RELEASE NOTES. Reckon APS Tax Manager and Elite Forms. Version

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1 RELEASE NOTES Reckon APS Tax Manager and Elite Forms Version

2 Author Created and Published by Reckon Limited Level 12, 65 Berry Street North Sydney NSW 2060 Australia ACN All Rights Reserved Copyright 2016 Reckon Limited Copyright & Trademarks No part of these materials may be reproduced or transmitted in any form or by any means, including photocopying, without written permission of Reckon Limited. Every effort has been made to ensure the accuracy and completeness of this manual. However, neither Reckon Limited, its subsidiaries, employees and agents, are liable for any errors or omissions. This document should not be relied on as a detailed specification of the system. In addition, Reckon Limited reserves the right to issue revisions, enhancements and improvements to Reckon APS software or any other Reckon software at any time without notice. Every effort will be made to ensure that the manual is updated concurrently and that the user is not inconvenienced as a result of any change. Reckon, Reckon logos, R logos, Reckon APS, Advance and Accountable Technology are trademarks of Reckon Limited. Reckon Limited PAGE 2 OF 5

3 Contents Before You Begin... 4 Reference Numbers... 4 Knowledge Article... 4 Elite Tax product changes and enhancements... 4 Reckon Elite 2016 Individual Tax Return (EI)... 4 Reckon Elite 2016 Company Tax Return (EC)... 4 Reckon Elite 2016 Trust Tax Return (ET)... 4 Reckon Elite 2016 Partnership Tax Return (EP)... 5 Reckon Limited PAGE 3 OF 5

4 Before You Begin This document contains information on the changes made in Tax since the Reckon APS Tax Manager and Elite Forms release. Reference Numbers Items in this document may be prefixed by a reference number. From time to time a Reckon staff member may advise a numeric reference to an outstanding issue or enhancement request. Once that change has been released, the release notes document will include the reference and an explanation of the change. Knowledge Article For details of known issues in this release please see knowledge article K16276 on the MyAPS website. Elite Tax product changes and enhancements Reckon Elite 2016 Individual Tax Return (EI) Wording of the SBE question on Mandatories has been revised. Corrected the calculation of preservation age which effected ETP and SLS offsets. Updated the concessional contributions cap date. Calculating how a Senior Australian spouse is factored in when no gender is specified. Corrected the calculation of the Small Business Income offset in situations where taxable income is less than the share of net small business income. Corrected the calculation of ETP and Super Lump Sum payment offsets for taxpayers born between 01/07/1960 and 30/06/1961. Updated the GDP adjustment rate used in the notional tax calculations. Corrected an issue in item 16 which prevented the full amount of prior year deferred loss from being entered in some situations. Reckon Elite 2016 Company Tax Return (EC) Reckon Elite 2016 Trust Tax Return (ET) Reckon Limited PAGE 4 OF 5

5 Validation V8056 added to ensure the entire amount of Share of net small business income has been distributed. Corrected the appearance of the grid on the Distribution Summary screen when a Trustee Beneficiary statement has been completed. Fixed an issue in the distribution worksheets which could cause the distributed amount of share of net small business income to be cleared when re-entering the screen. Reckon Elite 2016 Partnership Tax Return (EP) Reckon Limited PAGE 5 OF 5