Support Query
Is the Tax Return function currently available in Simple Invest 360?
Solution
Tax Return preparation and electronic lodgment is available for the Trust Tax Return for the 2021FY onwards and the Company Tax Return for the 2022FY and onwards.
However, it is not currently available for Individual Entity types. This function has been added to the Wishlist and is a top priority of the Product Team.
In the meantime, there are a series of Reports available in Simple Invest 360 that will assist users with the preparation of a Tax Return.
| Trust | Company | Individual | |
| Tax Reconciliation | |||
| Statement of Taxable Income | |||
| Statement of Distribution | |||
| Annual Tax Statement | |||
| Capital Gains Reconciliation | |||
| Tax Reconciliation Summary | |||
| Investment Income | |||
| Realised Capital Gains |
A detailed explanation of how to use the Tax Reconciliation Report for Trusts can be found here.
In order for the reports to generate correctly, we recommend ensuring that you have set up the Tax Labels correctly as part of the year-end Period Compliance when processing Trusts and Companies.
The tax calculations will take into account the entity type to calculate the correct CGT discount.
For Companies, the tax calculations will consider the Company Type and the Financial Year to return two possible tax rates. It is then up to the user to select if the company is eligible for a base rate company tax rate.
For Individuals, the software will apply the appropriate Individual Income Tax Rate as per the ATO’s tax rates for that financial year.