New ATO forms interface
What changes have Thomson Reuters made to the ATO forms in ONESOURCE Corporate Tax and Trusts?
Thomson Reuters have updated the user interface of the ATO forms in ONESOURCE Corporate Tax and Trusts to present this information in a "workbook" style, verse the traditional PDF style provided by the ATO.
Has the new "workbook" style ATO form been approved by the ATO?
Our development team still rely on the pro forma PDF forms along with the SBR specifications provided by the ATO to guide the design and development of this improved layout. While visually the look and feel may slightly differ, we still ensure that:
- All labels contained in the PDF forms are still included.
- Cross-linking and referencing of information is not compromised.
- The ATO's SBR specifications required for electronic lodgement are adhered to; and
- The ATO will accept the new forms in ONESOURCE via paper (if required), in the same manner they accepted the previous PDF style forms.
How does this change impact the way I prepare my tax returns in ONESOURCE?
Users can continue to use ONESOURCE Corporate Tax and Trusts to prepare and lodge their tax returns.
For users of the Manual Forms template, this change now unlocks significant efficiencies as it enables the ability to bulk import data for multiple entities into the ATO forms. The Thomson Reuters team will provide you with a new import file and detailed instructions on how to do this.
Why have Thomson Reuters changed the presentation style of the ATO forms?
The ATO are prioritising digital SBR lodgements and have stated that electronic lodgement should be used in the first instance, with PDF paper returns only used and submitted to the ATO when electronic lodgement is not available.
This shift by the ATO to a digital preferred strategy can be seen in recent years with many returns, such as the Attribution Managed Investment Trust (AMIT) tax return, only able to be lodged electronically using SBR specifications.
Given electronic lodgements are the default channel by the ATO, Thomson Reuters’ have aligned the way we have designed and developed our software to better reflect the ATO’s digital preferred strategy. As a trusted market leader, we continually innovate and enhance our solutions to help tax professionals run better businesses and future-proof their tax compliance.
What are some benefits of the new ATO forms layout?
Save time with the ability to bulk import data for multiple entities into the new ATO forms.
A cleaner and more consistent user interface. All schedules and returns are displayed in a consistent manner with a visually streamlined design for ease of review.
Easier to navigate a tax return from end-to-end. See more information in one screen, rather than toggling between multiple different PDF pages.
Enables reporting and data extraction capabilities which were not previously available with the PDF style forms.
Better adhere to the ATO’s SBR electronic lodgement requirements which at times can differ to what is contained in the PDF. For example: Trust tax return question 14 (Other Australian income) allows only one type of income to be listed on the PDF style form. However, SBR supports up to 50 income types to be entered, and this is something that can now be supported via the insertion of multiple rows using the more streamlined workpaper approach.
The previous PDF ATO form included relevant instructions and commentary which assisted me with completing the tax return. Is this still available with the new ATO forms layout?
Yes - we understand our clients rely on the instructions and commentary in the PDF forms and we have ensured this information is still available. In the “S1 Preliminary Information” statement, users can select “Show Form Instructions” to display this information.
We still paper lodge our tax returns. What does this mean for us?
The ATO are rapidly moving towards a digital preferred strategy and are prioritising the electronic lodgement of tax returns using their SBR specifications.
That being said, the ATO will accept the new forms in ONESOURCE via paper, in the same way they accepted the previous PDF style forms. In both instances where a tax return is generated by a software provider and is lodged via paper, the ATO keys in the data and processes this manually.