GREATSOFT CRM CLIENT RELEASE NOTES

Transcription

1 GREATSOFT CRM CLIENT RELEASE NOTES CONTENTS INTRODUCTION...1 Prerequisites...1 CRM...2 Tasks...2 Billings...2 Disbursements...2 TAX...2 ITR12 Changes for Other ITR12 Changes ITR14 Changes Provisional tax Assessments and Return Tracking General Tax Reports User Guides SEC INTRODUCTION This document summarises the enhancements introduced and issues addressed in the latest release CRM PREREQUISITES 1..NET Framework Requirements CRM runs on.net Framework 4.5 and an update to.net Framework will only be required from Web Config Addition Settings for the authorisation filter are now included. This allows the efiling service to request a license check without being redirected to the logon page. The security mechanism to prevent unauthorized access is the same as for the GetConnectionStrings.ashx. CRM Client Release Notes Page 1 of 18

2 GREATSOFT CRM Important Note: An e-gl Batch Table schema change took place in the build that caused errors in Release 7. The problem was rectified using scripts, but all Release 7 e-gl Users must perform a Full Table re-link to ensure that the desktop application reconnects the tables correctly. TASKS 1. Update the Task Rate flag when editing a task and changing the task rate to employee (JK01-181). 2. Resolved error when closing Tasks used in Disbursements (BM03-389). BILLINGS 1. In Open Item Fees, unable to tick line item and add negative Value(Discount) (WV , LW ) DISBURSEMENTS 1. Fixed posting of staff disbursements where error occurred at the submission/approval stage (BM03-386). GREATSOFT TAX ITR12 CHANGES FOR 2016 Container ITR12 Preferences Description The following questions have been added to this section: Was the taxpayer unemployed for any period during this year of assessment? For how many unbroken period(s) was the taxpayer unemployed? (Will only display if Yes is responded to the Was the taxpayer unemployed for any period during this year of assessment? question). Did the taxpayer contribute to a Tax Free Investment in this year of assessment? Did the taxpayer derive income from the letting of fixed property? From how many separate rental activities did the taxpayer derive income? (Will only display if Yes is responded to the Did the taxpayer derive income from the letting of fixed property? question). CRM Client Release Notes Page 2 of 18

3 Added validation that prevents submission where Yes is responded to "Was the taxpayer unemployed for the full year of assessment and received no income and realised no capital gain/loss?" but the IRP5 section contains data (DC01-635). Added validation to the How many certificates did the taxpayer receive? field. User will not be permitted to declare less than the number of IRP5 certificates that SARS has received and pre-populated on the return, but may add additional IRP5 s. Taxpayer information Added a Do you confirm that the and telephone number(s) supplied are correct?. Flagging this check box is mandatory to enable submission to SARS efiling. IRP5 Information User can manually capture an additional IRP5, but is prohibited from altering or deleting pre-populated employees tax certificate information. Removed the SITE (code 4101) field from the Tax Credits and/or Employer/Employee Contributions section. CRM Client Release Notes Page 3 of 18

4 Removed the SITE (code 4101) field and added a field for Additional Medical Scheme Fees Tax Credit (code 4120) to the Tax Credits and/or Employer/Employee Contributions section. This change has no impact on the Tax Calculation (DC01-599). The declaration of directive numbers is now mandatory for source codes 3901, 3902, 3903, 3904, 3905, 3909, 3915, 3917, 3918, 3919, 3920, 3921, 3922, 3951, 3952, 3953, 3954 and The Tax Calculation will display the following error message if a mandatory directive number has been omitted (DC01-588): Foreign Income (excl. investment income and CGT) Added the following field to the Foreign Income section (DC01-583): Foreign Rental (from the letting of fixed property) Profit (4288). Foreign Rental (from the letting of fixed property) Loss (4289). Effect on Tax Calculation: A value declared next to code 4288 (or 50% thereof if the taxpayer is married in community of property) will pull through to the Declared and Taxable fields in the Gross income section of the Tax Calculation but only if the taxpayer is a resident. CRM Client Release Notes Page 4 of 18

