foreign residence;
  • CGT Event and Cost Base – update hyperlinks & formatting of information cells.


2020 BAS & IAS Workpapers – main updates include:

  • Fuel Tax Credits - this template has been updated for new fuel tax credit rates from 03 August 2020


2020 Accounts & Tax Workpapers - main updates include: 

  • Tax Reconciliation Statement - updated for Cash Flow Boost template add-back;
  • Cash Flow Boost - new template.


All 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:

Company Shareholder Loan Accounts Procedure 


Entity Matrix - Choosing a Business Structure -  updated tax rates for the 2020 year.


July 2020

Content Release


Accountant’s Content (Content Update 249)

2020 SMSF Workpapers - main updated include:

  • All Templates - main updates include:
    • updated header row formatting 
    • show/hide feature for workpaper information 
    • where applicable removed unnecessary workpaper information
    • added +/- cell function for show/hide sections
  • Home - update period start & end dates
  • Index - freeze panes & insert new row for index overview.
  • SMS Compliance Checklist – updated all rates for 2020 and included/deleted sections where relevant
  • Tax Reconciliation SMSF - updated information hot tips for correct cell references
  • Provisions - Tax - updated information hot tips
  • Contributions - updated information hot tips and added link for excess concessional contributions
  • Account Based Pension Under 60 - Updated formulae for minimum pension %
  • Account Based Pension Over 60 - Updated formulae for minimum pension %
  • Capital Gains - added section for direct entry of capital gains and minor layout changes


2020 BAS & IAS Workpapers – main updates include:

  • All Templates - main updates include:
    • updated header row formatting 
    • show/hide feature for workpaper information 
    • where applicable removed unnecessary workpaper information
    • added +/- cell function for show/hide sections
  • Home - update period start & end dates
  • Index - freeze panes & insert new row for index overview.
  • Tax Rates – updated all rates for the 2020 year
  • BAS & IAS Checklist – updated all rates for 2020 and included/deleted sections where relevant
  • GST Worksheet Short Form - added new named range for GST including/excluding reporting
  • GST Worksheet Simpler BAS - added new named range for GST including/excluding reporting
  •  Wine Equalisation Tax - included new calculations rows for easier reconciliation with wine producer rebate
  • Luxury Car Tax - update yearly luxury car tax rates
  • Fuel Tax Credits - update fuel tax credit rates as at 1 July 2020
  • BAS Summary - update GST inclusive/ exclusive reporting field


2020 Fringe Benefits Workpapers - main updated include:

  • FBT Summary - updated to include employee contributions on expense payment benefits
  • Employee Summary - updated to include employee contributions Expense payment benefits
  • Expense Payment Benefits - updated to include calcuation for employee contributions


2021 Calendar of Key dates - reviewed and updated due dates and link to web pages.

 

2020 Tax Facts and Figures – main updates include:

  • Reviewed and updated tax rates for the 2020 year.
  • Reviewed and updated Centrelink rates from 1 July 2020.


All 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:

BAS Information Gathering Questionnaire 


BAS and IAS Preparation Procedure 


SMSF - Year End Compliance Procedure 


SMSF - Year End Covering Letter


SMSF Engagement Letter


SMSF - Annual General Meeting Minute 


SMSF - Section 290-170 Notification Fund Acknowledgement


SMSF - Super Fund Audit Representation Letter


Account Based Pension (TRIS) Minimum and Maximum Letter - updated to include an optional paragraph for 50% reduction in minimum pension payments.


Account Based Pension Minimum Payment Letter - updated to include an optional paragraph for 50% reduction in minimum pension payments.


Allocated Pension Minimum and Maximum Letter - updated to include an optional paragraph for 50% reduction in minimum pension payments.



June 2020

Content Release


Accountant’s Content (Content Update 248)

2020 Accounts and Tax Workpapers – main updates include:

  • All Templates - main updates include:
    • updated header row formatting 
    • show/hide feature for workpaper information 
    • where applicable removed unnecessary workpaper information
    • updated checklists for click toggle function
    • added +/- cell function for show/hide sections
  • Home - update period start & end dates inserted new named ranges for connected workpapers
  • Index - freeze panes & insert new row for index overview.
  • Tax Rates – updated all rates for the 2020 year
  • All Checklists – updated all rates for 2020 and included/deleted sections where relevant
  • Tax Worksheet - entity count select feature for number of columns
  • Stock on Hand - included named range for import of trial balance comparative balance for connected workpapers
  • Division 7A - main updates include:
    • Update workpaper information 
    • added rollover ability (take effect 2021 year)
  • Provisions - Long Service Leave - updated govt links
  • BAS Annual - updated workpaper layout for consistency
  • GST Margin Scheme - new workpaper
  • Discretionary Trust Capital - entity count select feature for number of columns
  • Partners & Sole Traders Capital - entity count select feature for number of columns
  • Capital Gains Worksheet - add section for direct entry of capital gains and combined losses and Summary on same rows
  • Rental Property Summary - edited layout for consistency 
  • Payroll Tax - updated for multiple changes in 2020 year due to COVID19
  • Superannuation - updated L32 for change in formula


