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AU Tax: Capital works deductions CTR

Please create a worksheet specifically for capital works deductions in the company tax return, where assets can be added and the total deduction amount integrated to label 7I.

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Antonia Yeung shared this idea  ·   ·  Report…  ·  Admin →
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  • Irene Efstratiou commented  ·   ·  Report

    Hi Xero Team,

    It would be highly beneficial if Xero allowed users to record Capital Works Deductions directly in the Rental Schedule for Income Tax Returns (ITR). Currently, this critical aspect of rental property deductions has to be entered manually, which defeats the purpose of using accounting software to streamline and automate tax compliance.

    Including this feature would:

    - Improve accuracy and efficiency.
    - Reduce manual effort and the risk of errors.
    - Make Xero a more comprehensive tool for rental property management and tax preparation.

    Please consider implementing this functionality in future updates. It would significantly enhance the user experience for accountants and property owners alike.

    Thank you for your consideration!

  • Ray King commented  ·   ·  Report

    Capital works is different to Capital Allowance but it should be able to be tracked in the same way. Company, Trust and Partnership tax returns should all have the ability to add Capital Works assets separately in a property schedule that calculates the amount to claim and integrates to the correct field in the entity tax return.