April 2025 Australia
Release overview
This release focuses on NextGen-to-NextGen roll-forward updates, updates to the Tax effect accounting (TEA) module and enhancements to Fixed Assets workpapers.
This document outlines the final content changes included in this release. We recommend reviewing these changes to assess any potential impact on your 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
Upgrade notes
Certain updates made to workpapers for roll-forward purposes may necessitate a full manage sources refresh to ensure that prior period data is accurately reflected in the current period workpaper.
Redundant or invalid targets will be eliminated during the deployment process.
Roll forward notes
When rolling forward certain line items on the Statement of taxable income {A}, will not display an amount from the prior period in the comparative column. Refer to the prior period calculation for reference.
Content updates
Worksheet | Description | Type |
|---|---|---|
Statement of taxable income {A} | The tax adjustment for Non-deductible entertainment now consolidates. | Consolidated |
Group losses – all {A1} | Transferred revenue and capital losses now fully consolidate through to the ultimate group. | Consolidated |
Group losses – revenue {A3} Group losses – capital {A5} | Sort order has been applied to workpapers as previously, in some scenario, duplicate subtotal rows were displayed. | Consolidated |
Group losses – capital {A5} | Manual consolidation adjustments for prior period losses made at subgroups now consolidate through to the ultimate group. | Consolidated |
Group transfers in {A7} | Capital losses now consolidate. note
The sheet must be re-inserted on upgrade. | Consolidated |
Balance sheet {B} | The formula for the suspense account has been corrected for the prior year GL amount and difference columns. | Company |
Balance sheet {B} | Formulas have been added to the equity and intercompany columns in the non-current liabilities section of the Balance sheet. | Company |
Balance sheet {B} | The tax value and opening temporary difference formulae have been updated for Lease Liabilities - Operating - Luxury Motor Vehicle. | Company |
Accounting and Tax movement {BV} Balance sheet {B} | Updated the equity signage, ensuring accurate flow from the BV workpapers to the Balance sheet. | Company |
Trading stock {BF} Accounting and Tax movement {BV} | Both workpapers were updated to allow the Closing balances to import correctly. | Company |
Intangibles - other {BJ} | Updated linking to ensure the Calculated Closing Balance flows to the Balance Sheet and T2 carrying value, replacing the previous use of the Closing Balance per GL. | Company |
Intangibles - internally generated (subject to recognition exceptions) {BI} Other asset impairments {BF} Investments – current {BK} Investments – wholly owned subsidiaries {BL} Investments – non-current – other {BM} Accounting and Tax movement {BV} | Updates are made to workpapers to ensure prior period data is rolling forward correctly and existing data rolls forward correctly. note
Calculations will need to be upgraded prior to roll forward for the update to take effect. Manual adjustments may still be required if calculations are not upgraded. | Company |
Only investments {BM} (proforma hidden) | Updated Investments workpaper to highlight that it should only be loaded for Balance sheet – Investments line item. A warning message has been added when this is incorrectly inserted on other Balance sheet line items. | Company |
Provisions – employee entitlements {BR} | Tax value has been restricted to non-deductible amounts only. note
Previously entered data will remain editable – a reset to system cells will be required to protect cell and clear values. | Company |
Taxation of financial arrangements {BW} | A new prior period reversal column has been introduced to convert the signage of losses from negative to positive, facilitating a smoother transition from Classic to NextGen. note
The new column is driven by a switch which is off by default. | Company |
Taxation of financial arrangements {BW} | The tax adjustment for TOFA deductions has been corrected to flow as a subtraction in the STI. | Company |
Trading stock – summary – {B1} | Added switch for "Is tax value the same as accounting value?" to make tax opening value editable. | Company |
Fixed assets | A column for “Non-deductible amounts on disposal” has been added to the following workpapers.
| Company |
Fixed assets – accounting / tax summary {C1} | New workpaper has been added for Fixed asset Book/Tax summary at a category level. This also includes the Book/Tax differences per category. | Company |
Fixed assets – forms disclosures {F5} | Form C labels have been moved to the 1st column. | Company and Consolidated |
Salary and wages {F8} | The formula for salary and wages has been restored to automatically link from the income statement. | Company |
Project pools – mining and transport {NI1} Project pools – non-mining {NI2} | The warning added “Re-enter additions expensed to P&L in capital expenditure summary”. | Company |
Current Tax {T1} | The reference column has been re-inserted and will be displayed as the rightmost column of the existing data. | Company and Consolidated |
Current Tax {T1} | Updated Temporary Difference categories to consistently populate in group calculations. | Consolidated |
Current Tax {T1} | Updated the comparative amount formula for tax on taxable income/loss. | Company |
Current Tax {T1} | This has been updated to ensure comparative data is appearing correctly. | Company |
Current tax – under/over {T1X} | Updated for correct data flow from Current Tax {T1}. | Company |
Temporary differences {T2} | Updated the closing carrying value difference calculation to turn on only when sourced from the balance sheet. | Company |
Temporary differences {T2} | The signage for tax values on lease liability line items has been corrected. | Company |
Temporary difference analysis {T2X} | The fields in the Current adjustments – Intercompany/other column are now unprotected if the automated formula is not applicable. | Companies |
Temporary difference movement {T3} to Closing temporary difference {T3K} | Updated data flow for lease receivable. | Consolidated |
Temporary difference movement {T3} | The formula in the adjustment column for the non-refundable carry forward tax offsets has been corrected. | Company |
Temporary difference amount {T3} Temporary difference analysis {T2X} | Adjusted opening balance calculation now takes into account prior exception amount. A new column for prior exception amount has been added in T2X. | Company |
Temporary difference movement reconciliation {T5} Temporary difference movement {T3} | Updated as previously in certain scenarios various line items were not displaying. | Company |
TEA workpapers | Complete work for variance control warnings so that the variance threshold value is set to user default setting managed in S2-Calculation setup. | Company |
Various workpapers | Review/Data entry mode display updates made. | Company and Consolidated |
Research and Development tax incentive schedule {RN} | Formula update Part D – Aggregated turnover Question 3 Label E when additional Group members details entered. | All |
Trust – statement of distribution {RB1} Capital gains tax schedule {RK} | When the Capital gains tax schedule and Trust tax return is inserted, we have added linking:
| Manual Forms |
Capital gains tax schedule {RK} | A warning has been added to advise the user if data has been imported into hidden columns. | All |
Dividend and interest schedule {RM} | Update to validation to accept spaces in Country. | All |
Dividend and interest schedule – declaration {RM1} | New Dividend and Interest schedule declaration page added to allow for better print display. | Company and Consolidated |
Trust income schedule {RU} | Update to Address to pick up business address when different to Current postal address. | All |