20th June 2024

Tax Time is here once again! Both Trusts and Companies have received the following updates to accommodate for the 2024 tax season:

1. 2024 Trust Tax Updates:

• 2024 Trust Tax Return UI and PDF
• 6 additional Capital Gains labels added to the Statement of Distribution section. New fields have also been added for the small business energy incentive.
• If one or more distributions from trusts are received, the Trust Income Schedule will automatically be attached to the tax return as part of Simple Invest 360’s year-end process.
• An option to show the previous year’s tax return figures has been added

2. 2024 Company Tax Updates:

• 2024 Company Tax Return UI and PDF
• New fields have been added for the Small Business Energy incentive and Digital Games tax offset.
• If one or more distributions from trusts are received, the Trust Income Schedule will automatically be attached to the tax return as part of Simple Invest 360’s year-end process.
• An option to show the previous year’s tax return figures has been added

3. Trust Income Schedule (SMSFs / Trusts / Companies) - To accommodate the Trust Income Schedule requirements effective from the 2024 Financial Year, new tax component fields have been added in the following areas:

• 23800 Distribution income account - More Details Panel
• Distribution Tax Automation Screen
• Annual Tax Statement - 'Extract from PDF' feature

4. SMSF Annual Return – The following exports are now available in Simple Fund 360:

• Xero export of the 2024 SMSF Annual Return
• LodgeIT export of the 2024 SMSF Annual Return

5. Reports – The following report updates have been implemented:

• A new Fund Snapshot Report was added for SMSFs.
• The Trustee Declaration has been updated per the 2024 XYZ Financial Statements.
• Notes to financial statements (Reporting entities) have been updated in line with the 2024 XYZ Financial Statements.
• Added a new Franking Account Worksheet report for Companies

6. User Surveys - BGL has implemented a new survey system using the AskNicely platform to assess and improve user experiences with Simple Fund 360 and Simple Invest 360 software.

7. Split Documents - The Document Viewer on the Documents screen now allows document splitting. If SmartDocs detects separate documents within a PDF file, it will automatically repopulate the Split Range name and page numbers.

1. Corporate Actions - 5 new mergers have been added.

2. Distribution - Improvements made to the following areas to allow easy identification of the Discounted Capital Gains:

• 23800 Distribution Income Account – More Details panel.
• Distribution Tax Automation Screen.

3. Entity Dashboard - Enhanced formatting.

4. Fund Transfer - improved messaging where Workpapers have not successfully transferred over.

5. Reports - Improved the calculation of Increase/Decrease in Value of Stock for Tax Purposes in the Statement of Taxable Income screen for Trusts, Companies and Individuals.

6. Share Trading Report - The Excel export of the Share Trading Report is now simpler to manipulate.

7. Distribution Reconciliation Report

• The report has been updated to accommodate the new Trust Income Schedule requirements.
• Enhancements were made to identify the amounts of discounted capital gains.

8. Smart Reports - The General Ledger view will display a paperclip icon for transactions with attachments.

9. Documents Screen 

• The document filter has been redesigned to provide instant filtered results across all types of filters.
• Users can now cycle to the next or previous document directly from the Document Viewer.
• Document Details (including, FY folders, and tags) and transaction-related data (including business model details, attached transactions, and suggested transactions) have been separated into their tab groups.
• The vertical separator line can now be slid horizontally as desired on both the main Documents Screen and Document Viewer.

10. Document Screen - Document Viewer

• The Document Viewer now has the option to delete the document being viewed.
• The Document Viewer now displays Digital Signing information.
• When cycling to the next or previous document, a preview will be available for PNG and JPEG image files.

1. Contacts - Corrected an issue where contacts with no state were being saved as ‘Foreign’.

2. SMSF Annual Return - Corrected an issue with the audit status when triggered from SMSF Annual Return.

3. Statement of Taxable Income screen - Fixed a rounding issue that would occur in certain scenarios for Companies.