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AU Tax - Losses carried forward - Tax (AUS)

Losses carried forward have to be manually entered each year. It would be great if the information flowed through automatically from the prior year tax return. This will help to reduce risks that someone may accidently omit or incorrectly enter losses.

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BDO Australia Xero HQ shared this idea  ·   ·  Report…  ·  Admin →
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submitted  ·  AdminKelly Munro (Community Manager, Xero) responded  · 

Thanks for sharing through the idea here, everyone. While we do roll over the losses schedules from prior year into the new year as a losses worksheet for non individual tax returns, we understand there may be more areas which we can roll this over.

It'd be of great help and appreciation from our product team if you could share more detail of the losses you're referring to and the specific tax return you'd like to see this developed for. Thanks!

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  • Verity Rankine commented  ·   ·  Report

    I can't believe this isn't a feature already. It would greatly improve efficiencies and accuracy.

  • Madhu Kutana commented  ·   ·  Report

    I concur that integrating this feature would be highly advantageous. Such incorporation would notably mitigate the likelihood of errors and enhance overall efficiency. I eagerly anticipate its prompt inclusion in the software.

  • Mehul Desai commented  ·   ·  Report

    Agree this would be an excellent feature! This will reduce the risk of errors significantly and be more efficient. Hope to see this feature included in the software soon

  • Alisia Bui commented  ·   ·  Report

    This feature could greatly reduce errors and improve efficiency. I'm looking forward to seeing it included in the software soon.

  • Caitlin Gough commented  ·   ·  Report

    Agree with comments, would be great to reduce error and increase efficiencies.

  • Amber Chieng commented  ·   ·  Report

    As an accountant who spends countless hours on tax prep, I can’t express enough how beneficial the automated carry-forward of losses feature in Xero would be. Currently, manually entering losses carried forward each year is not only time-consuming but also prone to human error. The risk of accidentally omitting or incorrectly entering losses is a constant worry. Having this information flow through automatically from the prior year's tax return would be a lifesaver. It would streamline the entire process, ensuring accuracy and reducing the stress that comes with tax season. This feature would allow not only me but also my team to focus more on strategic financial planning rather than spending time on repetitive tasks that is manual data entering. I wholeheartedly support this initiative and believe it will make a significant positive impact on our work. Hope to see this feature included in the software soon!

  • Julie Chen commented  ·   ·  Report

    This will be a highly useful feature, increasing efficiency and reducing errors.

  • Jeremy Gimpel commented  ·   ·  Report

    Agree this would be an excellent feature! This will reduce the risk of errors significantly and be more efficient. Hope to see this feature included in the software soon.

  • Claire Robinson commented  ·   ·  Report

    Agree this would be an excellent feature! This will reduce the risk of errors significantly and be more efficient. Hope to see this feature included in the software soon.

  • Paul Snyman commented  ·   ·  Report

    This would be a great feature to have, in order to minimise manual input and reduce transposition errors.

  • Rachel Smith commented  ·   ·  Report

    This would be a very valuable change to the software, saving time and reducing the risk of errors!