2024.0.2 Update is now available!
Due to the recent legislation changes detailed below, itis highly recommended that you install this latest version of Software Assistant to ensure you have the latest ATO changes.
Disable your Anti-Virus software BEFORE you install
If you have McAfee Total Protection installed, please disable real time scanning before applying the update. Refer to the Validation/Lodgement – ERRORS_TAXONOMY_LOAD guide from our website > Guide stab to view the file. Also refer to the above guide if you experience prefill,validation or lodgement issues after updating.
Download and install the 2024.0.2 update
Either click the Update button in Software Assistant to initiate the update or you can download the update from the Software Assistant website.
Note: if you have already registered your software for 2024, you do not need to register again.
Small business energy incentive – is now law!
The Small business energy incentive provides businesses with an annual turnover of less than $50 million with an additional 20%deduction on spending that supports electrification and more efficient use of energy.
The ATO validation error that was previously added to prevent tax agents lodging with this field has now been removed.
How to report and claim for the energy incentive:
CTR 2024:
1. 100% eligible expenditure to be claimed at existing label.
2. 20% bonus to be claimed and reported at “Reconciliation” section at label K: Small business energy incentive.
IITR | PTR | TRT 2024
1. 100% eligible expenditure to be claimed at existing label.
2. 20% bonus to be claimed at “Reconciliation” section.
3. 20% bonus to be reported at:
a. IITR – Business & professional items section, P12Label O Small business energy incentive.
b. PTR | TRT - Business & professional sections, Item 52label C Small business energy incentive.
$20,000 instant asset write-off - is now law!
Small businesses with aggregated turnover of less than$10 million, can immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use between 1 July 2023 and 30 June 2024.
Tax Assistant and Ledger worksheets and calculations have been updated to reflect the new $20,000 threshold for 2024.
Trust Income Schedule (TIS)
For the 2024 tax forms, a new TIS has been added to company, partnership, trust and fund returns which was available in our June release.
We have updated the individual return from a trust income worksheet to a trust income schedule. This means that all returns how have the same TIS which is reported back to the ATO.
To help prevent validation errors appear when missing values are detected within the return, you’ll notice that when entering TIS data, if any mandatory field is requiring the field will appear in a blue shading colour. This signifies that you need to enter the appropriate value or0 if nothing.
Resolved issues
IITR 2024
1. ItemD12 worksheet details not transferring on form.
2. International Dealings Schedule - Section G incorrectly print.
3. ItemD5 depreciation worksheet does not rollover from 2023
CTR2024:
· Validation error ‘EXTRA-ERR-CODE’ incorrectly displays when dividend worksheet has the country code selected.
TRT2024:
· Validation error ‘CMN.ATO.GEN.XML04’ incorrectly displays when Business details is missing.