Master Simple Invest 360: Accounting and Tax Features
Table of Contents
- Introduction
- Housekeeping and Webinar Details
- Background of Simple Invest 360
- Setting Up an Entity
- Adding Beneficiaries to a Trust
- Importing Data Into Simple Invest 360
- Smart Matching and Data Entry
- Selecting Disposal Methods and Tax Implications
- Year-End Compliance Process for Trusts
- Year-End Compliance Process for Companies
- Year-End Compliance Process for Individuals
- Tax Reports and Financial Statements
- Customizing Reports and Adding Logos
- Distributing Profits and Allocating Distributions
- Handling Unit Trusts and Dispositions
- Other Reports and Features
- Integration with Ava Systems
- Conclusion
Introduction
In this article, we will explore the functionalities and features of Simple Invest 360, a comprehensive investment reporting platform. We will discuss how to set up entities, add beneficiaries, import data, match transactions, select disposal methods, and analyze tax implications. Furthermore, we will delve into the year-end compliance processes for trusts, companies, and individuals, and learn how to generate tax reports and financial statements. Additionally, we will cover customizing reports, distributing profits, handling unit trusts, and exploring other advanced features. Lastly, we will touch upon the integration of Simple Invest 360 with Ava Systems for a holistic view of the family group. Let's dive in and explore the world of Simple Invest 360!
Housekeeping and Webinar Details
Before we delve into the details of Simple Invest 360, let's take care of some housekeeping tasks. During the webinar, it is essential to go through a few administrative matters. We will be launching a poll to understand the participants' current situation and also to capture their interest in Simple Invest 360. Please feel free to share the webinar recording and accompanying notes with your colleagues who were unable to attend. Throughout the webinar, you can ask questions using the Q&A feature, and our expert, Mario, will address them in real-time.
Background of Simple Invest 360
Simple Invest 360 is a platform designed to simplify investment reporting and management. It was initially released in February 2020 as a first release, followed by a closed beta period in July. During the closed beta phase, valuable feedback was gathered from clients, leading to the commercial release in June. Simple Invest 360 offers a range of functionalities tailored to SMSFs, trusts, companies, and individuals. The platform has evolved and adapted to the changing world, ensuring a seamless experience for its users.
Setting Up an Entity
One of the fundamental steps in utilizing Simple Invest 360 is setting up entities. The platform supports various entity types, including SMSFs, trusts, companies, and individuals. Within each entity type, multiple subtypes are available, allowing for greater customization. By adding essential information such as name, ABN, TFN, and opening balances, users can easily configure the entities they wish to manage within Simple Invest 360. We will guide you through the entity setup process and explore the different available options.
Adding Beneficiaries to a Trust
Trusts often involve multiple beneficiaries, and Simple Invest 360 provides a streamlined process for managing beneficiary details. By navigating to the beneficiary section, users can add and edit beneficiaries associated with a specific trust. The platform allows searching through existing contacts and entities, making it easy to link beneficiaries to the relevant entities. Additionally, users can specify beneficiary status, residency, and other important details. We will guide you through setting up beneficiaries for a discretionary trust and explore scenarios such as unit trusts and private ancillary trusts.
Importing Data Into Simple Invest 360
To streamline the data entry process, Simple Invest 360 offers various data import methods. Users can leverage the smart matching screen to import data from sources such as broker CSV files or Excel spreadsheets. The platform performs data validation during the import process, ensuring accurate results. We will demonstrate how to utilize the smart matching screen to save time and effort in entering data, making it a seamless experience for users.
Smart Matching and Data Entry
Simple Invest 360's smart matching feature allows users to quickly reconcile transactions and streamline the data entry process. By copying and pasting data from spreadsheets or utilizing the import feature, users can match transactions effortlessly. The platform automatically suggests matches based on description, debits, credits, opening balances, and closing balances. We will guide you through the smart matching process, highlighting the validation checks and showcasing the efficiency it brings to managing your investments.
Selecting Disposal Methods and Tax Implications
When it comes to managing investments, understanding the different disposal methods and their tax implications is crucial. Simple Invest 360 offers users the flexibility to choose between various disposal methods, such as most tax-effective or manual selection. The platform calculates the capital gain tax implications and provides users with a comprehensive understanding of their investment performance. We will demonstrate how to select disposal methods, account for tax implications, and make informed decisions based on your investment goals.
