Simple Invest 360 currently supports the preparation and export of the Company Tax Return. Electronic Lodgement is available from the 2022 Financial Year and onwards.
The supported schedules are: CGT Schedule, Losses Schedule, Dividend and Interest Schedule, and Attachment Schedule.
Navigation to the Company Tax Return
|From the Main Toolbar navigate to the Compliance menu.||
|Select Period Compliance.||
Select the Distribution Frequency. You can select between yearly, quarterly or monthly Profit/Distribution calculations. Alternatively, select Other to be able to specify your desired period.
Click Start Workflow for the selected Entry Period.
As part of the Workflow, the Calculate Taxable Income screen will prompt, displaying a breakdown of items in the calculation of taxable income, allowing users to add adjustments where needed.
Select to proceed to the next step.
Users are then able to proceed with profit allocation, for more information, see Pay Dividends for Companies. Once complete, head into the Company Tax Return section.
View Sections of the Company Tax Return
The current financial year will be selected by default. The Company Tax Return is only available for 2022 financial year onwards.
Once the financial year has been set, to review sections in the Company Tax Return navigate by using the left-hand side menu.
Any mandatory fields that are missing information will be highlighted in red along with a counter noted on the left-hand side menu.
Refer to the ATO Article for more information on completing the 2022 Company Tax Return.
|Confirm any new information and changes made in the Company Tax Return and associated schedules|
|Print or produce a PDF version of the Company Tax Return and associated schedules|
The Company Tax Return and associated schedules can also be produced through the Reports screen.
Form Status (Workflow Status)
Select Form Status to update the workflow status of the company tax return.
Workflow Statuses available:
- Lodged (Manually)
- Sent to Client
- Reviewed by Partner
- Assessment Paid
- Assessment sent to Client
- Assessment Received
- Sent to Partner
Download the Company Tax Return in PDF format
To print the Company Tax return, click Print in the bottom right hand side of the screen.
Then, select all relevant forms to include:
This will generate a PDF document with all selected documents. Additionally, the status of the Tax return will be automatically set to "Printed":
1. Can I adjust the taxable income and dividend paid as I prepare the Company Tax Return?
Once the preparation of the Tax Return form has been started, any changes made to the calculate taxable income and pay dividends screens will overwrite the current tax return form in Simple Invest 360.
Once changes have been made, head into the tax return screen and select Regenerate to pre-fill the tax return based on updated amounts.
2. I cannot access the Tax Return screen and its functionalities.
Refer to your user role settings, and ensure permission is provided for Tax Compliance | ATO Forms Data Entry, under the Compliance section.
3. How do I hide the Member TFN/DOB and Fund TFN from the Tax Return, for privacy reasons?
Refer to your badge settings, and you may choose to display these details on the Company Tax Return. If not selected, the details will be worded as "Provided" or "Not Provided" instead.
Ensure the badge is selected upon generating the tax return and associated schedules from the Reports screen.