2020 Primary Production Workpapers – main updates include:

  • All Templates - main updates include:
    • updated header row formatting 
    • show/hide feature for workpaper information 
    • where applicable removed unnecessary workpaper information
    • updated checklists for click toggle function
    • added +/- cell function for show/hide sections
  • Home - update period start & end dates
  • Index - freeze panes & insert new row for index overview.
  • Tax Rates – updated all rates for the 2020 year
  • Tax Averaging - removed net medical tax offset


2020 Trust Workpapers – main updates include:

  • All Templates - main updates include:
    • updated header row formatting 
    • show/hide feature for workpaper information 
    • where applicable removed unnecessary workpaper information
    • updated checklists for click toggle function
    • added +/- cell function for show/hide sections
  • Home - update period start & end dates
  • Index - freeze panes & insert new row for index overview.


Personal ITR Procedure - updated for the 2020 year


Accountant’s Content (Content Update 247)

2020 Personal ITR Workpapers – main updates include:

  • Tax Rates – updated invalid & invalid carer tax offset (released by ATO 29 May 2020).


Trust Year End Distribution Minutes - updated template to include income year end date fields.


Trust Year End Distribution Resolutions - updated template to include income year end date fields.


2019 Accounts & Tax Connected Workpapers - updated named ranges on Home page for new XPA features.


May 2020

Content Release

Accountant’s Content (Content Update 246)

2020 Personal ITR Workpapers – main updates include:

  • Home Page – update period start & end dates
  • Tax Rates – updated all rates for the 2020 year
  • All Checklists – updated all rates for 2020 and included/deleted sections where relevant
  • Index - inserted new row for summary of workpaper items & inserted rollover yes/no column
  • Summary - main updates include: 
    • Remove net medical expenses tax offset section 
    • Update tax offset references 
    • Update employee share scheme section 
  • PAYG Instalment Calculator - main updates include: 
    • Remove net medical tax offset
    • Updated GDP uplift factor to 
  • Salary & Wages - main updates include: 
    • Updated annuity type for changes on PAYG payment summaries
    • Note: updated occupation codes not yet release at time of publishing - this will be reviewed in June 2020
  • Aust Govt Payments - updated list of payment sources
  • Aust Super & Annuities - updated labels & headers due to changes on PAYG payment summary 
  • Interest Received - added checklist items for QA
  • Dividends Received - added checklist items for QA & consolidated rows 10 & 11
  • Employee Share Scheme - removed column for shares acquired pre 1 July 2009 with caseation date during the year.
  • Capital Gains Worksheet - inserted new GST short form and updated layout and formatting
  • Rental Properties - included new apportionment calculation for expenses where a rental property is used for private use (i.e. holiday home)
  • Motor Vehicle expenses - added checklist items for QA & included warning for out of date logbook
  • Work Related Travel Expenses - added checklist items for QA
  • Work Related Clothing - added checklist items for QA
  • Donations - added checklist items for QA
  • Cost of Managing Tax Affairs - added checklist items for QA
  • Supplementary Deductions - new template
  • Spouse Details and Income - removed net medical tax offset column 
  • Net Medical Tax Offset - removed template


All 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:

Accounts & Tax - Year End Questionnaire 2020 - Updated for the 2020 year


Personal ITR - Year End Questionnaire 2020 - updated for the 2020 year


Primary Production - Year End Questionnaire 2020 - updated for the 2020 year


SMSF - Year End Questionnaire 2020 - updated for the 2020 year


Personal ITR Procedure



Accountant's content (Content update 11 May 2020)

COVID-19 Workpapers – updated templates included:

  • Employer Eligibility - update GST turnover definition and ATO website
  • Business Participant Eligibility main updates include:
    • Update GST turnover definition and ATO website link
    • Include links to ATO nomination notice forms 
  • Alternative Tests - main updates include:
    • Update 'The Entity is New to Business' calculation for business commenced during the month of February 2020. 
    • Update GST turnover definition and ATO website link



April 2020

Content Release

Accountant's content (Content update 28 April 2020)

COVID-19 Workpapers – updated templates included:

  • Employer Eligibility - included alternative test option in eligibility requirements
  • Business Participant Eligibility - included alternative test option in eligibility requirements


Accountant's content (Content update 26 April 2020)

COVID-19 Workpapers – updated templates included:

  • COVID-19 Alternative Tests - template to assess an employer's eligibility for one of the following alternative tests: 
    • The Entity is New to Business
    • The Entity has Undergone a Business Disposal, Acquisition and/or Restructure
    • The Entity has had a Substantial Increase in Turnover
    • The Entity was Affected by Drought or Other Natural Disaster
    • Business has an Irregular Turnover
    • The Entity is a Sole Trader or Small Partnership Affected by Sickness, injury or Leave
  • COVID-19 Checklist - updated for eligibility change of full-time students (section 5.4.3).
  • Employee Eligibility - main updated include:
    • Updated for eligibility of full-time students
    • Included inclusions and exclusions information for gross taxable payments
    • Removed OTE & superannuation calculations
    • Included named ranges for potential summary templates


Accountant's content (Content update 23 April 2020)

COVID-19 Workpapers – updated templates included:

  • COVID-19 Checklist - updated to include 'Alternative Test' checklist items (section 5.3.4).


