May 2025 Australia - Property Trust Tax 2024
ONESOURCE Trust Property Trust Tax 2024, is a major template release focused on incorporating the new ATO forms format and enhancements to the content. This document outlines the final content changes that are included into the release and to allow you to assess any resulting impact to existing data and business processes.
If you have questions or need further assistance regarding the release notes, contact Support ANZ:
- Phone: 1-800-074-333
Content templates
The following template is scheduled to be deployed as part of the release.
Template | Version |
|---|---|
AU Property Trust Tax 2024 | 2.048 |
Redesign of the ATO forms
All Australian Taxation Office (ATO) forms in the ONESOURCE platform are now presented in a "Workbook" style format. This new format has successfully enhanced the user experience by providing an interactive and user-friendly interface.
The transition has maintained all labels and fields that were present in the previous PDF versions, ensuring continuity and ease of use for users familiar with the older format.
The ATO continues to accept new forms via paper submission through ONESOURCE, accommodating users who prefer or require traditional submission methods.
Benefits
- Improved Time Efficiency:As part of the 2025 Forms release users will have the ability to import data in bulk into specific fields within the forms, streamlining the data entry process (not in current release).
- Advanced Reporting and Data Extraction:The Workbook format has unlocked new reporting and data extraction capabilities, providing users with enhanced flexibility and deeper insights into their tax data.
- Simplified Navigation:Navigating a tax return is now more straightforward, with more information visible on one screen. This improvement reduces the need to toggle between multiple PDF pages, facilitating a smoother workflow.
Impact
- Mandatory Use of Updated Calculations:For the preparation of the 2025 tax return calculations, users are required to utilize the latest template.
- Upgrade to new format:The platform no longer supports an upgrade from the 2024 ATO forms to the 2025 forms. Users will be required to upgrade to 2025 forms, adapting their processes to accommodate this change.noteWhen upgrading to the new ATO form format, the existing ATO forms will be removed from the calculations. Users will need to insert the new forms into the calculation. This task can be completed either individually or in bulk using the calculation managed screen and only applicable for calculations on version 1.075 and above.
New import type called
other manual adjustments import
which gives the option to upload into manual cells facilities. Once the other manual adjustment import statement has been inserted all associated cells through out the template will flow from the statement either manually or via the import function.For the import to work a chart of accounts and mapping template is required alternatively the target-based import feature is available.
Updates
Version 1.075 and highter
Worksheet | Description |
|---|---|
Trust tax return | The new markup Trust tax return {RB} , Trust – statement of distribution {RB1} and the Other Australian income – specific {OI2} ATO forms replace the following trust tax return forms:
|
Losses Schedule | New Losses schedule {RJ} replaces the following ATO forms schedules:
|
Capital gains tax schedule | New Capital gains tax schedule {RK} replaces the following ATO forms schedules:
|
International dealings schedule | New International dealings schedule {RG} replaces the following ATO forms schedules:
|
AMIT tax return and AMIT schedule | The AMIT tax return {RC}, AMIT schedule {RD} and AMIT – statement of distribution {RC1} have been replaced and updated by |
Distribution calculation {G1} | In a situation where there was an over-distribution of franked dividends and foreign income components, the current year's calculations showed no cash or attributed amounts for these components. Initially, the distribution calculation statement {G1} did not account for the prior year's over-distribution when totaling the components. To remedy this, the formulas used to calculate the total cash or attributed amounts have been revised to incorporate the previous year's over-distribution whenever this scenario arises. |
Entity Details {PI1} | A new option, titled "Print Tax File Number," has been introduced, allowing users to decide whether to print tax file numbers. This option is applicable for Australian Taxation Office (ATO) forms starting from the year 2025 and beyond. Additionally, there is a new item at the bottom of the statement, providing the users with the capability to answer the status of business question on the Trust tax return. |
Additional items throughout workpapers to cater for gross up tax offset amounts. | Regarding the tax offsets versus the gross up offset amounts the following changes have been made to the solution: Calculation Setup {PI1}:
Inter Funding Calculation Import {D7} & Inter Funding YTD Percentage Import {D7B}:
External Trust Distribution Received Import {D6}:
Distribution Entitlement Summary {D5}:
Other Tax Adjustments {D17}:
Dividend Reconciliation {D1}:
Tax Reconciliation {D}:
Statement of Taxable Income {C}:
Distribution Calculation {G1}:
Distribution Summary {H1} {H2} {H3}:
Under and Over Distribution {H8}:
Foreign Sourced Income {D8}:
Net Capital Gains Calculation {D11}:
|
Calculation setup {PI1} | The option name is being changed from “Number of decimal places that each of the following columns are calculated to:” to “Decimal Place Specifications for each column:” |
Future release items
We have a list of items currently on our enhancement list. If you have any additional suggestions for improvements, please feel free to send them to our support team or your Thomson Reuters contact. Your feedback is valuable to us, and we appreciate your input in helping us improve our services.
Automate over distributions of franking credits and FITO’s
- When over distribution offranking creditsexists and cannot be adjusted in the second year. ONESOURCE is to be able to calculate the amount of the trustee liability and limit the carrying forward of the franking credit over.
- Overdistribution offoreign income tax offsets (FITOs)that cannot be adjusted in the second year, include an adjustment to foreign income and foreign income by the over distributions of franking credits and FITO’s not utilised in the second year.
Capital loss allocation
Implement a feature that enables the separate allocation of capital losses into TAP (Taxable Australian Property) and NTAP (Non-Taxable Australian Property) categories, rather than allocating them as a combined total.
Domestic and foreign capital gains
Allow NTAP capital gains to be entered as NTAP Domestic and NTAP Foreign capital gains, instead of combining them. The impact of the change will require additional tax components within the distribution calculation.
Directly allocating expenses
Ability to allocate expenses directly to multiple tax components, currently expenses can only directly allocate to one component.
Under and over cross reallocation
Enable the automation to cross reallocate under and over distributions across different tax components.
Reporting
Expand the content available within the reporting module.