NZ Tax - Ability to calculate income tax for part year returns
Hi team
We need Xero to be able to calculate tax correctly on part year returns for clients in Xero tax. Even though the date fields are available in your returns to show a part year, the tax is still calculated for a full year so the assessment from IRD differs from the return prepared in XPM.
Currently the only option is to file via myIR which is really not good enough.
Kerrin Paget
shared this idea
Hi team, we appreciate the interest in being able to manage part year returns through Xero Tax for NZ. This isn't something we have in our plans at present.
I can assure you our team are aware of the interest on this idea and if there's any progress we'll let you know through the idea here.
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Babs Bright
commented
Need to be able to give client accurate information as per IRD calculations
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Sharyn Walsh
commented
This is crucial to enable no client being missed in receiving a tax notice for payment at P4.
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Lindsay Baine
commented
Agreed important
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Petina Bullas
commented
How do we manage transitional years in Xero? For example, client has change of balance date & now has a 4th installment of provisional tax, IRD recognises the new installment but XPM does not, still only shows 3 installments. If Xero uses the IRD as the source of truth then surely the new 4th installment date should show in both Statements and Payments.
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Jessica Andrew
commented
Yes! I agree
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Matt Tyler
commented
+1 This would be great
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Kathryn deBruin
commented
Agree with Brooke's comments. We need to manually adjust return when sending out to client and it starts to get confusing and easy to make mistakes
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Brooke Peterson
commented
If the part year return has be ticked, a box should be added in the tax calculation for us to include the part year adjustment as xero does not calculate this