Xero Tax(NZ) - Losses carried forward
Losses carried forward have to be manually entered into XPM tax each year. It would be great if the information flowed through automatically from the tax return so that all we have to do is confirm it matches the IRD assessment. At a minimum it would be great if the losses to carry forward figure from 2023 automatically rolled forward to 2024 once it has been confirmed.
Yonita Pyke
shared this idea
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Heather Daniels
commented
This is very important along with excess rental deductions. Other systems used do this and it would save time. It is too easy to overlook otherwise.
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Anita Loughrey
commented
Would save me a lot of Hassle!
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Jean Sutherland
commented
If the losses are entered into XPM into the Losses tab under Tax Statements Summary then they do carry forward into the following year's tax return. However it seems ridiculous that these have to be manually entered to a separate table - every other software I have used has picked these up automatically from the prior year tax return keypoints.
Then, to make matters worse, the losses tab also has a section for excess residential rental losses and excess imputation credits but these do not carry forward into the following year's tax return.
This manual process risks these losses being overlooked.
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Rachel Smith
commented
This applies to Australian Tax Returns as well please!
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Julia Craig
commented
In the 2023 IR4 returns, we would like to have print on the Tax Statement, the Losses Brought Forward. (It was also an issue with the 2023 IR6, but has since been resolved)
I've been told that if there aren't any losses claimed, or there are further losses to add, the BFWD balance won't print.
The balance at the bottom of the Statement to Carry Forward to next year, does print with the correct balance.