Note: Entity alternative test calculation sections are expected to be finalized and available on Mon 27 April. 


Accountant’s Content (Content Update 244)

COVID-19 Workpapers – new workpapers, templates included:

  • COVID-19 Checklist - comprehensive checklist covering both the federal and state law changes in response to COVID-19 economic downturn. 
  • Employer Eligibility - template to assess the eligibility of an employer and calculate the fall in GST turnover percentage.
  • Business Participant Eligibility - template to assess if the nominated non-employee individual is an eligible business participant, eligibility of the entity and calculate the fall in GST turnover percentage. 
  • Employee Eligibility - template to assess the eligibility of an employee and calculate & track the JobKeeper allowance payments.


2020 Interim Accounts & Tax Workpapers – main updates include:

  • Tax Rates – updated Medicare levy thresholds for 2019/20 (part of the economic measures legislation) and FBT rates. 
  • Franking Accounts - updated checklist questions for BRE passive income. 
  • Tax Worksheet - updated to remove medical offset.
  • Base Rate Entity Passive Income - updated to use show/hide column functionality.
  • SBE Aggregated Turnover - updated links to ATO documentation.
  • Fixed Assets Depreciation - updated checklists for new accelerated depreciation under COVID-19 economic stimulus measures. 
  • Division 7a - updated interest rates, days in year calculations and Links to ATO documentation. 
  • Loans - included a reconciliation to balance sheet traffic light. 
  • Provisions - Long Service Leave - updated long service leave rates and informational links. 
  • Partners & Sole Traders Capital - updated to include total column and show hide column functionality.
  • Rental Property - updated calculation cells to include advertising expenses, included new functionality to apportion expenses based on number of weeks used for private use.
  • Sales Trading Account - updated goods for own use rates.
  • Payroll Tax - updated all calculations for each state for changes made under COVID-19 economic stimulus measures. 


2020 Tax Planning Workpapers – minor update to starter file layout and formatting.


March 2020

Content Release


Accountant’s Content (Content Update 243)

All documents listed have had formatting, links and document profiles updated where relevant. In addition, all merge 2 equivalent templates have also been updated. Document changes noted below where additional changes have been made:


Human Resources

  • WHS - How We Do It Here - Updated to include links to new checklist - Working From Home Safety Checklist
  • Working From Home Safety Checklist - New document created - Working from Home Safety Checklist to evaluation and record WH&S risks for remote workers.


Tax Facts and Figures - 2019 - updated Centrelink rates for new rates published 20th March 2020. 

This document only includes normal rates and is not updated to reflect the rate changes due to the economic stimulus packages

2020 Tax Planning Workpapers – main updates include:

  • Tax Rates – updated Medicare levy thresholds for 2019/20 (part of the economic measures legislation)
  • Checklist - Checklists will be revised in the coming weeks for changes emerging from the developing economic stimulus packages both at the federal and state level. 



February 2020


Content Release

Smart Workpapers

2020 Fringe Benefits Tax Workpapers – main updates include:

  • Home Page – update dates and included Reconciliation Accuracy (Tolerance) option
  • Tax Rates – updated all rates for the 2020 year (predominately FBT rate changes)
  • Checklists – updates all rates for 2020 and included/deleted sections where relevant
  • Board Fringe Benefits – updated Tax Rates
  • Housing Loan Fringe Benefits – added rollover ability (2020 Data will roll to 2021)
  • Living Away from Home Fringe Benefits – updated statutory rate for single adult
  • Loan Fringe Benefits – added rollover ability (2020 Data will roll to 2021)
  • Car Fringe Benefits – removed the requirement of odometer reading input when using 20% statutory method and added rollover ability (2020 Data will roll to 2021)
  • Residual motor Vehicle Fringe Benefits - added rollover ability (2020 Data will roll to 2021)


2021 Salary Sacrifice Workpapers – main updates include:

  • Home Page – update dates, layout and formatting
  • Tax Rates – updated all rates for the 2020 year
  • Checklists – included/deleted sections where relevant
  • Employee Summary - updated to remove superannuation comparison due to new rules on 1 January 2020. Salary sacrificed super contributions can't be used to reduce the employers super guarantee obligations
  • Car Fringe Benefits - removed the requirement of odometer reading input when using 20% statutory method  


2020 BAS & IAS Workpapers – main updates include:

  • This document has been updated with some technical excel formula and named range changes.


2020 Accounts & Tax Workpapers – main updates include:

  • Index Page – update to include a rollover Yes/No column and some minor formatting changes for consistency.


2020 Accounts & Tax Workpapers - Connected – main updates include: 

  • The Home and Index pages of this document have been updated with minor formatting changes for consistency.


