Overview
This topic guide explains the transition from ONESOURCE Corporate Tax Classic content to ONESOURCE Corporate Tax NextGen content and the steps you need to take to begin using NextGen content.
Phase 1 of the transition involved moving from the OCT Classic platform to the NextGen platform. This step has now been completed for all customers. Phase 2 involves the transition from the existing content templates (Classic content) to new content templates (NextGen content).
These steps are only required once.
important
Content transition is not required for the following:
- Datasets that use the New Zealand content template only
- Datasets that use the manual forms template only
Content templates
Content templates are the standard set of workpapers that are available in a calculation, including their layout and the way that data flows throughout them. As part of the move to NextGen, OCT’s content templates are also being updated from their existing versions (Classic content) to new versions (NextGen content). NextGen content templates feature significant enhancements across mapping, workpapers and data flow.
Classic content will not be available to create 2025 income year calculations and later. After this time customers will no longer be able to create new datasets using Classic templates. However, existing datasets and calculations that were created using Classic templates are not affected and will continue to be accessible.
The table below summarises the income years for which Classic and NextGen content will be available.
Years | Classic content | NextGen content |
|---|---|---|
2022 income year | Available | Not available |
2023 income year | Available | Available |
2024 income years | Available | Available |
2025 income years and after | Not available | Available |
Content transition via roll forward
The content transition must be done by rolling forward an existing dataset using Classic content to a dataset using NextGen content. The dataset created using the roll forward will be based on the NextGen templates, with conversion work automatically performed by OCT in transforming data from the format of Classic content to NextGen content.
Timing
Customers can perform the content transition after NextGen content is released in Q4 2023, and when they:
- Roll forward from the 2023 tax return on Classic content to the 2024 tax provision/return (whichever is applicable, per the customer’s OCT usage), or
- Roll forward from the 2024 tax return on Classic content to the 2025 tax provision/return (whichever is applicable, per the customer’s OCT usage).
Customers must use NextGen content for their first 2025 tax provision/return at the latest, because Classic content will not be available for 2025.
Thomson Reuters will work with each customer to determine the best time for their content transition.
Initiation Meeting
A Thomson Reuters Professional Services Consultant or Project Manager will contact you to commence content transition activities. They will arrange an initiation meeting with your team to explain the steps required to transition and discuss with you a timeline for your transition.
They will also ensure that NextGen content is activated in your OCT database before you complete the steps for the transition.