New Features
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Changes to Minimum Pension Drawdown Rates: The government have announced that the reduced annual minimum pension payment amounts (50% reduction) will be extended for the 2021/22 financial year. Simple Fund 360 has updated the pension dashboard, pension documents and reports to reflect this change.
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2021 Lodgement: We are ready and waiting for the green light from the ATO so you can lodge your 2021 SMSF annual return.
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2021 Audit Workpapers: You will now be able to prepare the 2021 Audit Workpapers in Simple Fund 360. The update to the Audit workpapers includes the following:
- Updated the user interface in the Reports Screen.
- Updated questions on the Audit Workpapers.
- Created new templates for the following reports:
- Trustee Representation Letter - 2021
- Engagement Letter - 2021
- Compliance Checklist - 2021 (Main Template / Low/Medium/High Risk)
- Audit Working Papers - 2021
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Bank Data Service: We have improved and added more detailed notifications to help you better manage and track bank authority forms, from the Feed Management screen.
- Franking Account Worksheet: A Franking Account Worksheet is now available for clients to produce a record of all of the franking debits and franking credits that have occurred within the financial year.
Improvements
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Corporate Actions: Monash Absolute Investment Company Limited (MA1.AX) merger added as of 01 June 2021.
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Smart Docs - CGT: Simple Fund 360 can now recognise the investment code and auto-selects the account when uploading the SF360 Unrealised Capital Gains – Detailed Report.
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Reports: Improved excel format when exporting the Statement of Financial Position.
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Property Dashboard : Field to enter Lease Option Entry for Property accounts is now available.
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Wrap Feed: Improved automatic investment to corresponding cash transaction matching for Evan and Partners Wrap Feed.
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Reports: Improvements to the Statement of Taxable Income Report for Companies to account for Tax Payable (T5) even when $0.
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Reports – Common Settings: Improvements to the Report Date field for Companies and Trusts, to automatically generate the current date when left blank.
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Period Compliance: Simple Invest 360 can now automatically calculate and convert the excess franking credits to carried-forward tax losses after Close Period for Companies.
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Period Compliance: Trusts are now able to select how the beneficiary equity accounts are rolled forward during the Close Period process.
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Period Compliance: Interest Deductions (D7) added to Calculate Taxable Income screen for Individuals.
Errors Corrected
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Fixed: SuperStream Contribution Data Report export to excel had incorrectly shifted the member total sections columns.
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Fixed: The ABN was not being synced from CAS/Xero Practice Manager to Simple Fund 360 for an individual contact.
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Fixed: Some cases where integrations were not working for firms with both Simple Fund 360 and Simple Invest 360.
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Fixed: When a transaction is auto-matched by user rule, we now allocate the amount to Assessable Foreign Source Income if it is a foreign market dividend.
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Fixed: Audit Working Papers now displays a page break for Schedule References 35000 & 84000.
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Fixed: PDF for TRIS Count and R2 code uploaded for years 2019-2021.
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Fixed: Fund Transfer import was timing out due to a large number of custom securities.
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Fixed: Annual Return and Tax Reconciliation Report was showing a discrepancy when the fund is 100% Exempt.
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Fixed: When Import Distribution Components was toggled off in the feed setup screen, the Interest income component was still importing.
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Fixed: Issue resolved where the reserve section was being removed when clicking refresh in the Statement of Taxable Income screen for Trusts
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Fixed: Corrected alignment of horizontal lines for the Investment Income Comparison Report, Dividend Reconciliation Report and Distribution Reconciliation Report
