July two minute update
Like a quick demonstration of the Companyworks client engagement process for annual returns?
As mentioned last month, this is now live and already saving firms and their clients time. If you’d like to see what it can do for your firm, feel free to join in one of our 10-minute webinars. These are being run at:
Thurs. 28 July, 3.00pm
Mon. 1 August, 11.30am
Wed. 3 August, 9.00am
Email us at firstname.lastname@example.org to let us know which webinar you’d like to attend and we’ll reply with the login details.
If these times don't work for you, email us anyway and we’ll arrange a time that does.
New Features - Trustworks
New reports available
You can now easily capture information and run reports on:
- Trusts where an independent trustee is or isn't in place
- Trusts where a lawyer or an accountant is the trustee
- Trusts allowing majority decisions vs. unanimous decisions
- Trusts that do / do not have distributions of gross income
- Trusts that require distributions within six months of balance date
- Trusts where foreign tax disclosure is required
- Trusts where FATCA filing is required
- Trusts with a protector
These fields are all optional. Reports are available in both PDF and .csv formats, and we’re planning for some to lead to associated workflows, such as for FATCA filing.
Setup Status box
If you don’t have all the information on hand when loading a trust, e.g. a trustee appointment date, this can be noted in the ‘Setup Status’ box. You and other users will then see that it’s still required until the information is added and the note can be deleted.
Historical trustee relationships
If you have trustees recorded in Trustworks that are no longer involved, their names are still shown, but ‘greyed out’ as non-active. The auditable trail of activity that Trustworks automatically compiles for each user remains available to be accessed, even when the user ceases to have involvement in the trust.
If you like how Trustworks and Companyworks improve efficiency and compliance, you’ll like Lawhawk too. We’ve seen how quick and easy it is to use Lawhawk’s online system to create robust legal documents complementary to our templates. If you’d like to know more, go to www.lawhawk.nz or call Gene on 04 889 0376.
Tip of the Month
If you want to invite another professional user or firm into Trustworks but aren’t sure which clients you share with them, select their name under ‘Clients’ in your firm’s 'Contacts' tab and you’ll see which trusts you share.
New Features - Companyworks
Access to millions of NZ company records
Companyworks now has integration with the full Companies Office online public database of all NZ company and director records.
Some immediate uses will be the ability to more easily see related companies and ultimate beneficial owners. The Directors Interests section, which already records potential conflicts of interest and shareholder salaries, will also display the other entities the directors are involved with.
We’ve had some requests to include the directors interests in the Companies Office extract information that is sent to directors in our Annual Return process, so we’ll be looking into adding this, too.
Exempt shareholder transactions
We’re developing the ability to run shareholder continuity tests. Companyworks records how many shares are or were on issue at any given time, and our resident PhD in Mathematics is working on a formula to calculate continuity, considering shareholding changes due to purchases, sales, splits, transfers, cancellations, treasury stock and more.
As the first stage of rolling out this feature you can now record share transactions as being ‘exempt’ from continuity rules, as defined by the Income Tax Act, such as resulting from a matrimonial property split.
Like the builder’s house…
Our software products and clients’ needs have come first, but we’ve finally completed the Companyworks website. Come by and have a look, at www.companyworks.co.nz
Like a demonstration or update?
Email “Demo Request” to email@example.com or call 0800 456 580 to organise a demonstration or webinar.