Software Assistant
2015 Roadshow
PRESENTERS
Eddie Beliavskis
Richard Puffe
Darren Firman
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Agenda
Introduction to Thomson Reuters
Richard Puffe
Roadmap – Software Assistant & Online
2015 Tax & Ledger changes
Eddie Beliavskis
Online Tax – SBR Assistant demonstration
Darren Firman
eBook – Using Pro View
Richard Puffe
Afternoon Tea
Hints, Tips and Tricks for greater efficiency
Darren Firman
What’s important to you
Richard Puffe
Q&A - Open Mike
Eddie Beliavskis
Richard Puffe
Darren Firman
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THOMSON REUTERS
• 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
• 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
Tax & Accounting
• 4,700 employees
• $1.0B in revenue
• ONESOURCE is the
leading corporate tax
solution
• Company Tax
• FBT
• Individual tax
Healthcare & Science
• 3,500 employees
• $0.8B in revenue
• Healthcare:
informing decisions
affecting over 150
million lives
• Science: used by
over 20 million
researchers
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MARKETS WE SERVE
• Large accounting firms
• Small to medium accounting firms
Professional
Software Assistant®
CS Professional Suite®
Enterprise Suite®
•
•
•
•
Accounting firms
Corporate tax departments
Finance & accounting departments
Law firms & government agencies
Knowledge Solutions
Thomson Reuters Checkpoint®
• Corporations
• Banks & trusts
• Large accounting firms
Corporate
Thomson Reuters ONESOURCE ®
• National, state and local governments
responsible for property registration,
tax generation and collection
Government
Thomson Reuters Aumentum®
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THOMSON REUTERS ACQUIRES
SOFTWARE ASSISTANT
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Let’s clear up
some concerns &
rumours
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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
VISION TO INNOVATE & GROW
• New phone system –
option when busy to
leave a message
• Increased investment
into Software Assistant
& online solutions
• 5 new support staff –
total now 8 (training
• Leverage off existing &
future global Thomson
Reuters products and
services as well as
home grown
February / March)
• Development staff –
increasing & key staff
are pairing
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NEW RENEWAL & REFERRAL BONUS
• 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
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PROFESSIONAL ROADMAP
Software Assistant
•Compliance updates (Tax, AASB, ASIC)
•Continual release of new features / fix issues
•Tax Audit Alert Technology
2015
2016
2017
Desktop
Preferred accounting
practice solution
2018+
Online
Tax – SBR Assistant – All forms 2014 & 15 (SBR2)
Document Management
Tax Centre
Time Billing
XYZ Reports Generator & more
Focus
Accounting practice
solutions
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Eddie Beliavskis
2015 TAX CHANGES
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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
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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.
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2015 Tax Changes
Temporary budget repair levy (TBRL)
• The government announced in the 2014-15 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]
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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 2014.
• The calculation spouse’s ATI, the multiplier of FBT has
changed from 0.535 to 0.53.
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2015 Tax Changes
Medicare levy increase
– Non Individual return
• The increase in the medicare levy will also apply to the rate of noTFN-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
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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).
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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.
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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 2017.
• 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.
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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.
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Darren Firman
ONLINE TAX – SBR ASSISTANT
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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
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Richard Puffe
EBOOK – USING PRO VIEW
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eBOOK – PROVIEW
• Setup / Options
• Table of Conents
• Search eBook
• Create
– Highlights
– Notes
• Review
– Highlights
– Notes
• Print
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20 Minutes
AFTERNOON TEA
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Darren Firman
TIPS TRICKS
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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
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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.
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Richard Puffe
WHAT’S IMPORTANT TO YOU?
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Feedback Forms
Giveaway
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Questions and Answers
Question Time
• Software Assistant queries
• Thomson Reuters products & services
• Chat about online solutions
• Chat about technology for the accounting practice
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Questions
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