May 2025 Australia - Managed Funds
ONESOURCE Trust Managed Funds Trust Tax 2024, March 2025 release 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 Managed Funds Trust Tax 2024 | 1.075 |
AU Managed Funds Trust Tax 2024 | 1.088 |
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 |
Other manual adjustments import {D30} | A new optional feature has been introduced to enhance the calculation process. This feature serves two main purposes:
The cells that have been included as part of the release are as follows: Dividend reconciliation {D1}
Distribution Entitlement Summary {D5}
Refer to Appendix A to view the Interest reconciliation {D10} table. Other income and expenses {D16} Other income
Within the Other income and expenses {D16} statement a new row called “Other income adjustments imported” will appear and link to the cells.Expenses
Within the Other income and expenses {D16} statement a new row called “Other expenses adjustments imported” will appear and link to the cells. |
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. |
Distribution Summary {H1} | A new feature has been added to the ONESOURCE Trust Solution that allows users to import interim distribution data. This feature enables users to accurately import the exact amounts of distributions that have been made throughout the year. To activate this feature, a new option called "Interim distribution amount" has been added to the Calculation Setup {PI} statement. When this option is set to "Imported," it allows the import of distribution data.Once the "Imported" setting is selected, the current interim distribution amounts calculated from prior period calculations will be disabled. To proceed with importing the data, users are required to insert the Interim distribution import {H1B} statement and use the “Interim distribution import” type when uploading data.Note that prior period inter-funding will continue to utilize the calculated inter-funding amounts from previous periods in the subsequent level's inter-funding calculation. |
Version 1.088 (May 2025)
Worksheet | Description |
|---|---|
Foreign sourced income {D8} | In order to facilitate modifications to the foreign income tax offset, additional rows have been included within the Foreign sourced income {D8} statement. |
Other tax adjustments {D17} | The formula for Australian franking credits from New Zealand companies has been revised. Now, it connects to the indirect offset amount instead of the gross-up amount. Additionally, the foreign capital tax offset amount in the Other tax adjustment {D17} statement will now connect to the offset amount in the Net capital gains {D11} statement. This occurs when the option to "Provide separate offset and gross-up amounts for Franking Credit and FITO" is set to "Yes" in the Calculation setup {PI} statement.Moreover, the Foreign Income Tax Offset amount has been updated to ensure that it accurately reflects the amounts calculated in the Foreign sourced income {D8} statement. |
Net capital gains calculation {D11} | A new section has been introduced to disclose details regarding the foreign capital gains tax offset, specifically for discounted gains, and the foreign capital tax offset for other types of gains. In this section, the total amounts are calculated by adding the indirect tax offset amounts to the direct tax offset amounts received.  When the option "Provide separate offset and gross-up amounts for Franking Credit and FITO" is set to "Yes" in the Calculation setup {PI} statement, the calculated amounts will be linked to the Distribution calculation {G1} statement. |
Distribution calculation {G1} | The tax offsets lost for the foreign capital tax offset – other gains gros up amount has been revised to include the NTAP indexed amount when calculating the correct tax offsets lost. |
Co mingled work papers | The following labels have been added to the Co-mingled statements for the current period distribution {G3}, current distribution split {G4}, and income/loss received {G6A}:
These labels are designed to assist in calculating amounts and facilitate data transfer between the co-mingled asset calculation and the separate class calculation. |
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.
Calculate multiclass on a YTD percentage approach
Include the ability to calculate the multiclass interim distribution based on the trust’s year to date percentage.
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.
Funds cutting distributions early during year end.
- During the year-end distributions, many trusts close their books early and wish to include dividend receivables in the distributed amounts. A new feature that allows for the import and entry of receivables into the calculation, which can then be selected for inclusion in the distribution.
- Review the AMIT scenario cost base decrease / increase amount when the fund is an early cut off fund and using the YTD% approach for interim distributions.
Current period loss reallocation
Allow for the automation of current period losses based of net or gross credits.
Include the automation to consolidate tax return data
When a fund operates as an AMIT multiclass and treats each class separately, enable the consolidation of information into a single tax return and CGT schedule for streamlined reporting.
Over distributing in the interim calculations
Review and adjust the calculation in the scenario where an AMIT entity has attributed and distributed cash amounts throughout the year, resulting in no year-end distribution due to over-distribution.
Option to allocate prior period losses
Provide an option to allocate prior period losses based on either net or gross amounts of franking credits and FITOs (Foreign Income Tax Offsets).
Other tax adjustment automation
Enable automation of tax amounts within the other tax adjustments statement when tax equals accounting amounts, to streamline the process.
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.
Automate tax adjustments
Implement automation for the expense tax adjustment process, starting from the initial mapping to the final workpapers. For example, automate the adjustment of an audit fee's closing balance.
New ATO forms user interface questions and answers
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, versus the traditional PDF style provided by the ATO.
Has this new “workbook” style ATO form been approved by the ATO?
Our development team still rely on the pro forma PDF forms 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; and
- The ATO’s SBR specifications required for electronic lodgement are adhered to.
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.
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 of the benefits of the new ATO forms layout?
- 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.
- Save time with the ability to bulk import data for multiple entities into the new ATO 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.
Appendix A
Interest reconciliation {D10)
– The cells marked with an “X” within the table below specifies the cells within the work paper that are available for mapping.Interest reconciliation (D10) | Domestic Interest Income | Domestic Interest Non-Withholding Tax | Forein Interest |
|---|---|---|---|
Division 16E - interest amount for tax purposes | X | X | X |
(Division 16E - interest amount for accounting purposes) | X | X | X |
(Interest receivable - closing balance) | X | X | X |
(Interest receivable pre TOFA - closing balance) | X | X | X |
Purchased accrued interest | X | X | X |
(Sold accrued interest) | X | X | X |
(Other tax adjustments - closing balance) | X | X | X |
Non - temporary interest adjustment | X | X | X |
Other withholding tax adjustments | N/A | N/A | X |