Frequently asked questions
Why are we transitioning to NextGen content?
The migration of the ONESOURCE platform to the NextGen operating system has allowed us to capitalize on the new technology available in the platform. The ONESOURCE platform is now more flexible and extendible, which has enabled our team to redesign the Australian Corporate Tax content, ensuring streamlined data flow and transparency, and allowing us to offer enhancements that have been requested by customers.
What are the benefits of adopting NextGen content?
NextGen content includes the following major enhancements:
- Greater tax sensitivity mapping.
- Automated and dynamic data flow from lead statements to supporting workpapers, tax effect accounting (TEA) workpapers and ATO Forms.
- Streamlined workpaper management – merging and splitting of workpapers to align better with source data and lead statements.
- Enhanced workpaper analysis – additional automation and data input options, and improved data import
- Improved data tracing and linkage.
- New Fixed Assets module, including full fixed asset import
- ATO Forms – cleaner workpaper style “Form” with new import functionality.
- New data reporting capability – ability to report on calculation and workpaper data.
What do I need to do to transition to NextGen content?
Our Professional Services Migration Team will guide you through the process of transitioning to NextGen content. Detailed instructions of the activities that you will be required to perform are outlined in the Transition Guide.
Is there an additional cost to transition to NextGen content?
No. There is no additional cost for your organization in transitioning to and using NextGen content as long as your requirements remain as per your existing Agreement with Thomson Reuters. Our Professional Services Migration Team will assist you through the process. The complimentary services they will provide will be outlined to you in the initiation meeting to commence your transition. If you would like additional Consulting assistance in addition to the complimentary services, or if you wish to implement certain new paid features in NextGen (e.g. enable APIs) we would be happy to assist you under a separate engagement.
Is there a deadline by which I need to transition to NextGen content?
Classic content will not be available for the 2025 tax year. As such, your organization will need to adopt NextGen content before using ONESOURCE Corporate Tax for your first 2025 dataset, at the ONESOURCE Corporate Tax NextGen Content - Frequently Asked Questions ANZ Professional Services Page | 2 latest. Our Professional Services Migration Team will assist you in working through the ideal time to transition.
Can I revert to Classic content if I am unable to complete the transition activities in time?
This is possible as long as Classic content is available for the tax year of the calculation you are completing. However, any work already done in a NextGen content calculation will be lost and will need to be re-entered if you later decide to revert to a calculation using Classic content.
What will happen if I choose not to transition?
Classic content will be decommissioned and no longer supported after the 2024 tax year. Accordingly, customers will be able to create 2025 tax year calculations using NextGen content only.
Will I still be able to amend and electronically lodge prior returns created using Classic content?
Yes. Customers will still be able to access, amend and retrieve all historical calculations prepared using Classic content. Amended returns created using Classic content can be electronically lodged using ONESOURCE e-Filing Manager.
What training is available for NextGen content?
Our Professional Services Migration Team will be hosting public webinars to showcase the key changes in NextGen content, and to demonstrate how to use the new features in NextGen content. If you require additional training for your product users, we would be happy to provide you with a quote for our training services.
Where can I go for help after my transition to NextGen content is complete?
Once your transition to NextGen content is complete, any product-related queries can be raised through the Thomson Reuters Support Team, as is the current process. For account-related queries, please contact your Client Relationship Manager.
How do I get started on the transition to NextGen content?
Our Professional Services Migration Team will be available to assist you through the process of transitioning to NextGen content. A member of our team will be in contact with you in April to provide further information on the transition process and work with you on defining the appropriate timeline.