I have had some great feedback from clients on the templates in Australia recently. Thankyou to everyone who has taken the time to provide this. Based on the feedback, these are the proposed template updates for the next release in Q1 2016. I would love to hear your feedback on the changes:
1. Update Borrowing Costs to include dates to calculate the days automatically and add a closing balance field at the bottom of the template. This template will also be updated to reconcile back to the general ledger.
2. Update the Division 7A Loan Summary to include an interest rate table. The template also needs to be changed to not calculate a capital repayment in year 0 which will add a new line 7 to the template
3. Add a Fuel Tax Credits column to the GST BAS Summary
4. Add the capability to reconcile the wages to the general ledger in the GST BAS Summary and a superannuation reasonableness test based on the SG percentage
5. Add a current and non current portion to the hire purchase template
6. Update the Investment Property Cost Base template to include a field for the contract price
7. Add a HIN (non mandatory) field in the dividend workpaper
There are also some small checklist enhancements and we will ensure that all the templates consistenty link to accounts in the general ledger.
A few new templates are also planned for the start of the new financial year - a 10 year Div 7A Loan Summary (assuming this is passed in parliament) and changes for the SBE income being taxed at a lower rate.