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

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1 RELEASE NOTES Reckn APS Tax Manager and Elite Frms Versin

2 Release Ntes Reckn APS Tax Manager and Elite Frms Authr Created and Published by Reckn Limited Level 12, 65 Berry Street Nrth Sydney NSW 2060 Australia ACN All Rights Reserved Cpyright 2016 Reckn Limited Cpyright & Trademarks N part f these materials may be reprduced r transmitted in any frm r by any means, including phtcpying, withut written permissin f Reckn Limited. Every effrt has been made t ensure the accuracy and cmpleteness f this manual. Hwever, neither Reckn Limited, its subsidiaries, emplyees and agents, are liable fr any errrs r missins. This dcument shuld nt be relied n as a detailed specificatin f the system. In additin, Reckn Limited reserves the right t issue revisins, enhancements and imprvements t Reckn APS sftware r any ther Reckn sftware at any time withut ntice. Every effrt will be made t ensure that the manual is updated cncurrently and that the user is nt incnvenienced as a result f any change. Reckn, Reckn lgs, R lgs, Reckn APS, Advance and Accuntable Technlgy are trademarks f Reckn Limited. Reckn Limited PAGE 2 OF 5

3 Release Ntes Reckn APS Tax Manager and Elite Frms Cntents Befre Yu Begin... 4 Reference Numbers... 4 Knwledge Article... 4 Elite Tax prduct changes and enhancements incme tax returns included... 4 Individual frm changes... 4 Partnership frm changes... 5 Trust frm changes... 5 Cmpany frm changes... 5 Reckn Limited PAGE 3 OF 5

4 Release Ntes Reckn APS Tax Manager and Elite Frms Befre Yu Begin This dcument cntains infrmatin n the changes made in Tax since the Reckn APS Tax Manager and Elite Frms release. Reference Numbers Items in this dcument may be prefixed by a reference number. Frm time t time a Reckn staff member may advise a numeric reference t an utstanding issue r enhancement request. Once that change has been released, the release ntes dcument will include the reference and an explanatin f the change. Knwledge Article Fr details f knwn issues in this release please see knwledge article K16276 n the MyAPS website. Elite Tax prduct changes and enhancements 2016 incme tax returns and ther frms included The 2016 incme tax returns have been included. All ther 2016 frms including activity statements, client update, family trust electin and interpsed entity electin. Individual frm changes Net Small Business Incme Tax Offset New labels and screens at Partnership and Trust distributins t receive a share f net small business incme, in relatin t the new Small Business Incme Tax Offset. New screens at item 15 t wrk ut a client s Small Business Incme Tax Offset (if eligible). Simplified car expenses deductins Changes t the Mtr Vehicle expense wrksheet t remve the 12% f riginal value methd, and ne-third f actual expenses methds. Small Business start-up expenses Certain taxpayers can nw claim an immediate deductin fr certain start-up expenses under Sectin Explratin develpment incentive A new ptin at T9 t allw taxpayers t claim the refundable explratin credits ffset. Streamline and imprve the CGT treatment f earnut arrangements New labels added at item 7 f the CGT schedule t allw the taxpayer t request an amendment t the return fr the year an earnut arrangement was created, and include additinal net capital gain r lss amunts. Reckn Limited PAGE 4 OF 5

5 Release Ntes Reckn APS Tax Manager and Elite Frms Partnership frm changes New labels t allw distributin f explratin credits, and share f net small business incme. Trust frm changes New Tax Offsets item 51 t claim the taxpayer s Explratin Credits. New labels t allw distributin f explratin credits, and share f net small business incme. Cmpany frm changes New label added at Status f Cmpany; F1 Small Business Entity. Small business cmpany tax rate has been reduced fr eligible taxpayers. Reckn Limited PAGE 5 OF 5

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

RELEASE NOTES. Reckon APS Tax Manager & Elite Forms. Version RELEASE NOTES Reckn APS Tax Manager & Elite Frms Versin 2018.5.0 Release Ntes Reckn APS Tax Manager & Elite Frms 2018.5.0 Authr Created and Published by Reckn Limited Level 2, 100 Pacific Highway Nrth