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There is an inability to prepare and lodge income tax returns for the forward 2025 year for companies and trusts including deceased estates.
In regard to companies deregistering in the 2024/2025 tax year or wanting to deregister in that year, the company cannot do a 2024/25 tax return after deregistration as the ATO will not accept a lodgment after the date of deregistration as it is considered by the ATO to no longer exist. Companies cannot do a 2024/25 tax return before deregistration as Xero do not have this function available.
This functionality needs to be urgently implemented.
Our previous tax software provider, MYOB, did provide this as part of their software.
In regard to deceased estates, the inability to do a forward year tax return holds up the winding up of that Estate.
Both of these examples are unacceptable.
We realise that a paper tax return could be filed for each of these examples but the process is more unwieldy on a number of fronts.
Updating the tax software would allow for a better process which would also eliminate potential mistakes and misplacement of returns that would have to be physically mailed and handled.