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  1. NZ Tax -New item added Audit Check orange warnings - a check that advises the preparer that IR4J boxes 7E (Total Credits) and 8D (Total Debits) if they are zero and is this correct. This would check that the IR4J has been completed as this is occasionally missed

    The audit check button should be available before the return is completed

    17 votes

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     ·  8 comments  ·  Xero Tax  ·  Admin →
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  2. The current 'To Sign' list is a combination of tax returns that might be out for signature with the client, or ready for the tax agent to sign. At the moment there is no way for our tax agents to tell which tax returns are ready for them to sign.

    79 votes

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     ·  15 comments  ·  Xero Tax  ·  Admin →
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  3. Currently, only some distribution amounts flow automatically from a Trust tax return to the Individual and Company beneficiary returns, and others have to be manually entered. There is also no clear area to enter these items into the individual and company returns.
    This leaves room for error and causes efficiency and quality issues.
    Our previous system handled this very well. It had a specific schedule for this type of distribution income.

    All distributed amounts, including capital gains and foreign income should be auto transferred to the correct labels into the beneficiary tax returns.

    54 votes

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    2 comments  ·  Xero Tax  ·  Admin →
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    Hi team, as Hannah mentioned Capital Gains Tax (CGT) portion of this idea was delivered end of last year. So for 2023 tax forms - CGT events from a Trust Tax Return will distribute into an Individual Tax Return. Read our previous update for more of the detail on this. 

    In relation to the idea for foreign income to flow through to the Individual Tax Return - this is something our team are working on at present. We've slightly updated the title of this idea now for foreign income and will return to share when there's progress on this. 

  4. I see you have recently livened up the functionality for R&D Intensive Companies to claim 14.5% tax credit, but only for accounting periods commencing on or after 1st April 2023. Will you be adding functionality for companies with periods commencing prior to 1st April but ending after 1st April 2023? We have some clients with December 2023 year ends who are R&D intensive and would like to claim the additional relief for expenditure from 1st April 2023.

    Thanks

    10 votes

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     ·  2 comments  ·  Xero Tax  ·  Admin →
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  5. This is not a simple feature request. This is a blatant fault with how Xero Tax handles asset figures.

    In this particular case we have two accounts in the book-keeping records for CIS tax, because we wish to track CIS deducted by contracted on sales and CIS deducted from subcontractors separately. Transfers are made between the accounts as appropriate when liabilities are reported for payment to HMRC.

    At the year end, we want to show this as a single balance. As the net result was an asset at the year end, we tagged both to an appropriate asset type. Instead…

    41 votes

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    7 comments  ·  Xero Tax  ·  Admin →
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    Appreciate your input here, everyone. Our team is aware of the challenges our partners are facing around the auto-reversal of negative balance. It’s on their roadmap to investigate and provide a better user experience.

    For the time being, I’ll move this idea into ‘Under review’ status. And when there's movement, we'll make sure to come back here and let you all know.

  6. We need a Trust Estimate to be included in Trust tax returns for ALL types of trusts. Xero recently added a trust estimate but it is for Deceased Estates Less Than 3 years only. This is not useful. This type of trust is a very small percentage of the trusts that our firm has.
    We need the estimate to be able to calculate -
    - Deceased Estates More Than 3 Years
    - Discretionary Trusts where there are Foreign Beneficiaries
    - Discretionary Trusts where there Minor Beneficiaries
    - Discretionary Trusts where there is no beneficiary presently entitled

    39 votes

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     ·  7 comments  ·  Xero Tax  ·  Admin →
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  7. Please add the functionality to set a cessation of trade date for a company in liquidation or in the insolvency process to allow for accounts and corporation tax returns to be produced from the last year end to the date of cessation of trade/insolvency.

    This will enable Accountants to produce these closing accounts and CT returns from HMRC and so offer a one stop shop and earn more revenue.

