AU Tax - Non Depreciable asset to roll forward
Currently in Xero Tax, non-depreciable assets entered into the rental schedule do not roll forward into future income tax returns (ITRs), creating unnecessary manual data entry and inconsistency.
Suggested improvement: Add support to roll forward non-depreciable assets (such as land) within the rental schedule when generating the next year’s return to maintain asset continuity and save time.
Subegh Singh
shared this idea
Thanks for sharing your idea in the forums here, Subegh and to those that have already shown support.
We are keen to get a better sense of the wider interest from the community in this, here.
Along with votes, others can now comment to share additional detail about how your idea could improve their experience with Xero.
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Dean Fleming
commented
I agree, allowing this information to roll forward is far more efficient and will prevent errors in the future. The feature is standard in other software offerings so it should be the same for Xero.
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Beth Devriendt
commented
I think this is a great idea! Keeping both the depreciable and non-depreciable information together is concise, saves time not having to re-enter data in a separate spreadsheet and the client can also see this information in their tax return.
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Christine James
commented
If I could vote higher than critical I would.
Without this option it creates more work having to either create a spreadsheet to ensure assets are not lost and/or further work in trying to find the cost base of assets that had already been identified.
Surely the program needs to make life easier for the accountant rather than making it more difficult.
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Ryan Boccalatte
commented
Absolutely, there is no point to having this function if the assets cannot be rolled forward.
Things like stamp duty, legal fees are important to carry forward each year to ensure capital gains calculations can be done quickly and efficiently.