Complete Tax Solutions

CTSplus Pillar Two is your comprehensive solution for navigating the complex landscape of OECD Pillar Two calculations. As international tax regulations continue to evolve, it's crucial for businesses to stay ahead of the curve and ensure compliance with the latest standards set by the Organisation for Economic Co-operation and Development (OECD).

CTSplus Pillar Two offers a powerful combination of Excel-based functionality and cloud-based convenience, providing you with flexibility and accessibility like never before. Whether you prefer working with familiar Excel spreadsheets or accessing your data from anywhere via the cloud, our software has you covered.

Key features

• Intuitive calculation methodology - Our intuitive interface simplifies the complex calculations involved in performing the required Pillar Two calculations.
• Customisable solution - Tailor the software to your specific business needs with customisable settings and parameters, ensuring accurate results that align with your unique tax profile.
• Real-time updates - Stay informed about changes in OECD regulations and tax laws with real-time updates integrated into the software, keeping you ahead of compliance requirements.
• Comprehensive reporting - Generate detailed reports that provide insights into your organisation's top-up tax exposures, enabling informed decision-making and strategic planning.

Whether you prefer the familiarity of Excel-based calculations or the convenience of cloud-based access, Pillar Two empowers you to navigate the complexities of OECD Pillar Two calculations with confidence and efficiency.

Want to find out more?

To arrange a demo and learn more about CTSplus Pillar Two, click here to email our CTS team. A team member will be in touch within the next business day.

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.

CTS automatically:

• 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.

Integrity

With the automation function, automatic links, rigorous testing and in-built validation features, you can be confident with the outputs from CTS.

Tax management

The tax management component enables listing and monitoring of required tasks. This means stronger communication and more effective supervision.

Support

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.

Added value

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.

Evaluate performance

CTS generates information to assist with the evaluation of the company’s performance and financial position.

Consolidation function

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.

Geographic mobility

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. 

User friendly 

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:

CTS for AMITs is designed for entities opting into the new AMIT regime. It allows you to streamline the tax distribution calculation, reporting and tax return preparation processes.

Designed by SW - leading providers of tax services to the funds management industry. We are the first to offer an end-to-end tax solution that caters for the AMIT regime.

Whether you are a listed AREIT, large investment fund or a small group of retail funds, CTS for AMITs sets the industry standard for AMIT compliance.

CTS for AMITs has the following features:

• Automation of unders and overs and a feature to cross allocate overs
• Calculation of the net cost base adjustment for unit holders under the new CGT event E10
• 2-step approach to allocating general expenses as prescribed by law
  • Step 1: Option to directly allocate specific expenses to income components
  • Step 2: Automated options to allocate remaining expenses (as prescribed by ATO)
• Populates the AMMA statement consistent with the ATO's recommendation
• Populates the new AMIT tax return and schedules
• Electronic lodgement of the AMIT tax return and schedules via the Standard Business Reporting (SBR) portal
• Integration with MITs (using CTS for Trusts) and vice versa
• Rollover from prior year Trusts to AMITs
• Rollup from subsidiaries (Trusts to AMITs or AMITs to Trusts).

Best of all, the existing features from our trusted CTS products are still there (and improved) including:

• Automation of tax adjustments directly from the trial balance
• Preparation of tax distribution calculations
• Integration with Excel workpapers (including advanced auto-link functionality)
• Bulk trial balance upload for large groups
• Fast and user-friendly interface
• Audit report to help track reviewed numbers and queries from one convenient location
• Easy-to-use structure for flowing distributions from Trusts or AMITs up to the head level
• Excel functionality
• Desktop, network and cloud options.

Want to find out more? 

If you would like a demonstration or have any further questions about the AMIT regime, our AMIT experts would be happy to discuss. Simply click here to email our CTS team and a team member will be in touch with you within the next business day.

Designed by SW - leading providers of tax services to the funds management industry. CTS for Trusts offers an end-to-end tax solution for the listed AREITs, large investment funds or a small group of retail funds.

