November 2021
Accountant's Content (Content Update 262)
2021 SMSF Workpapers - main updated include:
- Home - update period start & end dates
- SMS Compliance Checklist – updated all rates for 2021 and included/deleted sections where relevant
- Tax Reconciliation SMSF - updated information hot tips for correct cell references
- Contributions - updated information hot tips and added link for excess concessional contributions
- Account Based Pension Under 60 - Updated formulae for minimum pension % for 2022
- Account Based Pension Over 60 - Updated formulae for minimum pension % for 2022
- Deductions and Expenses - removed label G1 from the worksheet as it no longer exists in the tax return
Financial Statement Analysis Workpaper - Updated for the 2021 year.
Important COVID-19 announcement
COVID-19 Workpapers and Documents
Going forward we will not be providing updates to the COVID-19 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 COVID-19 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.
October 2021
Accountant's Content (Content Update 261)
2021 Tax Facts and Figures – reviewed and updated Centrelink rates from 1 September 2021.
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:
ASIC Annual Review Flowchart Version
ASIC Annual Review
ASIC Change to Company Details Flowchart Version
ASIC Registration of Company Checklist
Income Tax Assessment and Other Statutory Notices
Entity Matrix - Choosing a Business Structure - updated tax rates for the 2021 year.
September 2021
Accountant's Content (Content Update 260)
2022 Calendar of Key dates - reviewed and updated due dates and link to web pages.
2021 Tax Facts and Figures – main updates include:
- Reviewed and updated tax rates for the 2021 year.
- Reviewed and updated Centrelink rates from 1 July 2021.
Job Budget and Fixed Price Agreement Smart Workpapers - reviewed and updated for the 2021 year.
2022 Company Debit Loan Workpapers – main updates include:
- Company Debit Loan Checklist - updated interest rates, updated external hyperlinks;
- Div. 7a Calculator - updated interest rates & rollover functionality;
- UPE Repayment Calculator - updated interest rates.
2021 Loan Repayment Calculator - this document has been reviewed and updated.
2021 Capital Gains Tax Workpapers – main updates include:
- CGT Checklist – update hyperlinks & new checklist items for Granny Flats arrangements exemptions and CGT discounts for Affordable Housing;
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:
Entity Matrix - Choosing a Business Structure - updated tax rates for the 2021 year.
Purchase of Business Checklist
Selling a Business
Sale of Business Checklist
Valuation of a Business Workpapers – Updated period start and end dates for the 2021 year.
Cashflow – Workpapers - Updated for the 2021 year.
Current Financial Status – Workpapers - Updated period start and end dates for the 2021 year.
July 2021
2021 SMSF Workpapers - main updated include:
- Home - update period start & end dates
- SMS Compliance Checklist – updated all rates for 2021 and included/deleted sections where relevant
- Tax Reconciliation SMSF - updated information hot tips for correct cell references
- Contributions - updated information hot tips and added link for excess concessional contributions
- Account Based Pension Under 60 - Updated formulae for minimum pension % for 2022
- Account Based Pension Over 60 - Updated formulae for minimum pension % for 2022
- Deductions and Expenses - removed label G1 from the worksheet as it no longer exists in the tax return
2022 BAS & IAS Workpapers – main updates include:
- Home - update period start & end dates
- Tax Rates – updated all rates for the 2022 year
- BAS & IAS Checklist – updated all rates for 2022 and included/deleted sections where relevant
- Luxury Car Tax - update yearly luxury car tax rates
- Fuel Tax Credits - update fuel tax credit rates as of 1 July 2021
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:
SMSF - Year-End Compliance Procedure
SMSF Engagement Letter
BAS Information Gathering Questionnaire
BAS and IAS Preparation Procedure
June 2021
Smart Workpapers
2021 Accounts and Tax Workpapers – main updates include:
- Updated the following checklists:
- Accounts & Tax Checklist Non-SBE
- Accounts & Tax Checklist - SBE
- Company Checklist
- Trust Checklist
- Partnership Checklist
- Self Review Checklist
- Losses - Updated Loss Carry Back Tax Offset calculation
- Cashflow Boost - Updated year-end calculation date in workpaper
2021 Primary Production Workpapers – main updates include:
- Tax Averaging Worksheet - updated Tax calculations for changes in income tax rates.
2021 Trust Workpapers - updated for the 2021 year
Accounts and Tax Procedure - How We Do It Here
May 2021
Smart Workpapers
2021 Personal ITR Workpapers – main updates include:
- Home Page – update period start & end dates
- Tax Rates – updated all rates for the 2021 year
- All Checklists – updated all rates for 2021 and included/deleted sections where relevant
- Summary - update tax offset references for T9 & T10
- PAYG Instalment Calculator - updated GDP uplift factor
- Salary & Wages - updated occupation codes not yet release at the time of publishing - this will be reviewed in June 2021
- Aust Govt Payments - updated list of payment sources
- Capital Gains Worksheet - updated to include a new 10% discount for investments in affordable housing
- Other Tax Offsets - updated to remove T10 and update T9 details.
