October 2024 Australia
Release schedule
- NextGen Corporate and Forms: 15 October
- Managed Funds: 15 October
- Unders and Overs Trust Tax 15 October
ONESOURCE Corporate NextGen release notes
Change | Description |
|---|---|
Preliminary Information {S1} | Show forms instructions will now be set to Yes by default. |
Group losses – capital {A5} | Added consolidated adjustments. |
Balance sheet {B} Balance sheet Audit trail {F3} | Update to label 8C to not include trade and other impairments. |
Borrowing costs {BG} {NG} {NH} | Amortisation and deduction amounts can now be apportioned based on dataset dates. |
Business related costs {BH} | Corrected transition rolled-forward start date to account for leap year. |
Business related costs {BH} | Amortisation amounts can now be apportioned based on dataset dates. |
Leases receivable {BP} | Updated opening balance control totals. |
Asset/Liability – reversing - movement {BU} | Added missing formula in the movement column for transition rows. |
Accounting and Tax movement – Sundry DTA/DTL {BV} | BV sheet now contains TB mapping for closing accounting values. |
Various adjustments – permanent {D1} | Missing subtraction amounts to the STI and T1 have been fixed. |
Foreign exchange gains {DB} {DC} | Forex losses is now directly linked to forex gain. DB will always load with DC, and DB now contains all the tax adjustments. |
Fixed assets – TEA proof {C4} | Updated for more accurate dataflow and reconciliation. |
Account and Tax values – RF transition {RFY} | RFY is now available for more balance sheet line items. |
Research and development tax incentive schedule {RN} | Added instructions for the additional connected and/or affiliated entities entries:  |
Current Tax {T1} | Temporary differences categories now populate automatically in group calculations. |
Current Tax {T1} {T1X} | Updated links and formulas for under/over comparative amounts. |
Temporary difference movement {T3} | Updated DTA/DTL indicators to better align with Classic Templates. |
Income tax note {T8} {T5} | Unrecognised amounts have been removed from the temporary difference movement variance and are now included in temporary differences not brought to account. |
Income tax note {T8} | Corrected signage for DTE items. |
Managed funds release notes
This release is the first phase of introducing enhanced functionality for managing franking credits, Foreign Income Tax Offsets (FITO) and Foreign Capital Tax Offsets (FCTO). Key changes include the option to provide separate offset and gross-up amounts for franking credits, FITOs and FCTOs, enhanced import capabilities, and expanded calculations and disclosures across various sections. These improvements aim to increase accuracy and transparency in tax reporting and distribution calculations by clearly delineating between offset and gross-up amounts and ensuring consistent linkage across relevant statements and summaries.
The second phase is scheduled for release in the fourth quarter of 2024 and will focus on expanding this functionality to distribution workpapers.
Change | Description |
|---|---|
Calculation setup {PI1} | A new option has been introduced, labeled Provide separate offset and gross-up amounts for franking credit and FITO . When the functionality is set to:
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Calculation setup {PI1} | The option name is being changed from Number of decimal places that each of the following columns are calculated to: to Decimal Place Specifications for each column: |
Inter funding calculation import {D7} {D7B} | Under the "Additional Information" section, new items have been included to interfund the gross-up FITO and franking credit offset amounts from the underlying investments. |
External trust distribution received import {D6} | To facilitate the import of separate amounts for the gross-up of franking credits and FITOs, the following import targets have been included:
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Dividend reconciliation {D1} | The trust distribution franking credits and the Australian franking credits from NZ company amounts are linked to the gross up amounts in the Distribution entitlement summary {D5} . |
Tax reconciliation {D0} | Franking credits amount is linked to the franking credits gross up amount on the Other tax adjustment statement {D17}. |
Distribution summary {H1} {H2} {H3} | The additional section included items for the gross up amounts. |
Distribution entitlement summary {D5} | The section previously known as "Tax Offsets" has been renamed to "Tax Offsets Gross Up." The amounts within this section will now be determined by the new option, "Provide separate offset and gross-up amounts for franking credit and FITO" which is located within the Calculation Setup {PI1} statement.Additionally, an “Additional Information” section has been included to disclose the tax offset amounts. These amounts are linked through:
|
Statement of taxable income {C} | The formulas for the following line items are updated to include the gross up amount:
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Expense allocation {E1} | Although no changes have been made, if the expense allocation method is set to “Inclusive of franking credits and foreign tax offsets,” the gross-up amount will be utilised. |
Other tax adjustments {D17} | The offset and franking credit section is expanded to include the gross up amount as well as calculating the offset amounts. |
Foreign sourced income {D8} | The trust distribution withholding tax gross-up formula now connects to the newly introduced foreign income tax offset - gross-up in the Distribution Entitlement Summary statement. An extra row has also been added to show the full available foreign income tax offset amount. |
Distribution calculation {G1} | An additional section will be included to disclose the tax offset gross-up amounts for the following:
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Under and over distribution {H8} | An additional information section includes the following items, that link through to the Distribution calculation {G1} statement:
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Change | Description |
|---|---|
Tax reconciliation {D0} | The formulas for calculating the franking credit gross-up amount and the foreign income tax offset gross-up amount have been updated. These updates ensure that the formulas correctly reference the appropriate amounts within the distribution calculations statement when the offset and gross-up amounts are set to different values. |
Under and over distribution {H8} | The formula for the foreign capital tax offset related to other gains gross-up amount has been updated to correctly reference the appropriate amount within the distribution calculation statement. |
Inter funding calculation import {D7} | The gross-up for foreign capital tax offsets has been updated to accurately link to the amounts received from the underlying investments. |
Dividend reconciliation {D1} Other tax adjustments {D17} | The gross-up amount was updated to correctly reflect the Australian franking credits received from a New Zealand company. |
Change | Description |
|---|---|
All statements | The additional information section includes the following items that populate from the source calculations based off 2024 AU managed funds templates V 1.28 and higher.
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