Product Updates 2024

Summary of latest product & feature updates as we continue to enhance features which improve your firms' productivity and profit.

 

 

Core Resources

• New VPP client email - Due Diligence Advice Report offer
• New VPP client email - Extra Tax from Bonus - Tax Planning
• New VPP client email - Extra Tax from Capital Gains - Tax Planning
• New VPP client email - Initial Tax Forecast - Tax Planning
• New VPP client email - PAYG Withholding Variation - Tax Planning

TaxPlan 

• Updated System - Professional Firm Profits

Protect Resources

• Client Marketing email 1 - Why Estate Planning Matters and is urgent for you
• Client Marketing email 2 - Reminder - Secure Your Future with Estate Planning
• Client Marketing email 3 - Urgency to Start Estate Planning
• Estate and Wealth Transfer Plan Workpaper

TaxPlan 

• • Updated the TaxPlan strategies and reminders for FY 2025
  • Enabled automated TaxPlan Advanced unsubscribe workflow

Core 

• • Updated letter tags for fees referenced in Asic Review template in Letters Merge
  • Added input field for manual client name in CGT when no XPM connected

Integrations

• 🆕Access Data integration to import client names, contact details and groups where available from HandiSoft (On-premise) 

Progress

• Updated marginal tax rates list for individuals for 2024 FY 

Engage 

• Digital signing client signature placement and Disengagement letter margins to use global settings
• Fixed alert when Engage settings haven't been completed by new members

Core FBT Report

• Fixed auto populating client details tab in FBT (from XPM)

Engage

• 🆕New feature and content for TASA requirements to include a disclosure statement on the Engagement letter 
• Improvements to client emails for digital signing and GoCardless payment setup  request
• Fix for the top margin issue for the Disengage letter
• For the Disclosure Statement - adjusted the default date to be dynamic based on current year

Core

Trust Distributions

• Added 2025 as default FY

Resources

• Pricing push back - role play transcript
• 🆕Client email - Changes to Employment Laws including "Right to Disconnect"

FBT Report

• Fix for the calculations sometimes not showing in FBT summary

Progress

• Updated content for 2024 for all the Tax Saving Strategies & Recommendations
• Updated marginal tax rates for individuals for FY 2025 onward

Protect

• Interview & Data Capture Form - Estate Planning (PDF and Editable Word Doc)

XPM

• New button to manually trigger client group data sync

Core

• New TASA 2024 folder
  • Quality Management System Template
  • Risk Management Framework Template
  • TASA Determination System 
  • TASA Disclosure Content

• Offer > Proposals & Quotes
  • Fee Proposal with Terms with new disclosure statement content
• Core Resources > Tax Returns & Financial Statements - ITR updates for 2024
  • TR1-1 Individual Tax Return System
  • TR1-2 Business Financial Statement & Tax Return System
  • TR2 Client Email - Tax Return Appointment
  • TR3-1 ITR Questionnaire
  • TR3-2 Business Group YE Questionnaire
  • TR4-1 Individual Tax Return Workpapers
  • TR4-2 Business Workpapers
  • Client email - 2024 EOFY Year End Tax Tips
  • Client email - 2024 Working From Home Tax Deductions
  • 2024-25 Working From Home Diary Template
  • 2024 Property Investors Checklist
  • 2024 Items to Consider
  • 2024 Is it Tax Deductible Checklist
• Dividend Statements
  • Added missing spaces between some words in report template
  • Updated reference to "section 254T of the Companies Act 2001 to instead be Corporations Act 2001
• Core Resources > Annual Progress Meeting updates
  • Updated to 2024 FY

TaxPlan

• Updated 2025 FY Tax Rates for Tax Savings for Individuals and Trusts
• Added Tax Payable Before (from Base Scenario) back into comparison graph on the Advice Report
• Fix for the infinity tax rate calculation error on Summary table 
• Updates to improve slow loading of TaxPlan - introduced pagination on load saved files modal

Engage

• Updates to default library of Service Items & fees. New service items also added for Trust Deed Review and more.

Core

• 🆕Core Resources > Client email - ATO + myGov Scams on the Rise: 5 Scam Examples to Watch Out For
• Core Resources > Client emails for EOFY Tax Tips & Reminders updated for 2024 and ITR resources now uploaded in Tax Returns & Financial Statements folder
• Core Lite users now have access to additional Core Resources- learn more
  • All Trust Distribution resources 
  • All New Client Onboarding resource templates
  • 2 Sub Folders for Business Advice 
    • Cashflow Forecast
    • Economic Resilience Plan
  • All SMSF Admin resources including the SMSF YE Report Template!