Accountant’s Content (Content Update 242)

All document listed have had formatting, links and document profiles updated where relevant. In addition, all merge 2 equivalent templates have also been updated. Document changes noted below where additional changes have been made:


Fringe Benefits Documents

  • Fringe Benefits Tax Procedure
  • FBT – Complex Covering Letter – document has been updated to include a nil amount payable option.
  • FBT – Simple Covering Letter – document has been updated to include a nil amount payable option.
  • FBT – Information Gathering Questionnaire – updated dates, benchmark interest rate, car parking rate and included the updated definition of a Taxi as per Treasury Laws Amendment (2019 measures no. 3) Bill 2019, included 'Log book business use %' field in form 3. 

 


January 2020


Content Release

Smart Workpapers

    2019 Tax Planning Workpapers – main updates include:

  • Home Page – update dates and included Reconciliation Accuracy (Tolerance) option.
  • Tax Rates – updated all rates for the 2020 year (predominately FBT rate changes)
  • All Checklists – Updates all rates for 2020 and included/deleted sections where relevant.
  • Orig. Projected Taxable Income – included a collapsible section for the prior year averaging income. In addition, a show/hide inactive rows button has been included to make printing summary reports easier.
  • Orig. Tax Worksheet – added adjustments lines for tax averaging adjustments to tax payable, added section for tax averaging calculations and removed net medical expenses tax offset lines. In addition, a show/hide inactive rows button has been included to make printing summary reports easier.
  • Tax Averaging Worksheet – worksheet has been removed due to being combined with the Orig. Tax Worksheet template.
  • Tax Planning Schedule (Report) – has been removed, this was a summary of Orig. Tax Worksheet and a report can be printed directly from this worksheet now.
  • Tax Planning Schedule with Strategies (Report) – consolidation of Tax Averaging and Non-Averaging tax estimates into one row.
  • Projected Taxable Income with Strategies – same changes as Orig. Projected Taxable Income template.
  • Tax Averaging with Strategies – same changes as Orig. Tax Worksheet template.
  • The following templates have been updated to include sticky header and show hide header bar feature:
    • Client Queries
    • Matters for Client
    • Matters for Partner
    • Review Points


Accountant’s Content (Content Update 241)

All document listed have had formatting, links and document profiles updated where relevant. In addition, all merge 2 equivalent templates have also been updated. Document changes noted below where additional changes have been made:


Tax Facts and Figures - 2019 - updated Centrelink rates for new rates published 1st January 2020. 


Recruitment Procedure - updated to include a a process for successful applicants.


Tax Planning Documents

  • Tax Planning - Client Newsletter 2020 - updated all rates and information relevant for clients for the 2020 year.
  • Tax Planning - Income Tax Changes Reference 2020 - updated all information for changes in law for the 2020 year.
  • Tax Planning Questionnaire – updated all rates and removal of medical tax offset questions.



October 2019


Content Release

Smart Workpapers

    2019 Personal ITR Workpaper – main updates include:

  • Updated summary page for new D11 – D15 workpaper
  • Supplementary Deductions - new workpaper for D11 – D15 deductions

 

2020 2020 BAS & IAS Workpapers – updated Fuel Tax Credit rates for new rates published 5th August 

 

    2019 Accounts and Tax Workpapers – main updates include:

  • Tax Reconciliation template – updated partnership & trust distribution to calculate based on a % distribution.
  • Franking Credit template – updated Dr & Cr columns to exclude items not in the current period date range.
  • Superannuation Liability template – updated to include automatic Superannuation expense import from Xero.
  • FBT Contributions template – updated Logbook formulae details are not required for vehicles using the 20% statutory rate.
  • Chattel Mortgage template – Updated to include columns for current year charges, charges due in less than 12 months and charges due in greater than 12 months
  • Hire Purchase template – Updated to include columns for current year charges, charges due in less than 12 months and charges due in greater than 12 months
  • Loan Repayment Schedule – Updated template to include GST exclusive interest calculations for Hire Purchase loans. 
  • The following templates have been updated to include sticky header and show hide header bar feature:
    • Client Queries
    • Journals
    • Matters for Client
    • Matters for Partner
    • Review Points


Accountant’s Content (Content Update 240)

All document listed have had formatting, links and document profiles updated where relevant. In addition, all merge 2 equivalent templates have also been updated. Document changes noted below where additional changes have been made:

 

ASIC Documents

  • New merge letters:
    • ASIC Company Registration - Signature of Company Statutory Records Letter 
    • Trust Registration - Signature of Trust Statutory Records Letter
  • ASIC Annual Review 
  • ASIC Annual Review Flowchart Version 
  • ASIC Change to Company Details 
  • ASIC Change to Company Details Flowchart Version
  • ASIC Registration of Company Checklist
  • ASIC Registration of a New Company
  • ASIC Registration of a New Company Flowchart Version 
  • ASIC Responsibilities of a Company Director or Secretary – Disclaimer inserted and updated director requirements in line with ASIC and corporations act.
  • Share Transfer Form - Explanatory notes have been updated in accordance with Australian standard transfer form.


