2024 Smart Suite and Workpapers Release Notes

May 2024


NEW Worksheet:


C35 Professional Firms Profit Allocation

We have listened to your feedback and we're happy to announce a new worksheet designed to streamline risk assessment for professional firms. This worksheet directly addresses profit allocation practices in accordance with the ATO's PCG 2021/4 guidelines. The worksheet guides you through the three key risk assessment factors outlined in the PCG, ultimately determining your firm's relevant risk zone. This newfound clarity empowers you to make informed decisions regarding profit distribution, ensuring compliance and minimising potential risks.


Improvements and Bug Fixes:


G31 Division 7A

Streamlining your Division 7A calculations just got easier! We've revamped our Division 7A worksheet to mirror the Australian Taxation Office's (ATO) own calculator, creating a more intuitive and user-friendly experience. This alignment ensures consistency and clarity when determining your Division 7A obligations. To further enhance your workflow, we've implemented a sleek new design and consolidated all loan details into a single location. These improvements empower you to confidently navigate Division 7A calculations with greater efficiency and accuracy.


FB10 Car Fringe Benefits

We're pleased to announce that our Car Fringe Benefits worksheet, now incorporates support for Electric Vehicles (EVs). This update reflects where eligible EVs are exempt from FBT, but still need to be declared as reportable fringe benefits. Our enhanced worksheet seamlessly handles both scenarios, ensuring accurate calculations and streamlined reporting for companies offering EVs as part of their employee benefits package. Stay compliant and confident in your FBT calculations.


N80 Wages

We've just released an update to our Wages worksheet that includes a helpful new feature. Now, the workpaper will automatically warn you if your total payroll exceeds the minimum threshold (for the lowest state) for registering for payroll tax. This will help you stay on top of your tax obligations and avoid any potential penalties.


M03 Capital Gains

Our popular Capital Gains worksheet is now the go to for all entity types. Because of this we have added a new owner split area to easily keep track of assets with multiple owners.


H35 Provisions Tax

We fixed a bug in which the Income Tax Expense from the C20 Tax Reconciliation worksheet was coming in as a negative.



April 2024


Accountant's Content (Content Update 283)


2024 Interim Accounts & Tax Workpapers

Need to complete 2024 Interims or even get started on some 2025 jobs? Good news - our 2024 Interim Accounts & Tax Workpapers have been released. The main updates include:

  • Tax Rates – Updated tax rates for 2024 year.
  • H39 Provisions - Long Service Leave - Updated superannuation rate for 2025.
  • H40 Provisions - Annual Leave - Updated superannuation rate for 2025.
  • M35 Sales Trading Account - Updated for 2024 private use rates.


Please keep in mind that any 2024 tax rate or legislation changes between now and the end of the financial year will be reflected in our Accounts & Tax release at the end of June, along with other design updates and improvements.



March 2024


PLEASE NOTE:

The Treasury Laws Amendment (Cost of Living - Medicare Levy) Bill 2024 (Stage 3 Tax Cuts) passed both Houses on 27 February 2024 and received Royal Assent on 5 March 2024. This resulted in the Medicare levy low-income threshold for the 2023-2024 income year increasing from $24,276 to $26,000 and the Phase out threshold increasing from $30,345 to $32,500. Our Tax Planning Workpapers were updated to reflect these changes.


Accountant's Content (Content Update 282)


2024 Fringe Benefits Tax Workpapers

We are excited to announce the release of the latest version of our FBT Workpapers, now with a refreshed design and enhanced functionality to streamline your fringe benefits tax calculations and reporting. With a focus on user experience and efficiency, this update also introduces a new worksheet specialised in managing multiple cars to optimise your tax reporting processes.


The FB20 Multi-Cars Fringe Benefits worksheet is specifically designed to accommodate the complexities of calculating FBT for multiple vehicles. This enhancement not only simplifies data entry and calculations but also enriches the reporting capabilities, ensuring a more efficient and comprehensive tax reporting process for businesses managing vehicle fleets.


Improvements:


N75 Superannuation

We're pleased to announce an enhancement to our payroll functionality: the addition of a new section dedicated to the reconciliation of multiple superannuation accounts with the overall payroll balance. This update ensures that the super expense aligns seamlessly with payroll calculations.



January 2024

 

Accountant's Content (Content Update 281)

  

2024 Tax Planning Workpapers


The latest update to our Tax Planning starter enhances the user experience with a redesigned, more intuitive interface, including easier navigation between worksheets. This update also introduces the ability to compare current and previous period tax data. These improvements, along with our core offerings of optimising tax position strategies and techniques for minimising tax liabilities, solidify Smart Workpapers as a comprehensive and user-friendly solution for efficient tax planning and management.


Updates include: 

  • Updated for current Business Fitness design
  • Updated for 2024 tax rates and correct ATO references and hyperlinks 
  • TP19 Losses – amended for 2024 onwards to remove loss carry-back calculations

 

Improvements and Bug Fixes:


F05 Trade Debtors and H05 Trade Creditors

The latest update introduces a streamlined design overhaul for both the Trade Creditors and Trade Debtors worksheets, enhancing the user experience with a more user-friendly interface. This update also includes new graphical sections, which provide visual representation of financial data to aid you in your analytical work. Additionally, "Analytical Insights" have been integrated into both analysis sections, offering deeper, actionable insights into financial standings.

 

‌We are excited to release the revamped Provision for Doubtful Debts section, featuring a "Debtors at risk" table that highlights the top 10 'at risk' debtors based on customisable sensitivity settings. These design and feature updates not only enhance the visual and functional aspects of the templates but also incorporate advanced analytics features, significantly improving insights and efficiency in managing monthly workpapers.

 

N75 Superannuation

Our latest release features a redesigned superannuation template, aimed at improving user navigation and efficiency. Alongside the aesthetic enhancements, we've corrected a previously encountered bug where late payment warnings were not appearing as intended. This update ensures a smoother experience and better compliance with superannuation payment deadlines.

 

J50 BAS Lodgements

In line with our recent updates across various templates, the BAS Lodgements sheet has also undergone a redesign to ensure consistency and enhance user experience. The sheet also introduces a new feature: a deferred GST column. This addition is designed to provide users with more flexibility and accuracy in managing GST obligations, particularly for those dealing with imported goods and opting for deferred GST schemes.

 

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 2024 - updated all rates and information relevant for clients for the 2024 year.

 

Tax Planning Procedure – updated for 2024 year and updated applicable hyperlinks.

Did you find it helpful? Yes No

Send feedback
Sorry we couldn't be helpful. Help us improve this article with your feedback.