CTS for Trusts has the following features:

• Preparation of tax distribution calculations
• Thinking done for you using CTS workpapers which include:
  • Under/overs
  • Loss recoupment
  • Blackhole 
  • Capital allowance
  • Capital works
• Preparation of Trust tax return
• Electronic lodgement of the tax return and schedules via the Standard Business Reporting (SBR) portal
• Rollover from prior year CTS files
• Rollup from subsidiaries (Trusts to AMITs or AMITs to Trusts).

Best of all, the existing features from our trusted CTS products are still there (and improved) including:

• Automation of tax adjustments directly from the trial balance
• Preparation of tax distribution calculations
• Integration with Excel workpapers (including advanced auto-link functionality)
• Bulk trial balance upload for large groups
• Fast and user-friendly interface
• Audit report to help track reviewed numbers and queries from one convenient location
• Easy-to-use structure for flowing distributions from Trusts or AMITs up to the head level
• Desktop, network and cloud options.

Want to find out more? 

If you would like a demonstration or have any further questions about CTS for Trusts, our fund experts would be happy to discuss. Simply click here to email our CTS team and a team member will be in touch with you within the next business day. 

CTS for Partnerships  provides an efficient platform for preparation and lodgement of the Partnership Tax Return.

The features from our trusted CTS products are all at your disposal, including:

• Automation of tax adjustments directly from the trial balance
• Integration with Excel workpapers (including advanced auto-link functionality)
• Bulk trial balance upload for large groups
• Fast and user-friendly interface
• Audit report to help track reviewed numbers and queries from one convenient location
• Desktop, network and cloud options.

Want to find out more? 

To learn more about how CTS can benefit your business, simply click here to email our CTS team and a team member will be in touch with you within the next business day.

The Australian Taxation Office (ATO) have reporting obligations in place, affecting those employers who offer shares or share options to their employees. From the income year ending 30 June 2016, some employers can no longer lodge their Employee Share Scheme (ESS) reporting with the ATO using paper or by bulk load Excel spreadsheet.

The deadlines to comply with the new reporting requirements are:

• Employee reports (payment summaries) are due to be issued to employees by 14 July
• ATO reports are due for lodgement with ATO by 14 August.

CTS ESS - Innovative Solution

SW has developed CTS ESS to simplify and automate employers’ online annual employee share scheme reporting obligations. CTS ESS enables Electronic lodgement of the ATO reports via the Standard Business Reporting (SBR) portal. 

What do the ATO reporting obligations mean to you?

What types of companies are most likely to benefit from using CTS ESS?

The ATO is particularly keen to ensure corporates are compliant and providing timely and accurate reporting. Now is the time to ensure your business is not left behind and you have everything in place ready for reporting season. We can provide a fully outsourced service or license our software; whichever you prefer.

Large, privately owned company (>50 reportable employees)

Commonly tax and finance is done in-house and support required for one-off compliance and advisory projects such as ESS reporting.

Head-quartered overseas (either >50 reportable employees or <50 if no ABN)

With subsidiaries/employees in Australia particularly if:

• Australian employees are in split roles here and overseas
• Where finance and payroll functions are based offshore, and no access to the required software for ESS reporting.

ASX listed company

If you are currently reporting ESS information through the Australian Share Registry, the ESS reporting requirement changes are unlikely to affect you. However, you may wish to consider CTS ESS as an alternative means of meeting your ESS reporting requirements.

Want to find out more? 

To learn more about how CTS can benefit your business, simply click here to email our CTS team and a team member will be in touch with you within the next business day.

Make faster, well informed decisions by using data analytics to gain valuable insights over your tax data. CTS Data Analytics enables you to identify errors, draw attention to potential process deficiencies, identify savings opportunities and anomalies which would otherwise be impossible when dealing with large volumes of transactional data.

Our suite of data analytics covers income tax, indirect tax, customs and superannuation. We also provide customised analytics solutions for specific requirements.

CTS GST data analytics

In-house tax, finance and accounting functions are increasingly using business data analytics insights to assist in managing their GST obligations.

