Software Assistant Roadshow. PRESENTERS Eddie Beliavskis Richard Puffe Darren Firman

Transcription

1 Software Assistant 2015 Roadshow PRESENTERS Eddie Beliavskis Richard Puffe Darren Firman 1

2 Agenda Introduction to Thomson Reuters Roadmap Software Assistant & Online Richard Puffe 2015 Tax & Ledger changes Eddie Beliavskis Online Tax SBR Assistant demonstration ebook Using Pro View Afternoon Tea Hints, Tips and Tricks for greater efficiency What s important to you Q&A - Open Mike Darren Firman Richard Puffe Darren Firman Richard Puffe Eddie Beliavskis Richard Puffe Darren Firman 2

3 THOMSON REUTERS CONFIDENTIAL - NOT FOR REDISTRIBUTION We are the world s leading source of intelligent information and workflow solutions for businesses and professionals, with revenues of $13.1 billion We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, healthcare, science and media markets, powered by the world s most trusted news organisation Markets Division Professional Division Legal Tax & Accounting Healthcare & Science 26,500 employees $7.5B in revenue Provides financial applications for over half a million professionals globally 12,900 employees $3.9B in revenue Westlaw relied upon by 98% of the world s major law firms 4,700 employees $1.0B in revenue ONESOURCE is the leading corporate tax solution Company Tax FBT Individual tax 3,500 employees $0.8B in revenue Healthcare: informing decisions affecting over 150 million lives Science: used by over 20 million researchers

4 MARKETS WE SERVE Large accounting firms Small to medium accounting firms Corporations Banks & trusts Large accounting firms Professional Software Assistant CS Professional Suite Enterprise Suite Corporate Thomson Reuters ONESOURCE Accounting firms Corporate tax departments Finance & accounting departments Law firms & government agencies National, state and local governments responsible for property registration, tax generation and collection Knowledge Solutions Thomson Reuters Checkpoint Government Thomson Reuters Aumentum 4

5 THOMSON REUTERS ACQUIRES SOFTWARE ASSISTANT CONFIDENTIAL - NOT FOR REDISTRIBUTION Let s clear up some concerns & rumours 5

6 CONCERNS FROM CLIENTS PRICE On average Software Assistant price rose 2.8% for 2015 Renewal price will be based around the CPI Early Bird renewal offer April / May ADDITIONAL RESOUCES New phone system option when busy to leave a message 5 new support staff total now 8 (training February / March) Development staff increasing & key staff are pairing VISION TO INNOVATE & GROW Increased investment into Software Assistant & online solutions Leverage off existing & future global Thomson Reuters products and services as well as home grown 6

7 NEW RENEWAL & REFERRAL BONUS CONFIDENTIAL - NOT FOR REDISTRIBUTION 2015 renewal clients have the option of selecting either; The Australian Tax Handbook Australian Financial Planning Handbook New Referrer Program choice of; $120 Australian GST Handbook The Essential SMSF Guide The Australian tax Handbook Tax Return Edition 7

8 PROFESSIONAL ROADMAP Software Assistant Compliance updates (Tax, AASB, ASIC) Continual release of new features / fix issues Tax Audit Alert Technology Desktop Preferred accounting practice solution Online Tax SBR Assistant All forms 2014 & 15 (SBR2) Document Management Tax Centre Time Billing XYZ Reports Generator & more Focus Accounting practice solutions 8

9 Eddie Beliavskis 2015 TAX CHANGES 9

10 2015 Tax Changes Abolishing the dependent spouse tax offset and the mature age worker tax offset Temporary budget repair levy (TBRL) Medicare levy increase Individual return Non individual return R&D rate reduction Collection of SMSF Details Trade Support Loans Accelerated depreciation for small business CGT Summary 10

11 2015 Tax Changes Abolishing the dependent spouse tax offset and the mature age worker tax offset From 1 July 2014: no taxpayer will be able to claim the dependent spouse tax offset in their 2015 tax return and subsequent year returns; and no taxpayer will receive the mature age worker tax offset in their 2015 and subsequent years notice of assessment. a taxpayer, where eligible, will be able to claim both the zone, overseas forces or the civilian tax offset and the dependent (invalid and carer) tax offset. In previous years, where a taxpayer claimed at both T5 zone or overseas forces and T7 dependent (carer or invalid) offset the ATO would allow T5 and disallow T7. 11

12 2015 Tax Changes Temporary budget repair levy (TBRL) The government announced in the budget that it would impose a temporary budget repair levy of 2% on that part of the taxable income of an individual that exceeds $180,000. The levy commences 1 July 2014 and will be imposed for three years. It applies to both residents and non-residents. There are consequential changes for rates and taxes that reference the top rate of tax. As a result the top marginal rate has increased from 45% to 47%. However the levy is imposed separately to the marginal rates of income tax and cannot be reduced by nonrefundable tax offsets. The calculation of basic income tax to include TBRL: [Basic income tax] [Tax offsets] + [TBRL] [Foreign income tax offset] 12

