Non Depreciable asset to roll foward
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
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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.