What's new
This article guides users of ONESOURCE Tax Provision (OTP) to ONESOURCE Corporate Tax (OCT) integration through the steps needed to transition to the NextGen content.
While the overall integration process remains largely unchanged, important updates have been made, especially in the import process and related mapping and import files. These updates align with the OCT NextGen templates, providing enhanced integration, additional flexibility, and improved automation within the OCT application.
The primary goal of OTP to OCT integration is to produce the Australian Tax Office (ATO) forms for lodgment.
New {P} workpapers
The AU Company and AU Consolidated Tax templates now offer a new set of {P} OTP Audit Trails workpapers. The OTP to OCT Integration report will transfer integrated data into these workpapers. It will no longer direct data into the Income Statement, Balance Sheet, and Statement of Taxable Income.
Capital Allowances disclosures import
You can import data into the Item 9 Capital Allowances disclosures in the Company Tax Return using the OTP to OCT Integration Report or a separate file. New mapping targets are available to enable this functionality.
Separate section in SOTI for OTP tax adjustments
The Statement of Taxable Income for OTP integration is now included in the {P1} OTP Statement of Taxable Income audit trail. This audit trail has a separate section dedicated to OTP-imported tax adjustments only.
Data importable into other forms
You can now import data into ATO forms, such as the International Dealings Schedule, instead of manually entering data directly into the forms. To use this option, speak to your Professional Services consultant.