13 2015 Tax Changes Medicare levy increase Individual return From 1 July 2014, the medicare levy will increase by half a percentage point, going from 1.5 per cent to 2 per cent. The reportable fringe benefits (FBT) amount of $3,738 will increase to $3,773 as a consequence of the FBT rate increasing from 46.5% to 47% from 1 April The calculation spouse s ATI, the multiplier of FBT has changed from to

14 2015 Tax Changes Medicare levy increase Non Individual return The increase in the medicare levy will also apply to the rate of no- TFN-quoted contributions tax (paid by superannuation entities) and will increase the rate by 0.5% At the same time (from 1 July 2014) the government has applied a 2% Temporary Budget Repair Levy to the rate of no-tfn-quoted contributions tax. The no-tfn-quoted contribution tax rate, now reflects the increase of 0.5% for non-complying SMSFs and 2.5% for complying SMSFs to the no-tfn-quoted contributions tax rate, giving a change of: 1.5% to 2% for non-complying SMSFs 31.5% to 34% for complying SMSFs 14

15 2015 Tax Changes R&D rate Reduction The R&D tax incentive is reduced by 1.5%: from 45% to 43.5% for the R&D refundable tax offset; and from 40% to 38.5% for the R&D non-refundable tax offset. Collection of SMSF details To support the SuperStream standards for SMSF, the ATO will now collect and store SMSF bank account details and SMSF alias (electronic service address) details. The SMSF annual return has been modified to include two new data fields to capture SMSF Superannuation bank account details and SMSF alias (electronic service address). 15

16 2015 Tax Changes Trade support loans As part of the government s election policy, financial assistance will be provided to specific apprentices on a special needs list, by providing interest-free loans referred to as Trade Support Loan (TSL). TSL will be a new income contingent loan and will have compulsory repayments raised on a taxpayer s income tax Notice of Assessment (NOA) once the taxpayer s repayment income exceeds a minimum repayment threshold. The repayment rates and thresholds for TSL will utilise the current Higher Education Loan Program (HELP) rates. If the tax payer has both a HELP and TSL debt, the priority is to pay off the HELP debt first. 16

17 2015 Tax Changes Accelerated depreciation for small business Applies to small business (turnover under $2m) assets acquired and installed ready for use between 7:30pm (AEST) 12 May 2015 and 30 June Assets valued less than $20,000 can be immediately written off (low cost assets worksheet). The pooled assets can be immediately deducted if the balance is less than $20,000. CGT Summary CGT worksheet has been updated to display small business concessions in the summary page. 17

18 2015 CHANGES SBR Assistant Changes * Introduction of all forms types Individual, Company, Trust, Partnership, SMSF Using the ATO go forward lodgement platform SBR2 * Scheduled for release August / Sept 2015 Ledger Assistant Investment manager Dividend section and yield report have been introduced in the investment manager. 18

19 Darren Firman ONLINE TAX SBR ASSISTANT 19

20 SBR Assistant Overview Client creation Tax Returns Worksheets & Schedules Validation and Lodgement Limited product release interested? Please see Richard / Eddie to drop off your bus card 20

21 Richard Puffe EBOOK USING PRO VIEW 21

22 ebook PROVIEW Setup / Options Table of Conents Search ebook Create Highlights Notes Review Highlights Notes Print 22

23 20 Minutes AFTERNOON TEA 23

24 Darren Firman TIPS TRICKS 24

25 Tips & Tricks Hot keys Functions and uses Dockable panels Views, filters and layout options Client list customization Validation reports Understanding the syntax Mail merge Using templates BAS Populating a period from Ledger Assistant Backup and repair and why it s important Practice Tools SMS, queries and data mining Ledger Assistant ITR transfer, import rules, repair tool, asset manager and SMSF wizards 25

26 Hot keys here Ctrl FFind text. Can be used to locate: - A client in the client list with the matching text sequence in their record. The text can be part of the client's name, address, phone number etc. - Transaction in the general ledger. It can be part of the transaction note or amount. (See also F3) Insert Inserts new row in the grid (worksheet). You can also create the row by moving to the bottom of the grid to append a new record. F1 Activates help system. F3 Find next command. Proceed with the Find text function from the current position of the cursor. F4 Activates a pick-list of the valid values of the action code field in the data entry form or worksheet. F5 Refresh function. It will refresh the client list that could be updated by other network users or to refresh the totals in the general ledger transaction batch. F6 Activates Calculators: Tax, Days between dates and Age calculator. F9 Activates mail-merge feature for the selected client. 26

27 Richard Puffe WHAT S IMPORTANT TO YOU? 27

28 Feedback Forms Giveaway 28

29 Questions and Answers Question Time Software Assistant queries Thomson Reuters products & services Chat about online solutions Chat about technology for the accounting practice 29

30 Questions CONFIDENTIAL - NOT FOR REDISTRIBUTION 30