Appendix
This appendix describes the new workpapers introduced in the AU Company Tax v2.xx and AU Consolidated Tax v2.xx templates for OTP to OCT integration.
{P1} OTP Statement of taxable income audit trail
- Imported data is pushed to a new section for OTP data only in the {A} Statement of Taxable Income.
{P2} OTP Tax calculation
- Imported data is pushed to the {A20} Tax calculation using the existing OTP import structure.
- Most tax offsets and credits can still be imported; however, some calculations can be done within the existing workpapers.
- For the Research and Development (R&D) Tax Offset, you can fully complete the calculation using the {A27} Research and development tax incentive workpaper. This approach will align with the standard process, ensuring that all relevant tax return labels are cross-referenced and populated correctly.
- All other offsets and credits that utilise existing workpapers can be prepared in a similar manner.
{P3} OTP Balance sheet audit trail
- Imported balance sheet data is pushed directly to the {F3} Forms audit trail. This is a new data flow.
- This data is no longer pushed to {B} Balance sheet as this will conflict with workpaper analysis, as tax adjustments automatically transfer from {B3} Balance sheet to inserted workpapers.
{P4} OTP Income statement audit trail
- Imported income statement data is pushed directly to the {F4} Income Statement Audit Trail. This is a new dataflow.
- This data doesn’t transfer to the Income statement {D} as this will conflict with workpaper analysis, as tax adjustments automatically transfer from the Income statement {D} to the Statement of taxable income {A}.
{P5} OTP Fixed assets – form disclosures
- This is a new import sheet.
- Imported fixed assets disclosures will be pushed directly to the {F5} Fixed assets – forms disclosures workpaper. This sheet should not be used if the {C…} Fixed Assets workpapers are being used, as data may be duplicated.
The import data flow now simplifies pushing data from OTP to the OCT Tax Return, ensuring an easy process without unnecessary re-work in ONESOURCE Corporate Tax.