Manage GST compliance risks

The Australian Taxation Office are increasingly taking an automated approach to tax audits using data analytical tests to identify errors and anomalies. Running analytical tests on your GST data regularly or prior to any ATO reviews has a number of potential benefits such as:

• Demonstrating good tax governance
• Identifying errors for voluntary disclosure to reduce the risk of potential penalties
• Draw attention to potential process deficiencies
• Identify potential overpayments or cash-flow opportunities
• Highlight potential anomalies which could otherwise trigger a GST audit.

In order to focus on potential anomalies within large volumes of transactional data our data analytical tool assesses your data against a number of automated tests including:

• Do the Business activity Statements reconcile to the P&L?
• Are transaction reversals consistent with the original transaction posting?
• Is the GST treatment of a type of supply (goods or services) consistent?
• Is there a significant delay between transaction date and posting date?
• Are supply types and customer and transactions treated consistently for GST classification?
• Are there any potential duplicate transaction postings?
• Is GST being charged when it shouldn’t be?

It is also possible to use CTS GST data analytics to form part of your regular BAS preparation process.

Maximise GST opportunities

We also find in practice that using GST data analytics tools and methodologies often identifies areas of significant opportunity for GST savings. In many cases, this arises in circumstances where the correct GST treatment is known, but is not followed in practice. This is because our data analytics approach is focussed on how transactions have actually been treated in reality, instead of relying on how you think they should have or would have been treated.

• Our GST data analytics approach has uncovered significant savings in areas such as the following:
• GST incorrectly charged and remitted on transactions within a GST group
• Import GST not fully captured and recovered
• Taxable purchases being incorrectly recorded as being GST free, meaning input tax credits were not identified and claimed
• GST input tax credits being missed where amounts have been ‘on-charged’ or reimbursed
• GST apportionment percentages not being appropriately followed or regularly reviewed
• Incorrect GST input tax credit calculations (e.g. GST not equal to 10%)
• GST on bad debts
• GST on journals
• Transactions not recorded through the usual sale and purchase process.

Many clients have engaged us to undertake this analysis on a regular periodic basis, while some prefer to automate the analysis as part of their BAS preparation process.

Want to find out more? 

To learn more about how CTS can benefit your business, simply click here to email our CTS team and a team member will be in touch with you within the next business day.

Significant global entities, regardless of the size of the entity in Australia, have an annual obligation unless exempt by the Commissioner to submit: 

• A master transfer pricing file which provides a high level description of the global operations of the group
• A local file which describes the Australian operations of the group together with relevant intra group agreements
• A CbC report which includes the following information by entity and by jurisdiction: 
  • Revenue (split between related and unrelated parties)
  • Profit before tax
  • Income tax paid and accrued
  • Accumulated earnings
  • Number of employees
  • Tangible assets held
  • Activities undertaken by each constituent entities in the tax jurisdiction
  • Any further information which may assist with understanding the CbC report submitted.

The proposed law implements Action 13 G20 and Organisation for Economic Co-operation and Development’s (OECD’s) Action Plan on Base Erosion and Profit Shifting. 

The above reports if not obtained by the ATO through information exchange, must be lodged in XML format with the ATO.

CTS (CBC) enables the compilation, risk analysis and lodgement of your Master File, Local File and Country by Country report with the ATO.

Want to find out more? 

To learn more about how CTS can benefit your business, simply click here to email our CTS team and a team member will be in touch with you within the next business day.

CTS International Dealings Schedule

CTS (IDS) simplifies the compilation of international related party dealings data. It generates the International Dealings Schedule for lodgement or transposition to your tax software. If you use the CTS tax returns products, you can also benefit from their integration with CTS (IDS).

CTS Tax Consolidation

CTS (Tax Consolidation) is designed to assist with your Allocable Cost Amount (ACA) calculations. The various steps and prompts highlight the key adjustments to make when making performing the ACA calculations.

CTS REAL - Transfer pricing risk evaluator

CTS REAL is a transfer pricing risk evaluator developed by SW specifically for multinational companies.

Using CTS REAL our Tax experts will perform a health check on your overseas related loans to:

• assess the transfer pricing risks
• understand the expected ATO approach
• identify ways to mitigate risk where required.

Want to find out more? 

To learn more about how CTS can benefit your business, simply click here to email our CTS team and a team member will be in touch with you within the next business day.