Year-End Compliance Process for Trusts
At the end of each financial year, trusts need to undergo a compliance process to ensure accurate reporting and taxation. Simple Invest 360 simplifies this process by offering a step-by-step workflow for trusts. Users can calculate taxable income, make manual adjustments, allocate profits, and generate comprehensive tax reports. We will guide you through the year-end compliance process for trusts, highlighting the importance of accurate financial reporting and ensuring compliance with tax regulations.
Year-End Compliance Process for Companies
Companies, like trusts, are required to complete a year-end compliance process to fulfill their reporting and taxation obligations. Simple Invest 360 provides a comprehensive workflow tailored to companies, allowing users to reconcile operating profits, calculate taxable income, and manage franking credits. We will walk you through the year-end compliance process for companies, ensuring a smooth transition into the new financial year while maintaining accurate financial records.
Year-End Compliance Process for Individuals
Individuals also have specific year-end compliance requirements, and Simple Invest 360 simplifies this process with a dedicated workflow. Users can reconcile taxable income, apply tax adjustments, and manage investment-specific calculations such as ranking credits and foreign tax credits. We will explore the year-end compliance process for individuals, emphasizing the importance of accurate tax reporting and effective management of investment income.
Tax Reports and Financial Statements
Simple Invest 360 offers a comprehensive range of tax reports and financial statements to support accurate and compliant reporting. From tax reconciliations to statement of taxable income, users can generate reports tailored to each entity type. Additionally, the platform provides customizable financial statements, allowing users to add logos and tailor reports to specific requirements. We will guide you through the process of generating tax reports and financial statements, ensuring compliance and facilitating informative discussions with clients.
Customizing Reports and Adding Logos
To enhance the presentation and branding of reports, Simple Invest 360 allows users to customize reports and add logos. With the ability to download report templates in Word format, users can modify the content and design to align with their branding guidelines. Furthermore, users can upload logos to be displayed on reports, creating a professional and personalized touch. We will demonstrate how to customize reports and add logos, ensuring your reports reflect your unique brand identity.
Distributing Profits and Allocating Distributions
One of the critical aspects of managing investments is the distribution of profits and allocating them to beneficiaries. Simple Invest 360 provides flexible methods to distribute profits, catering to both proportionate and income streaming approaches. Users can allocate profits based on percentages and utilize different classes to streamline the process. We will guide you through the steps of distributing profits and allocating distributions, ensuring accurate and efficient distribution management.
Handling Unit Trusts and Dispositions
Unit trusts pose unique challenges in terms of profit allocation and managing unit holders. Simple Invest 360 simplifies the process by allowing users to allocate profit based on unit classes. By specifying percentages for each unit class, users can ensure equitable distribution of profits among unit holders. We will explore the intricacies of managing unit trusts within Simple Invest 360 and discuss the implications of dispositions and other unit trust transactions.
Other Reports and Features
Simple Invest 360 offers a wide range of reports and features beyond tax reports and financial statements. Users can generate letters, minutes, resolutions, and distribution statements, all customizable based on their requirements. Additionally, the platform provides work paper reports such as general ledgers and trial balances, offering a comprehensive suite of reporting tools. We will explore these additional reports and features, empowering users to leverage the full potential of Simple Invest 360.
Integration with Ava Systems
Ava Systems integration expands the capabilities of Simple Invest 360 by providing a holistic view of the family group. By pulling data from Simple Fund 360, Simple Invest 360, and external sources like Xero, Ava Systems offers a comprehensive dashboard for clients. Users can gain insights into the overall financial landscape, making informed decisions based on integrated data. We will discuss the advantages of integrating Simple Invest 360 with Ava Systems and how it enhances the user experience.
Conclusion
In this article, we have explored the various functionalities and features of Simple Invest 360, a comprehensive investment reporting platform. From setting up entities and adding beneficiaries to importing data, matching transactions, and generating tax reports, Simple Invest 360 offers a seamless experience for managing investments. We have also touched upon year-end compliance processes, customization options for reports, profit distribution, unit trusts, and integration with Ava Systems. By leveraging the capabilities of Simple Invest 360, users can streamline their investment management and reporting, ensuring compliance and maximizing efficiency.