5 Effect on Tax Calculation: A value declared next to code 4289 (or 50% thereof if the taxpayer is married in community of property) will pull through to the Declared and Deductible fields in the Deductions section of the Tax Calculation but only if the taxpayer is a resident. The maximum permissible deduction is, however, subject to the foreign ring-fencing provisions (see below). Effect on Tax Calculation: The foreign rental income (code 4288) (or half of this amount if the taxpayer is married in community of property) will together with all other foreign income amounts, be included in the calculation of the maximum permissible deduction for foreign losses (ring-fencing rules). Foreign losses (including foreign losses from the letting of fixed property or half of this amount if the taxpayer is married in community of property) is only deductible to the extent that it does not exceed the sum of foreign income amounts and the excess may be carried forward for deduction in future years of assessment. CRM Client Release Notes Page 5 of 18

6 The 50% split will not be applied for taxpayers married in community of property if the Should foreign rental profits and losses declared here be excluded from the communal estate (if married in community of property)? option is flagged. When calculating the Foreign taxable income figure in the section 6quat formula, it is increased with the value of Foreign Rental (from the letting of fixed property profit (code 4288) (or half of this amount if the taxpayer is married in community of property). CRM Client Release Notes Page 6 of 18

7 When calculating the Foreign taxable income figure in the section 6quat formula, it is reduced with the value of Foreign Rental (from the letting of fixed property loss (code 4289) (or half of this amount if the taxpayer is married in community of property). This reduction is, however, subject to the ring-fencing provisions that have been applied in the Tax Calculation for the particular tax year. Local Rental Income from the letting of Fixed Property Added the following section to the return (DC01-581): CRM Client Release Notes Page 7 of 18

8 The value appearing in the Taxable income field next to code 4210 (or half of this amount if the taxpayer is married in community of property) will pull through to the Declared and Taxable fields in the Gross Income section of the Tax Calculation. The value appearing in the Assessed Loss field next to code 4211 (or half of this amount if the taxpayer is married in community of property) will reduce the taxpayer s taxable income in the Tax Calculation. CRM Client Release Notes Page 8 of 18

9 A value declared in the Ring-fenced Losses Brought forward field will be set off against any taxable income derived from the same trade which had been indicated next to code If an assessed loss was incurred during the year, then this figure has no impact and will only be disclosed in the schedule in the Tax Calculation. CRM Client Release Notes Page 9 of 18

10 The taxable Income or Assessed Loss (as indicated next to code 4210 or 4211) will be included or deducted in the taxable income calculation according to the taxpayer s percentage share indicated in the State the profit/loss percentage field. If taxpayer is in a married in community of property and the communal estate indicator is not flagged, then only 50% of the Taxable Income or Assessed Loss will pull through to the Tax Calculation. Otherwise, a 100% of these values will be taken into account in the Tax Calculation. Local Business, Trade and Professional Income (other than Rental Income from Letting of Fixed Property) Removed Research and Development: s 11D field from the Adjustments: Allowable section. CRM Client Release Notes Page 10 of 18

11 Removed source codes 4210 (Local Rental Profit) and 4211 (Local Rental Loss) from the Source Code pick list: Removed the following section, which is no longer applicable: Tax Free Investments Added the following section to the tax return 1 (DC01-589): Effect on Tax Calculation: If the value entered in the Contribution made to TFI during the year of assessment (code 4219) field exceeds R30 000, then normal tax payable in the Tax Calculation will increase with a penalty of 40%, which is levied on such excess, thus R less R = R x 40% = R An additional penalty will be levied at 40% on the amount by which the total lifetime contributions (i.e. the sum of all amounts declared next to code 4219 in the current CRM Client Release Notes Page 11 of 18