September 2019



Content Release

Smart Workpapers

Job Budget and Fixed Price Agreement – main updates include:

  • Updated formatting.
  • Updated all worksheet to include Addition of reconciliation field to make it easier to view whether an account is out of balance or reconciled. 
  • Additional information to show whether there is data/no data entered the worksheets.

    

    2019 SMSF Workpapers – Connected – Updated index formatting

 

HowNow Online Merge Letter Updates (Content Update 5)

All HowNow Online merge documents have been updated to the latest versions. 

  • Acceptance of Engagement - Ethical Clearance
  • Accounts Preparation Covering
  • Accounts Preparation Engagement
  • ATO Lodgement Reminder
  • ATO Overdue Payment Notice
  • ATO Payment Arrangement
  • BAS Covering (Short Version)
  • BAS Covering with Accountant's Report
  • Company Assessment Notice  (Refund)
  • Company Assessment Notice (Payment)
  • HowNow Online General Merge Letter
  • IAS - Covering
  • Personal ITR - Covering
  • Personal ITR (Amended Assessment)
  • Personal ITR (Multiple Assessment Notices)
  • Personal ITR Assessment Notice  (Nil Amount)
  • Personal ITR Assessment Notice (Payment)
  • Personal ITR Assessment Notice (Refund)
  • Statement of Account
  • Tax Engagement

 

Accountant’s Content (Content Update 239)

All document listed have had formatting, links and document profiles updated where relevant. In addition, all merge 2 equivalent templates have also been updated. Document changes noted below where additional changes have been made:


ATO Correspondence 

  • ABN and TFN Registration Advice Letter
    • Update for various delivery methods
  • ATO Defaulted Payment Arrangement Letter
    • Updated for 4 potential reasons for a default. (Payment not made, Payment less than expected, Payment to wrong account, Future obligations not met)
  • ATO Garnishee Notice Letter
    • Updated to include paragraph explaining what a Garnishee Notice is.
  • ATO Overdue Payment Notice Letter
    • Update grammatical error in letter
    • Income Tax Assessments and Other Statutory Notices


Client Engagement Matters

  • Accounts and Tax Engagement Letter
    • Addition of 'GST exclusive' to fees by hour paragraph;
    • New optional paragraph for reporting referral income in accordance with APES 110
    • Other minor explanations, details and grammatical changes.
  • Tax Engagement Letter
    • Addition of 'GST exclusive' to fees by hour paragraph;
    • New optional paragraph for reporting referral income in accordance with APES 110
    • Inclusion of paragraph for disclosure of intended use and distribution in accordance with APES 305 4.5(b);
    • Other minor explanations, details and grammatical changes.
  • Engagement Letter for Other Assignments
    • Addition of 'GST exclusive' to fees by hour paragraph;
    • New optional paragraph for reporting referral income in accordance with APES 110
    • Inclusion of paragraph for disclosure of intended use and distribution in accordance with APES 305 4.5(b);
    • Other minor explanations, details and grammatical changes.
  • Job Budget and Fixed Price Agreement Smart Workpapers

 

Client Prospects and Proposals

  • Prospects Procedure
  • Proposal Letter for Prospective New Client
  • Clients Gained and Lost and Prospect Conversion
  • Ways for Keeping in Touch with Prospects
    • Updated document formatting and added alternative contact ways for modern technology.


Human Resources

  • HR Policy - Employee Leave
    • Updated for NES entitlements - Family & Domestic Violence Leave
  • HR Policy - Induction, Probation Periods, Flexible Work Arrangements and Types
  • HR Policy - Serious Misconduct
  • WHS - Hazard Register
    • Updated to meet FairWork recommendations
  • Recruitment Procedure
  • Notice to Unsuccessful Applicants
  • Hays Salary Survey
  • Offer of Employment Letter and Standard Terms and Conditions
    • Updated to include NES entitlements for unpaid family & domestic violence leave.
  • New or Change Team Member Details
  • New Team Member IT Set-Up Form
  • Induction Checklist
  • Personnel Records Checklist
  • Probation Period Completion Letter
    • New template with successful and unsuccessful probation period paragraphs
  • Probationary Period Procedure
  • Disciplinary (First) Warning Letter
    • Replacement for ‘Disciplinary Warning letter’
  • Disciplinary (Second or Final) Warning Letter
    • New template
  • Termination of Employment  Serious Misconduct Letter
    • New template
  • Termination of Employment Letter
    • New template
  • Conclusion of Employment Checklist
  • Acceptance of Resignation of Employment Letter
  • Employment Reference Letter


Other Documents

  • Client Portal Merge 2 Letter
    • Updated to include an optional paragraph regarding cloud-based software and data storage locations
  • Debtors - Credit Review Checklist
  • Firm Budget and Cashflow Plan Workpapers
  • Tax Facts and Figures - 20129 
    • Updated for changes to Centrelink rates as at 20 Sept 2019


