New Features December 08/12/2022

[Anthony]

New Features

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1. Re-contribution of COVID-19: Simple Fund 360 will allow you to report on Covid-19 re-contribution amounts received, we have developed the functionality for you to prepare a CSV file that can be used to lodge to the ATO via online services for agents.

2. Re-contribution of COVID-19: Re-contribution fields are now available under More details for Contribution transactions (Account 24200/MemberCode) and will display on the Contribution Dashboard & Reports

1. Contacts – A new Bulk Change function has been added to change the Accountant or Auditor for multiple entities or all entities simultaneously.

1. Company Tax Return: BGL has now been approved by the ATO for Company Lodgement from the 2022 Financial Year onwards.

Improvements

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1. Corporate Actions – New mergers have been added to the corporate actions screen for KYK.AX and MOQ.AX.

2. Corporate Actions – The 3-for-1 Share Split corporate action for NDAQ.NDQ has been added.

3. Securities – Unlisted Units Trusts with security prices in foreign currencies will now be automatically converted into Australian dollars.

4. Fund Setup – Added the option to assign a lodging party when setting up an Entity.

5. Bank Feeds – NAB WealthHub (BSB 083052) is no longer supported via BankStatements.com.au. Users will no longer be able to set up bank feeds using this BSB.

6. Wraps and Platforms – The option ‘Link Holding Accounts to Feed’ function now triggers the re-allocation of bank and investment balances when users relink the wrap feed’s holding accounts from one chart code to another.

7. Wraps and Platforms – Re-requesting transactions for wraps feeds now bring in missing balances.

8. Documents – Documents that failed to be sent for digital signing will now display the status: ‘Sending Failed’.

9. Documents – Added financial year tags to digitally signed reports.

10. Settings – Added an option to save the desired report date at either the fund badge level or badge level only.

11. Reports – New variables have been added to Custom Letters.

1. Share Trading Entities – Added the ability to choose the desired stock valuation method.

2. Rounding for the following Schedules/Reports has been improved:

   • Capital Gains Schedule
   • Loss Schedule
   • Statement of Taxable Income (Companies)
   • Statement of Taxable Income (Trusts)

3. Reports – The Trust tax return’s rounding logic has been improved in the Beneficiary section.

4. Reports – The Operating Statement has been improved so that Net Operating Profit will not display when there is no retained profit or loss.

5. Compliance – Improved tax labels so that other deductions correctly flow through to the Distribute Profits screen.

6. Compliance – Auto-populates the business entity industry code selection in the Tax Return

7. Compliance – The Tax Return can now be validated when the “Section G” date is empty.

Errors Corrected

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1. Fixed: Demerged security from the 2022 MEP.AX Demerger has been updated to DRM.AX.

2. Fixed: Unrealised Gain Writeback system journals were not instantly removed when disposal transactions were reversed through Wrap feeds.

3. Fixed: SmartDocs reading Evans & Partners End of Financial Year Tax Report.

4. Fixed: Warning messages were wrongly displayed while using SmartDocs.

1. Fixed: SMSF Annual Return PDF printing issue. Section B had always been prepared when there is a realised notional gain, regardless of Total Assessable Income.

1. Fixed: Issue with Net Capital losses in Company tax return.

2. Fixed: issue with Company Tax Return label 8H.

3. Fixed: an issue where an error would display if no sales were recorded for Share Trading entities in the tax return.

4. Fixed: Franking account worksheet was not being populated correctly

5. Fixed: Changed logic to calculate Section B label R “Other Income” for company tax return.

6. Fixed: Logic updated for the automatic deleting of future revaluation journals.