12 and previous tax years) exceeds R As section 12T became effective from 1 March 2015, there would have been no prior year contributions to TFIs and the additional penalty will amount to R12 000, calculated as 40% of the excess of total lifetime contributions (R ) less amounts that have previously been subject to the 40% penalty (i.e. R ) = 40% x R = R Effect on Tax Calculation: Permit tax rebates, foreign tax credits (section 6quat and 6quin) and medical tax credits against section 12T(7) penalties on excess contributions included in normal tax payable. Effect on Tax Calculation: The values declared next to codes 4239, 4241, 4242 and 4243 will be exempt in the calculation of taxable income. Effect on Tax Calculation: The values declared next to codes 4219, 4240 and 4244 will pull through to the Declared fields in the Deductions section and a value of R0 to the Deductible field. CRM Client Release Notes Page 12 of 18

13 Income from local farming operations A detailed schedule is linked to the Allowable Expenses field. This field will automatically populate with the excess of total expenditure over total adjustments declared in this schedule. A detailed schedule is linked to the Purchases/costs current year field in the Information on Capital Improvements in the Local Farming section. This field will automatically populate with the value of total capital development expenditure declared in this schedule. Par 12(1)(c) to (i) expenses may not create or increase an assessed loss and therefore performs the following validation (DC01-628): The value declared in the Amount of Improvements Deductible from Net Profit field must be limited to any positive value appearing in the Net Profit / Loss field. The value in the Amount of Improvements Deductible from Net Profit must be R0 if the Net Profit / Loss field contains a R0 or negative value. The following validation message will appear if the aforementioned conditions are not met: Income from local partnership farming operations A detailed schedule is linked to the Allowable Expenses field. This field will automatically populate with the excess of total expenditure over total adjustments declared in this schedule. CRM Client Release Notes Page 13 of 18

14 A detailed schedule is linked to the Purchases Current year field in the Information on Improvements section. This field will automatically populate with the value of total capital development expenditure declared in this schedule. Retirement contributions PBO Donations Income Protection Insurance Contributions (4018) field has been removed from this section and a deduction no longer permitted in the Tax Calculation. Added field to capture excess section 18A donations brought forward from the prior year of assessment (DC01-288). This value will, together with the current year s donations declared next to code 4011 qualify for the section 18A deduction, subject to the 10% limitation. Validation in PBO Reference number field updated to only accepts of 9 or 10 characters and no special characters (DC01-634). Statement of assets and liabilities This container becomes optional if the Rental Income container displays there is no other business, trade or profession income with a source code other than 4210 or Unbroken Period of Unemploymen t Unemployed The following section must be supplied for each period of unemployment: CRM Client Release Notes Page 14 of 18

15 Investment Income The ratio used to calculate the exempt portion of the value declared in the "Gross foreign dividends subject to SA normal tax" field changed to 26/41 (DC01-532). OTHER ITR12 CHANGES 1. IRP5 Information Allow submission of return to SARS if phased-out code 4493 had been declared on the IRP5 (DC01-426). 2. Tax Calc Allow tax rebates and medical tax credits to be reduced against foreign tax credits refunded. Also added the value of foreign tax credits refunded to the Normal Tax Payable amount used in the section 6quat and 6quin limitation formulas (DC & DC01-481). 3. Tax Calc Exempt distribution from an REIT if the taxpayer is a non-resident (DC01-512). 4. Tax Calc Updated headings of schedules (Deductions, Exemptions, Medical Scheme Fees Tax Credit, Additional Medical Expenses Tax Credit, Section 6quat rebate and Section 6quin rebate) that incorrectly displayed as "Taxable" (DC01-494). 5. VCC Investments - Added validation preventing the sum of investments declared in the VCC section to exceed the value of code 4051 where the number of VCC's exceeds 10 (DC01-454). 6. Business, Trade or Profession Updated descriptions in this section and removed source codes 4210 and 4211 from the pick list for the 2016 tax year onward (DC01-632). 7. IRP5 Information 2016 year of assessment and onward - Removed code 4018 (Income protection insurance contributions) from the Deduction/Contributions pick list (DC01-600). 8. Tax Calc - Updated 2016 retirement lump sum tax rates - flat rate of 18% should not be applied where taxable income exceeds R (retirement fund lump sum withdrawal benefits) or R (retirement lump sum and severance benefits) (DC01-568). 9. Tax Calc 2016 year of assessment and onward Prevent non-deductible portion of prior year s s 18A donations pulling through from the prior year s ITR form (DC01-524). 10. IRP5 Information 2017 year of assessment and onward - Added the following source codes to the Deductions/Contributions pick list: 4475 (Employer s retirement annuity fund contributions) and 4582 (Remuneration portion of travel allowances and right of use of motor vehicle) (DC01-612). CRM Client Release Notes Page 15 of 18