Quality Assurance & Data Management

  • Overview of Your Firm's Quality Control
    • Updated to include APES GN 31 - Professional and Ethical Considerations relating to Low Doc Offering Sign-offs
  • Quality Control - Checklist
  • QA Policy - Acceptance and Continuance of Client Relationships
  • QA Policy - Ethical Requirements
  • QA Policy - Human Resources
  • QA Policy - Monitoring Quality Control in the Firm
  • QA Policy - Quality Assurance in the Firm
  • Risk Management Framework - Templates
  • Managing Personal Information
    • Reviewed and disclaimer updated
  • Monthly Complaints Monitoring Form
    • Updated formatting and form details
  • Client Categorisation Workpapers
  • Client Files Reviewed – Summary
  • Data Breach Management and Response Plan – Template
    • Reviewed and updated (all links have been updated for new OAIC websites)
  • Privacy Management Plan – Template
    • Reviewed and updated (all links have been updated for new OAIC websites)
  • Management Meetings
  • Strategic Planning - Quarterly Plan
  • Strategic Planning – Questionnaire

August 2019


Content Release

Accountant’s Content (Content Update 238)

  • Single Touch Payroll
  • STP – 12 Month Engagement Authority Letter
  • STP – Finalisation Declaration Authorisation – Annual
  • STP - Finalisation Declaration Authorisation Individual Employee(s)
  • Your Guide to Buying a Business
  • Creating a Business Plan – Guide
  • Purchase of Business Checklist
  • Budget and Cashflow Forecast Checklist
  • Valuation of a Business Workpapers
  • Entity Matrix – Choosing a Business Structure
  • Current Financial Status Workpaper
  • Selling a Business


HowNow Online (Content Update 4)

  • Single Touch Payroll


Smart Workpapers

  • 2019 Capital Gains Tax Workpaper
  • 2019 Loan Repayment Calculator
  • 2020 Company Debit Loan Workpaper


Template Updates

2020 Company Debit Loan Workpapers – main updates include:

  • Updated formatting.
  • Updated index page to include two new auto-fill columns: 
    • Minimum Repayment;
    • Over / (Under) Min. Repayment.
  • Update the following worksheets:
    • Company Debit Loan Checklist – updated interest rates, updated external hyperlinks;
    • Debt and Equity Checklist – updated external hyperlinks;
    • Div. 7a Calculator – updated interest rates;
    • UPE Repayment Calculator – updated interest rates, workpaper functionality minor fixes.

 

Company Shareholder Loan Accounts Procedure - reviewed and updated links to documents.

 

2019 Loan Repayment Calculator - this document has been reviewed and updated.

 

2019 Capital Gains Tax Workpapers – main updates include:

  • Updated formatting.
  • Updated Homepage to include rounding tolerance
  • Updated index to include new feature column for checklists items.
  • Updated the following worksheets:
    • CGT Checklist – update hyperlinks;
    • CGT Event and Cost Base – update hyperlinks;
    • New workpaper – J30 GST Margin Scheme Workpaper – replaced the old GST Margin Scheme Workbook in HowNow. (J30 is also available in Accounts and Tax Workpapers)

 

Single Touch Payroll – letter templates to satisfying ATO requirements.        

  • STP 12 Month Engagement Authority Letter – letter and authority template for a client to provide an agent with authority for a 12-month period from the date of signature to lodge STP pay events on their behalf.
  • STP - Finalisation Declaration Authorisation Annual - letter and authority template for a client to provide an agent with authority to lodge finalisation declarations for all employees at the end of a payroll year.
  • STP - Finalisation Declaration Authorisation Annual - letter and authority template for a client to provide an agent with authority to lodge a finalisation declaration for an employee(s) part way through a payroll year, in the instance of employment ceasing.


Your Guide to Buying a Business - this document has been reviewed and updated with the latest rates, links and statistics.


Creating a Business Plan – Guide – this document has been reviewed and updated with the latest rates, links and statistics.

 

Purchase of Business Checklist – this document has been reviewed and updated with the latest links and formatting.


Budget and Cashflow Forecast Checklist – this document has been reviewed and updated with the latest links and formatting.


Valuation of Business Workpapers – this document has been reviewed and updated with the latest links and formatting.

 

Entity Matrix – Choosing a Business Structure – this document has been reviewed and updated with the latest links and formatting.

 

Current Financial Status Workpapers – this document has been reviewed and updated with the latest links and formatting.


Selling a Business – this document has been reviewed and updated with the latest links and formatting.