TaxPlan

• [TaxPlan Advanced] Updated Div7A Report - new Tax Saving section now available 
• Calculation issue fixed for a TRUST entity for when “Estimated Income AFTER Tax Planning” is ZERO or NEGATIVE then there is NO refund of any Franking Credits made
• [TaxPlan Advanced] Updated Div7A Loan Elimination Workpaper

 

• Global update to prompt users to "Search Client Data" and select entities instead of "Search XPM" 

Progress

• 🆕 HECS Indexation to Tax Saving Idea for Individuals
• Improved loading speed - added pagination and filtered list by Year (based on Date Created) to the Load Saved Reports modal

Core

• 🆕Core Resources > Client Repricing System added

• Core > FBT Reports + Decs: Corrected the journal entry content rules for "Offset against Loan" selections

• Core > FBT Reports + Decs: Fixed the calculation for Reportable Fringe Benefits Amount to always use the Type 2 rate
• Core > Trust Distributions: fixed issue where loading a saved file for Non Streaming options, the data entered was lost/reset
• 🆕 Checklist added for Trust Deed & Resolution. This checklist provides the key points accountants need to review on the trust deed before preparing the Trust Distribution Resolution
• Updated 2024 VPP Client emails for client repricing communication
• 🆕 Added Text input option in addition to $ and % for Non-Streaming distributions in Trust Distributions module

TaxPlan

• Medicare Levy threshold and MLS updated for 2024 and 2025 post Federal Budget
• Div293 Calculation adjusted to include Net Investment Loss amounts
• Temporarily removed Tax Payable Before amount from comparison graph in report
• 🆕 Year End Reminder option added for HECS Indexation
• Modified Small Business Support - $20,000 Instant Asset Write-Off strategy post budget changes
• Modified Superannuation - Tax Deductible Super Contributions (increased to $30,000 after 1 July 2024 strategy post budget changes
• Correction to ATO Tax Repayment Plan when monthly payment intervals and current financial quarter 4 is selected
• Text updates to Super - Non-Tax-Deductible Super Contribution strategy
• Correction of year in the Prepayment - Service Fees strategy

Protect

• Improvements to Wealth Transfer Plan tab of the report builder to make it easier for users to identify which assets have no strategy assigned and are incomplete.
• Added "Assets Included in Your Will" table to the Basic Will content section where a Basic Will is recommended for an individual and assigned to assets.
• Fixed issue where sync of newly added assets caused an error.
• Leading Member, Successor Leading Members and Second Successor Leading Members selection now moved to the Client Info tab of report builder to make it easier to select individuals. 
• For EPOA strategies the Second Successor Attorney now included in report

TaxPlan 

• update for tax adjustment strategy: Simplified Depreciation for Small Business 
  New title Small & Medium Business Support - $30,000 Instant Asset Write-Off. This measure is not yet law, but is expected to be approved before 30 June 2024.
• 🆕 TaxPlan strategy added for Energy Incentive (Small Business) This measure is not yet law, but is expected to be approved before 30 June 2024.
• reinstated the save reminder alert before exiting or closing browser when using TaxPlan
• Superannuation tax adjustment strategy content update - Prepay 2024 Super Strategy (SMSF Member) tax adjustment strategy content update total amount $55,000 to $57,500 per individual can be claimed as a tax deduction in 2024 
• update to Super Guarantee Contribution YE reminder description to reference 2025 in title
• updates to 2024/25 HELP repayment rates
• updates to 2023 + prior years HELP calculations
• correction to address issues with 2025 tax rate calculations
• correction for validation added to the "as at month" selector for YTD profit calculation, which if not selected, caused an error loading the Preview tab.
• 🆕Year End Reminder added for assets that were sold and previously fully expensed

Core

• Dividend Statements Module:
  • 🆕 feature to give users option to exclude Members General meetings from report if not required. This update will enable users to exclude references to a Members General meeting on the directors resolution and remove the; notice of meeting of members, members resolution and members consent as these are often not needed in private companies.
  • Fix to document template to ensure multiple Directors are included when required
• FBT Reports + Decs Module
  • minor text updates to Declarations content
  • added validation to Rego No field for the FBT + Decs module to ensure the required report content is accurate
  • report template for FBT + Decs module with a detailed summary of the Reportable Fringe Benefits for all employees. 

PROTECT 

• Updates to all the default Service Item descriptions. Doc download content tables now populated for Leading Member & Successor Director details.
• XPM connectivity resolved

• New [TaxPlan] Added Custom Add Backs rows.
• Updated [Core Pro] FBT + Decs module and report to include Electric Vehicle requirements. 
• Updated [Core Pro] Revised New Client Onboarding System (Link)
• New [Core Lite & Pro] FBT Resources, Workpaper and Schedule for Electric Vehicles
• [PROTECT] Product Updates and Fixes for March 2024 (Link)
• New [TaxPlan] New features and content updates for 2024 (Link)
  
  

 

• Updated [Core Lite & Pro]  FBT Reports & Resources updated for 2024 including a new schedule for Electric Vehicles (Link)
  
• Launch of PROTECT! New Asset Protection & Estate Planning advice report available to existing members for now. Learn more
• Updated [Core Pro] VPP Client email - 2024 Year End Game Plan (Link)
• New [Core Pro] VPP Client email - Updated Stage 3 Tax Cuts - Opportunities (Link)
• Updated [Core Pro] Notice a slight change to the Core navigation?  We dropped the shortcut to Estate Planning documents which are still available in Core > Resources > Delivery Section however
• Updated [Core Lite & Pro] 2024 FY added to FBT module
• Updated [Engage] Applicable Law setting for Western Australia
  
  

• Updated [Core Pro] 2023-4 Work From Home Diary Template
• New [Core Pro & Lite] 2024 - 12 Month Marketing and Team Training