AU Tax - Ability to create future tax forms for other entity types.
Ability to have future tax forms generated for multiple entity types and not just individuals. This will enable practitioners to prepare tax returns for entities that have substituted accounting periods much before the due dates without having to request extensions from the tax office also will give us the ability to work out the timing differences on tax profit more accurately rather than relying on spreadsheets etc.
Hiya team, we understand the importance of being able to get ahead and create future tax forms in Xero. While work for this isn't underway just yet, we have plans to develop Company Tax Returns(CTR) for the future over the next 12 months. We know there are some in the idea here very much interested in Trust Tax Returns(TRT), however these will be further out, after CTR's.
We'll keep you updated on any progress of this in the idea here. Thanks
-
Danielle Mutzelburg commented
We have multiple super funds winding up in 2024 - it would be much more convenient to be able to lodge the future year return electronically rather than having to lodge paper forms.
-
Dianne Norman commented
We support this idea and need the ability to lodge future tax forms for other entities where they close down during the year and wish to wind up their affairs prior to the end of the current financial year.
-
Paul Howlett commented
Hear Hear!
Currently finalising a Deceased Estate that is being wound up, but is going to have to sit on the shelf for five months because the Partner doesn't want to lodge a paper form and Xero refuses to listen to customer requests.
-
Peter Pribicevic commented
Extremely needed as already indicated by many practitioners. Its a shame it hasn't already been implemented a year and a half later since the feature has been requested. A more affordable competitor like LodgeiT has it available. Cmon Xero!!
-
Tory O'Brien commented
Future year tax returns being available for all entity types would assist in lodging returns for companies that are to be deregistered, deceased estates and partnerships that are finalised before the end of a financial year, etc. This is really important for practitioners.
-
Kate Foley commented
Extremely frustrating that this is not already available.
-
Belinda Dodds commented
I'm not sure how useful this product ideas page actually is. Do the developers actually read it? This particular issue was raised back in 2022 and there is still no action on this. There's also not much point sending emails to people that have previously commented on a product idea to let them know someone else supports the idea. This is preaching to the converted. Hopefully the developers actually get notified every time another person comments on an idea. Otherwise, what is the point?
-
Belinda Dodds commented
Future year tax returns being available for all entity types would assist in lodging returns for companies that are to be deregistered, deceased estates and partnerships that are finalised before the end of a financial year, etc. I saw an enquiry on the ATO community page about someone who had lodged a future year tax return for a company through their SBR-enabled software (which appears to be the only way the ATO will accept a future year return for a company). So it is possible. Xero please make this available in the next update. I can't understand why this has only been made available for individual ITRs. Catch up Xero.
-
Jeremy Baxter commented
Not having this feature making winding up companies and SMSF's much harder
-
Kellie Venning commented
Critical when winding up companies and super funds
-
Faisal Abbas commented
Yes, it is quicker compared to manual submission, especially when the company needs to wind up.
-
Jess Bird commented
When winding up a company or a trust, a tax return needs to be created as part of the process. Without the ability to create a tax return, it makes the process difficult.
-
Tamara Michelle'i commented
This is a critical matter when preparing CTR for wound up companies that require early lodgement for finalisation.
-
Miriam Elboz commented
This is very important to Tax Agents
-
Peter Cox commented
Deceased estates requires earlier trust returns. It gives us more expediency in finalising a deceased estate.
-
Vito Cannizzaro commented
It will allow us to finalise the Companies and Trust immediately instead of having to wait until the new financial year to lodge the FINAL Tax return.
-
Jamieson Chan commented
This will allow us to shut down companies and trust immediately, instead of having to wait until the end financial year to lodge the final tax return and shut down the company/trust.
-
Chantelle Rossiter commented
Completing an "early lodging" tax return is a common occurrence for multiple entity types - winding up entities, deceased estates - so this feature should be made available urgently.
-
Karen Walmsley commented
The ability to settle a deceased estate before the end of a financial year is critical.
-
Ojdana Skovrlj commented
This would be very handy Xero please enable this feature for other entity types.