July 2019


Content Release

Accountant’s Content (Content Update 237)

  • 2019 SMSF Workpapers
  • SMSF Year End Compliance Procedure
  • SMSF Year End Covering Letter
  • SMSF Engagement Letter & Email
  • 2020 BAS & IAS Workpapers
  • BAS and IAS Preparation Procedure
  • BAS Information Gathering Questionnaire
  • 2020 Calendar of Key Dates
  • 2019 Tax Facts and Figures


Smart Workpapers

  • 2019 SMSF Workpapers
  • 2019 BAS & IAS Workpapers


Compliance Essential (Update 70)

  • 2020 BAS & IAS Workpapers
  • BAS Information Gathering Questionnaire
  • 2019 Tax Facts and Figures


Core Accounting (Update 19)


Template Updates

2019 SMSF Workpapers – main updates include:

  • Updated formatting.
  • Addition of reconciliation field to make it easier to view whether an account is out of balance or reconciled.
  • Additional information to show whether there is data/no data entered into the worksheets.
  • Update the following worksheets:
    • Checklist updates include:
      • Review and update links and rates where applicable.
      • New checklist items for downsizing contributions.
      • New checklist items for LRBA new reporting requirements.
      • Include checklist item for audit preparation: 'Confirmation of an outward rollover from the receiving super fund'.
      • Updated transfer balance cap amounts.
    • Member Contributions workpaper - Updated to include new Y label for LRBA reporting.
    • Contributions workpaper – Updated to include new H & H1 labels for downsizing contributions reporting.


SMSF Year End Compliance Procedure - reviewed and updated links to documents.


SMSF Year End Covering Letter and Merge 2 Letter– added AskData selection criteria for insurance advice. Eligible to be provided by AFSL licensed firms only.

 

SMSF Engagement Letter & Email – updated wording for no AFSL paragraph ‘Use the following paragraphs if the firm is NOT licenced to provide financial advice’.


2020 BAS & IAS Workpapers – main updates include:

  • Updated formatting.
  • Addition of notes/hyperlinks count.
  • Update the following worksheets:
    • Checklist Update rates and links.
    • Fuel Tax Credit workpaper – Updated FTC rates.
    • Luxury Car Tax – Updated LCT rates.


BAS and IAS Preparation Procedure - reviewed and updated links to documents.

 

BAS Information Gathering Questionnaire & Merge 2 - reviewed and updated rates and thresholds for 2020 year.

 

2020 Calendar of Key dates - reviewed and updated due dates and link to web pages.

 

2019 Tax Facts and Figures – main updates include:

  • Reviewed and updated tax rates for the 2019 year.
  • Reviewed and updated Centrelink rates from 1 July 2019.

 

ASIC Forms – updated website link

 

ASIC Lodgement Fees – updated website link


Important LMITO announcement 

Updated LMITO rates in all 2019 workpaper starter files

On Thursday 5 July, the Treasury Laws Amendment Bill 2019 received Royal Assent. As a result, all previously released 2019 workpaper starter files have been updated to reflect the LMITO rate changes. The following workpapers have been updated in the release:

  • 2019 Accounts and Tax Workpapers;
  • 2019 Primary Production Workpapers;
  • 2019 Trust Workpapers;
  • 2019 Personal ITR Workpapers;


Important SMSF Audit announcement 

SMSF Audit Workpapers and Documents 

As previously announced going forward we will not be providing updates to the SMSF Audit content (workpapers and documents) and this area will no longer be part of our content offering. You may continue to use our documents and update them yourself as required. All SMSF Audit documents have been set to 'Inactive' and 'Not Current' in the Knowledge system. To use the templates mark them as 'Document is Active' and assign 'Current Status' in the document profile.



JUNE 2019


Content Release

Accountant’s Content (Content Update 236)

  • 2019 Accounts and Tax Workpapers
  • 2019 Primary Production Workpapers
  • 2019 Trust Smart Workpapers
  • Accounts and Tax Procedure - How We Do It Here


Smart Workpapers

  • 2019 Accounts and Tax Workpapers
  • 2019 Primary Production Workpapers
  • 2019 Trust Smart Workpapers


Compliance Essential (Update 69)

  • 2019 Accounts and Tax Workpapers
  • 2019 Trust Smart Workpapers


Core Accounting (Update 18)

  • 2019 Accounts and Tax Workpapers


Template Updates

2019 Accounts and Tax workpapers – main updates include:

  • Updated formatting.
  • Addition of notes/hyperlinks count.
  • Addition of reconciliation field to make it easier to view whether an account is out of balance or reconciled.
  • Additional information to show whether there is data/no data entered into the worksheets.
  • Update the following worksheets:
    • All Checklists
      • Review and update links and rates where applicable;
    • Checklist Non - SBE;
      • Updated what’s new for 2019 including; annual aggregated turnover increase to $50m, Single Touch Payroll (STP), etc.
    • Checklist – SBE;
      • Updated what’s new for 2019 including; annual aggregated turnover increase to $50m, Immediate deductibility thresholds, etc.
      • Updated SBE instant assets write-off checklist
    • Checklist - Company;
      • Update Continuity of Ownership Test (COT) & similar business test checklist items
      • Update franking account checklist items.
      • Include Single Touch Payroll (STP) checklist items.
    • Checklist – Primary Production;
      • Include fodder storage asset write off checklist items.
      • Tax Rates - updated for the 2019 tax year (where available).
      • Motor Vehicle Rates - updated for the 2019 tax year.
      • Rental Property – added advertising expenses row in agency section


2019 Primary Production Workpapers – main updates include:

  • Updated formatting.
  • Addition of notes/hyperlinks count.
  • Addition of reconciliation field to make it easier to view whether an account is out of balance or reconciled.
  • Additional information to show whether there is data/no data entered into the worksheets.
  • Update the following worksheets:
    • Tax Reconciliation Business Income – remove cash adjustments rows
    • Averaging Worksheet – Updating calculations to include Low and Middle Income Tax Offset (LMITO)


2019 Trust Workpapers – main updates include:

  • Updated formatting.
  • Addition of notes/hyperlinks count.
  • Addition of reconciliation field to make it easier to view whether an account is out of balance or reconciled.
  • Additional information to show whether there is data/no data entered into the worksheets.


