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2024 SMSF Tax Time - The 2024 SMSF Annual return and related Tax changes have been added, This includes:
- The 2024 SMSF Annual Return User Interface and PDF. The ATO did not change the 2024 return compared to 2023.
- New ATO Trust Income Schedule - From the 2024 income year, if an SMSF receives one or more distributions from trusts, including (ETFs, Managed Funds and Stapled Securities), you must complete and attach a Trust income schedule to the SMSF Annual Return.
- 2024 Finacial Year Wind-Ups will now print the 2024 PDF.
- Lodgement screen - The chart has been updated to 2024.
- Digital Signing enabled for 2024 Return and Schedules.
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Fund Transfers - Support for 2024 Tax Changes.
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Trust Income Schedule: To accommodate the Trust Income Schedule requirements effective from the 2024 Financial Year, new tax component fields have been added in the following areas:
- The 23800 Distribution income account - More Details Panel.
- Distribution Tax Automation Screen.
- Annual Tax Statement - 'Extract from PDF' feature.
- Reports - The Fact Finder has been added for 2024. The projected pension calculation and Pension Payment Declaration have been updated for 2025.
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Family Trust Election - A Family Trust Election form can now be created and lodged via Simple Invest 360 for Trusts.
- Cash Flow Notifications - Cash balance threshold notifications can be set up via the Statement of Cash Flows screen. When triggered, a job will be created for the user on the Workflow screen.
- Mortgage Advice Bureau (MAB) - MAB has been added as an External Service Provider, providing SMSF lending solutions.
- Opteon - Opteon has been added as an External Service Provider. Services include property valuations, tax depreciation schedules, rental assessments and quantity surveying.
- Investment Security List - Users can now add an ABN or ACN for a security. This information will be used in the Trust Income Schedule.
- Chart of Accounts - The new Body Corporate Fee expense account is now linked to investment control accounts.
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Corporate Actions - 5 new mergers have been added.
ASX Code Date BLY.AX 11th April 2024 A2B.AX 12th April 2024 92E.AX 12th April 2024 DTC.AX 1st May 2024 ORR.AX 2nd May 2024 - Feed Management - Added the ability to re-request data for one specific date.
- Entity Selection Screen - The delete fund warning message has been updated.
- Insights Dashboard - The delete fund warning message has been updated.
- Investment Security List - Alphabetized the list of external providers (Property Valuations, Depreciation Schedule Providers & Loan Comparison).
- Investment Security List - Improved filter icon for ‘Market Type’ & ‘Feed Source’.
- Statement of Distributions (Trusts) - Updated the Statement of Distributions (Annual Tax Statement report) for Trusts to reflect changes for the new Trust Income Schedule for 2024 onwards.
- Statement of Taxable Income (Individuals) - Updated tax rates for Billable Individuals for FY2025 onwards in the Statement of Taxable Income.
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Smart Reports - Improved the General Ledger view to stay on screen when scrolling through the Smart Reports screen. Additionally, added a data filter and enabled opening in a new tab easily.
- Smart Reports - the Statement of Financial Position can now be generated directly as a PDF.
- SuperStream – Improved the email notification setup process to manage email addresses with leading or trailing spaces more effectively.
- Workflow - Added further customisation around Job stages, allowing users to delete system Job stages and reorder Job stages.
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Audit Management Screen - Users with Auditor access has been enabled access to this screen by default.
- Feed Management: Date Fields were not formatted correctly when users' tabs were out of the field.
- Trust Tax Return: The Small Business Technology Investment Boost was displayed twice on the tax return screen.
- Trust Tax Return: The NPP amount for “Beneficiaries Not Entitled” was not prefilled correctly.