16 11. IRP5 Information 2017 year of assessment and onward - Removed source code 4007 (Arrear Retirement Annuity Fund Contributions) from the Deductions/Contributions pick list (DC01-611). 12. IRP5 Information year of assessment and onward - Changed description of code 4006 to "Total retirement annuity fund contributions paid or 'deemed paid' by employee" (DC01-610). 13. IRP5 Information 2017 year of assessment and onward - Changed description of code 4003 to "Total provident fund contributions paid or 'deemed paid' by employee" (DC01-609). 14. IRP5 Information 2017 year of assessment and onward Changed description of code 4001 on the IRP5 to "Total pension fund contributions paid or 'deemed paid' by employee" (DC01-608). 15. IRP5 Information 2017 year of assessment and onward Removed source code 4002 (Arrear pension fund contributions) from the Deductions/Contributions pick list (DC01-607) 16. IRP5 Information 2017 year of assessment and onward Added source codes 3828 (Employer Retirement annuity Fund contributions (PAYE)) and 3878 (Employer Retirement annuity Fund contributions (PAYE) Foreign) to the income pick list. Both of these values will pull through to the "Declared" and "Taxable" columns in the "Gross income" section of the tax calculation (DC01-606). 17. IRP5 Information 2017 year of assessment and onward Added source codes 3825 (Employer Provident Fund contributions (PAYE)) and 3875 (Employer Provident Fund contributions (PAYE) Foreign) to the income pick list. Both of these values will pull through to the "Declared" and "Taxable" columns in the "Gross income" section of the tax calculation (DC01-605). 18. IRP5 Information 2017 year of assessment and onward Added codes 3817 (Employer Pension Fund contributions (PAYE)) and 3867 (Employer Pension Fund contributions (PAYE) Foreign) to the income pick list. Both of these values will pull through to the "Declared" and "Taxable" columns in the "Gross income" section of the tax calculation (DC01-604). 19. IRP5 Information 2017 year of assessment and onward Changed description of code 3718 to Vesting of equity instruments or return of capital i.r.o. restricted equity instruments (PAYE)" and code 3768 to "Vesting of equity instruments or return of capital i.r.o. restricted equity instruments (PAYE) - Foreign" (DC01-603). 20. IRP5 Information 2017 year of assessment and onward Added codes 3619 (Labour brokers (IT)) and 3669 (Labour brokers (IT) Foreign) to the income pick list. Both of these values will pull through to the "Declared" and "Taxable" columns in the "Gross income" section of the tax calculation. Also increased the maximum value permitted in the "Income Reflected on an IRP5/IT3(a) regarded to be Trading Income" field in the Business, Trade or Profession section with the values declared next to codes 3619 and 3669 (DC01-601). 21. Tax Calculation 2017 year of assessment and onward - Increased capital gains tax inclusion rate to 40% and the annual exclusion to R (DC01-596). 22. Foreign Tax Credits 2017 year of assessment and onward - Removed the section 6quin section from the tax return (DC01-582). 23. Tax Calculation 2017 year of assessment and onward - Removed the section 6quin rebate from the tax calculation (DC01-514). ITR14 CHANGES 1. Tax Calculation 2017 year of assessment and onward - Increased capital gains tax inclusion rate to 80% (DC01-597). 2. Tax Computation (Micro businesses) Locked "Plant and machinery where company qualifies as a SBC - s12e" field where company does not comply with the minimum requirements to qualify as an SBM. This field will only become active if the response to all questions in the SBM section is "Yes" and gross income does not exceed R (DC01-257). CRM Client Release Notes Page 16 of 18