How we Do it here Procedure - reviewed and updated links to documents


Important SMSF Audit announcement 

SMSF Audit Workpapers and Documents 

Going forward we will not be providing updates to the SMSF Audit content (workpapers and documents) and this area will no longer be part of our content offering. We will still be providing our SMSF Compliance and documents as normal. SMSF Audit is a complex area and there are now many specialists offering solutions in this area. You may continue to use our documents and update them yourself as required.



May 2019    


Content Release   

Accountant’s Content (Content Update 235)

  • 2019 Personal ITR documents - updated for the 2019 tax year.
  • 2019 Interim Accounts & Tax Workpapers - updated formulas.

Smart Workpapers

  • 2019 Personal ITR Workpapers
  • 2019 Interim Accounts & Tax Workpapers - fixed conditional formatting in Chat cell; added named range to Tax Rates cell D34.

Compliance Essential (Update 68)

  • 2019 Personal ITR Workpapers
  • 2019 Interim Accounts & Tax Workpapers

Core Accounting (Update 17)

  • 2019 Interim Accounts & Tax Workpapers


Template Updates

Personal ITR 2019 Documents - the following documents have been updated:

  • 2019 Personal ITR Workpapers - main updates include:
    • All worksheets - update of formatting.
    • All worksheets - addition of Notes/Hyperlink count.
    • All worksheets - additional information to show whether there is data/no data entered into the worksheets
    • Summary - added Display button to provide layout display options.
    • PAYG Instalment Calculator - Individual - updated GDP uplift factor.
    • Rental Property - added advertising expense to rental statement section.
    • Medical Expenses Offset - updated thresholds for the 2019 tax year.
    • Invalid and Invalid Carer Offset - updated formulas in cells J27, J41.
    • Tax Rates - updated for the 2019 tax year.
    • Motor Vehicle Rates - updated for the 2019 tax year.
  • Personal ITR Procedure - reviewed and updated links to documents. 
  • Personal Income Tax Return - email template in .oft file format.



April 2019 


Accountant’s Content (Content Update 234)

  • 2019 Year End Questionnaires (including Accounts & Tax, Personal ITR, Primary Production and SMSF).
  • 2019 Interim Accounts & Tax Workpapers.
  • Division 293 Tax Assessment Letter (including the merge version).

Smart Workpapers

  • 2019 Interim Accounts & Tax Workpapers - main updates include:
    • Update of formatting.
    • Addition of Checklist Items count on the Index Page.
    • Addition of Checklist Items count to relevant worksheets.
    • Addition of Notes/Hyperlinks count.
    • Addition of Reconciliation field to make it easier to view whether an account is out of balance or reconciled. 
    • Additional information to show whether there is data/no data entered into the worksheets
    • Update to the following worksheets:

                            - Trade Creditors - changes to the layout to allow for new features coming soon

                            - Trade Debtors - changes to the layout to allow for new features coming soon

                            - Wages - changes to the layout to allow for new features coming soon

                            - Payroll Tax - updated for the 2019 rates.

                            - Sales Trading Account - updated value of goods taken for private use for the 2019 tax year (TD 2019/2).

                            - Tax Rates - updated for the 2019 tax year (where available).

                            - Motor Vehicle Rates - updated for the 2019 tax year.

Compliance Essential (Update 67)

  • 2019 Year End Questionnaires (Accounts & Tax, Personal ITR)
  • 2019 Interim Accounts & Tax Workpapers

Core Accounting (Update 16)

  • 2019 Year End Questionnaire (Accounts & Tax)
  • 2019 Interim Accounts & Tax Workpapers

March 2019 


Accountant’s Content (Content Update 233)

  • Salary Sacrifice 2020 documents – including the checklists and workpapers.

Smart Workpapers

  • 2020 Salary Sacrifice Workpapers.
  • Worksheet J10 BAS Monthly in Accounts & Tax Workpapers - fixed formula in cell H103.
  • Various templates in the Accounts & Tax Workpapers have been updated to facilitate the new upcoming features in Connected Workpapers. To view the full list of updated templates click here.

Salary Sacrifice 2020 Documents - the following documents have been updated:

  • 2020 Salary Sacrifice Workpapers - main updates include:
    • All worksheets – added Reviewed and Partner Approved in status cell.
    • Checklist – has been reviewed and updated for the 2020 tax year.
    • Tax Rates – updated rates for the 2019/20 tax year (where available).





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