CTS enables you to streamline and automate your entire tax reporting and compliance process. These include:
- accounts integration
- tax management
- accounting for income taxes
- consolidated tax return preparation
- generation of tax journals and disclosures for the financial statements.
CTS streamlines the calculation of tax balances to be included in the financial statements.
The outcome - CTS delivers increased integrity, efficiency and effectiveness.
- calculates the current and deferred tax balances
- generates the journals required to be posted
- generates the comprehensive AASB 112 compliant disclosure notes to be incorporated into the financial statements.
This means that the complex tax effect accounting is simplified, with the hard work being done for you.
Features and benefits
CTS has a number of features and benefits that our customers take advantage of every day.
Tax Return preparation
CTS integrates the tax reporting and tax return preparation process. This feature mitigates the duplication of work and costs. CTS tax returns can be lodged manually or electronically with the ATO via the Standard Business Reporting (SBR) portal.
CTS facilitates record keeping and linking of all workpapers. The workpapers are systematic and form the basis of support in the event of a tax audit.
With the automation function, automatic links, rigorous testing and in-built validation features, you can be confident with the outputs from CTS.
The tax management component enables listing and monitoring of required tasks. This means stronger communication and more effective supervision.
Our training and customer support is characterised by exemplary professionalism which means availability and prompt resolution of issues. When you ring our support line you will speak to a fully qualified tax professional who will be able to understand and resolve your issues.
Access to the helpline is provided at no extra cost.
CTS is backed by an easy to read help screen, written to promote understanding of highly technical tax effect accounting issues, which includes leading technical commentary and numerous practical examples.
CTS generates information to assist with the evaluation of the company’s performance and financial position.
CTS enables the consolidation of the tax effect accounting balances and disclosure notes using a ‘bottom up’ approach. The system also enables the preparation and lodgement of the consolidated income tax return and schedules.
CTS enables subsidiaries/finance functions in different geographic locations to use the same tax effect accounting and tax return preparation software. The foreign currency translation functionality automates the translation, of local currency to the group's reporting currency.
CTS has been developed within the Microsoft Excel environment, providing a user friendly and familiar working platform for users. While CTS is intuitively simple to use, we have incorporated a detailed step-by-step user guide. This means most of the process can be delegated and less time is needed to become familiar with the software.
The users of CTS operate in the following sectors:
Mining & oil refinery
Shipping & logistics
Software & IT services