17 PROVISIONAL TAX 1. Global Calc: Added Use Global Calculation Checklist feature that allow users to restrict the global calculation to specific clients flagged for global tax processing (DC01-534). 2. Tax Settings Updated the Apply Last Assd Med Scheme Credit in Prov Calcs system option to prevent the automatic population of medical credits from the latest assessment record if not flagged. Also exposed this system option in the Tax Settings form (DC01-537). 3. Letter merge fields added for {RETURN_DATE_CURRYR} & {RETURN_DATE_PREVYR} to return current and previous Prov tax year (MRS01-538). ASSESSMENTS AND RETURN TRACKING 1. Return tracking record Updated value that pulls through from the ITR12 to the "Turnover" field to include the sum of the following values: Turnover/Sales in the Business, Trade or Profession section, Income Reflected on an IRP5/IT3(a) regarded to be Trading Income in the Business, Trade or Profession section and "Rental Income" in the "Local rental income from the letting of fixed property" section. The turnover field will only include the portion of the aforementioned amounts that are attributable to the taxpayer in terms of the profit/loss percentage if the taxpayer was in a partnership (DC01-513). 2. Return tracking record Updated values of Assessed loss b/fwd, Assessed loss c/fwd, Taxable income/loss before CGT and Taxable income/loss this year when the ITR14 is finalised (DC01-429). GENERAL 1. Interest Calculator Updated interest rates that became effective from 1 May 2016: Interest levied on underpayments increased to 10.25% and interest on over-payments to 6.25% (DC01-618). 2. IRP section on efiling Dashboard - options for Nil / Payments / All did not filter correctly, this has been addressed (MRS01-519). TAX REPORTS 1. ITR12 Information report - Limited VCC investments to 10 items and fixed sequence in which list is displayed (DC01-620). 2. ITR12 Information report Lines for PBO Donations now limited to 5 items if more than 5 items were selected (MRS01-484). 3. ITR12 Information report Updated report to display information declared in the Foreign Tax Credits Refunded section of the return (DC01-519). 4. ITR12 Detailed tax calculation report - Made the following corrections: Fringe benefit value and response to Actual Expenditure questions in the Employer Provided Vehicle Non Operating Lease section now pulls through to the report, moved Assessed Loss Carried Forward line item that displayed below Subtotal 5 to the Taxable Income section of the report, removed sections containing no information from the report and removed the 1 that displayed in the left column next to each line item (DC01-431). 5. ITR14 Information report Issue addressed where BS and IS figures were not printing due to change from one return type to another (MRS01-539). CRM Client Release Notes Page 17 of 18

18 6. Tax Returns report: Added Unpaid / Paid/ Overpaid/All filters to the report (AR01-703). 7. Provisional tax: Added a Clients without Medical Tax Credits report to the reports package. This report lists clients for whom the most recent assessment record contains medical tax credits, but the provisional tax calculation does not contain such values. It can be used as a control to identify clients for whom the declaration of medical credits will most probably be applicable (DC01-447). 8. Provisional Tax: Issue where exception report for Clients with no Last Assessed details was not rendering has been addressed (MM04-544). USER GUIDES The following Tax User Guides have been updated and is available to download from the FTP site, under //release_10/gs CRM 2015 Release/GS CRM 2015 Installation Kit/05. Documentation/User Guide TAX Tax ITR12 Guide v Tax ITR14 Guide v Provisional Tax Guide Provisional Tax Checklist v2016 Tax Setup Guide v Tax Admin Guide v GREATSOFT SEC There were no changes for SEC in this release. Further changes will be included in v CRM Client Release Notes Page 18 of 18