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 2021 - Updated for the 2021 year
Personal ITR - Year End Questionnaire 2021 - updated for the 2021 year
Primary Production - Year End Questionnaire 2021
SMSF - Year End Questionnaire 2021
Personal ITR Procedure
SMSF - Year End Compliance Procedure
Accounts and Tax Procedure - How We Do It Here
The following engagement letters have been reviewed and updated for changes to APES 305 Terms of Engagement effective from 1 July 2021. Including additional disclosures required for firms utilising outsourced service providers or cloud computing software.
- Tax Engagement Letter
- Accounts and Tax Engagement Letter
- SMSF Engagement Letter
- Engagement letter for Other Assignments
April 2021
Smart Workpapers
2021 Interim Accounts & Tax Workpapers – main updates include:
- Tax Rates – updated low income tax offset rates, small business income tax offset, base rate entity tax rates, Medicare levy thresholds and FBT rates
- Index - added new rates section (ability to import tax facts and figures templates into the workpaper for information usage)
- Losses - updated for new loss carry back tax offset calculations
- Tax Reconciliation- updated for new loss carry back tax offset
- Tax Worksheet - updated low income tax offset calculation and added a new row for the small business income tax offset
- Trade Debtors - updated workpaper information
- Stock on Hand - updated workpaper named ranges
- Fixed Assets Depreciation - updated checklists for new depreciation rates and thresholds released throughout the year
- Trade Creditors - updated workpaper information
- Hire Purchase - updated named ranges
- Provisions - Long Service Leave - updated superannuation rate, new rate from 1 July 2021
- Provisions - Annual Leave - updated superannuation rate, new rate from 1 July 2021
- GST Reconciliation Quick - updated workpaper to quarterly/monthly switching, import information from client accounting files and update named ranges for other workpapers
- Capital Gains Worksheet - updated direct entry method for asset types
- Dividends - updated franking rate for BRE's
- Dividends - Comprehensive - updated franking rate for BRE's
- 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
2021 Tax Facts & Figures – main updates include:
- Centrelink Rates - Family Benefits – update rates as of 01 April 2021
- Centrelink Rates - Age Pension – update rates as of 01 April 202
- Centrelink Rates - Other Benefits – update rates as of 01 April 2021
March 2021
Smart Workpapers
2021 Tax Facts & Figures – main updates include:
- Centrelink Rates - Family Benefits – update rates as of 21 March 2021
- Centrelink Rates - Age Pension – update rates as of 21 March 202
- Centrelink Rates - Other Benefits – update rates as of 21 March 2021
2021 Tax Planning Workpapers – updated calculations for Small Business Tax Offset
2021 Fringe Benefits Tax Workpapers – main updates include:
- Home Page – update dates
- Tax Rates – updated all rates for the 2021 year
- Checklists – updates all rates for 2021 and included/deleted sections where relevant
- Living Away from Home Fringe Benefits – updated statutory rate for single adult
- Car Fringe Benefits - updated checklist items for COVID-19 considerations
- Car Parking Benefits - updated checklist items for COVID-19 considerations
Accountant's Content (Content Update 255)
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:
2021 Tax Planning Documents
- Fringe Benefits Tax Procedure
February 2021
Smart Workpapers
2022 Salary Sacrifice Workpapers – main updates include:
- Home Page – update dates
- Tax Rates – updated all rates for the 2021 year & 2022 where applicable (Specifically increase superannuation contribution rate to 10%)
- 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 employer's super guarantee obligations.
2020 BAS & IAS Workpapers – main updates include:
- Fuel Tax Credits - this template has been updated for new fuel tax credit rates from 01 February 2020.
Accountant's Content (Content Update 254)
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:
2021 Fringe Benefits Tax Documents
- Fringe Benefits Tax Procedure
- FBT - Complex Covering Letter - removal of airline benefits section; there is no separate category for airline transport benefits.
- FBT - Simple Covering Letter - election/declaration list updated
- Fringe Benefits Tax Email Template - election/declaration list updated and a nill amount payable option has been included
- FBT - Information Gathering Questionnaire - updated dates, updated benchmark interest rate, updated car parking rate, added paragraphs for COVID-19 information.
- FBT - Employee Contribution Journal Covering Letter - removal of airline benefits section; there is no separate category for airline transport benefits.
January 2021
Smart Workpapers
2021 Tax Planning Workpapers – main updates include:
- Starter file updated to include the following items:
- Multiple scenario calculations
- Tax Rate imports for Centrelink, Deprecation, etc.
- TP01 Simple Tax Strategies - New multi-scenario template
- TP02 Complex Tax Strategies - New multi-scenario template.
- TP04 Checklist - Short - updated for the 2021 year.
- TP05 Comprehensive Checklist - Business Clients - updated for the 2021 year.
- TP05 Comprehensive Checklist - Individual Clients - Updated for the 2021 year.
2020 Tax Facts and Figures - Reviewed and updated Centrelink rates from 1 January 2021
Accountant's Content (Content Update 253)
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:
2021 Tax Planning Documents
- Tax Planning - Client Newsletter 2021 - updated all rates and information relevant for clients for the 2021 year.
- Tax Planning Procedure