    13 votes

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     ·  0 comments  ·  Xero Tax  ·  Admin →
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  8. At the moment, we can only add one IR833 per client when doing tax returns. It would be great to have the ability to add more IR833 forms, as otherwise, if the client sells more than one property, we need to file the forms directly through the IRD, which can be time-consuming.

    5 votes

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  9. Some clients want to review their tax return on a PDF format hence it would be helpful if there's an option to put a "draft" water mark

    13 votes

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     ·  1 comment  ·  Xero Tax  ·  Admin →
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  10. Losses carried forward have to be manually entered into XPM tax each year. It would be great if the information flowed through automatically from the tax return so that all we have to do is confirm it matches the IRD assessment. At a minimum it would be great if the losses to carry forward figure from 2023 automatically rolled forward to 2024 once it has been confirmed.

    58 votes

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    5 comments  ·  Xero Tax  ·  Admin →
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  11. Please add the ability for Xero Tax to directly upload a list of data (Excel or CSV) for;
    1. List of Assets for capital allowances where the business does not use Fixed Assets Module
    2. List of participators loans
    3. List of projects for R&D

    8 votes

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     ·  4 comments  ·  Xero Tax  ·  Admin →
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  12. We have some clients that have multiple businesses under their personal names. Can we please have individual worksheets for each business to input income and expenses which then automatically totals into the business schedule in the main form?

    At the moment in XERO tax, we need to put the grand totals into the business schedule, then split the amounts across the businesses for each expense/income line item. This is not practical as we generally receive separate figures for each business, not a grand total.

    51 votes

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     ·  5 comments  ·  Xero Tax  ·  Admin →
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  13. Allow mapping of tracking categories in Xero Tax.

    Xero Blue is better catered for tracking category use as opposed to subaccount creation, however, tracking categories from Xero Blue are unable to be mapped in Xero Tax. Therefore, manual entry is required to populate multiple schedules in Xero Tax.

    Example:
    • Client has two Rental Properties, therefore will have two Rental Schedules in the ITR
    • Income from both properties is mapped to a singular GL Account ‘Rental income’
    • The Income in Xero Blue file is segregated by tracking category option, e.g.
    o Tracking Category: Property
    o Category Options: Property…

    11 votes

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     ·  0 comments  ·  Xero Tax  ·  Admin →
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  14. Need a placeholder for title (Mr/Ms etc) for cover letters. It should be an easy implementation, as tax returns should already have that as a label. We need it for the address section of the cover letter.

    6 votes

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     ·  2 comments  ·  Xero Tax  ·  Admin →
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  15. A quick individual tax calculator - just requires taxable income and PAYG to be entered - and the tax, offsets and medicare is auto calculated. Tick box for resident, tax free threshold and private health.

    Handisoft has a tax calculator that does this - the estimated tax is calculated in 10 seconds. Much better and quicker than the ATO's calculators (and the ATO doesn't do current year - only prior).

    23 votes

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     ·  3 comments  ·  Xero Tax  ·  Admin →
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  16. As a UK accountancy practice based in in Northern Ireland, it would be great if our Regulatory Body, Chartered Accountants Ireland was available for us to choose as an out of the box Accountants Report. This would then allow us to use this for Company Accounts and then to use the 'default report' option for Sole Traders, who require a different type of Accountants Report.

    19 votes

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     ·  2 comments  ·  Xero Tax  ·  Admin →
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  17. We need more flexibility in depreciation schedules to add Second Hand Capital Works Assets for rental properties.
    When you buy a second hand rental property, the capital allowances available under Div 43 needs to be calculated on the original cost, however, the total amount remaining to be claimed will be less than this original amount. Fixed Assets in Xero does not currently allow for this. We need to calculate the depreciation on a straight line basis based on the original cost, not what we paid for it and we need to be able to include an opening written down value,…

    3 votes

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    1 comment  ·  Xero Tax  ·  Admin →
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  18. It would be great to be able to preview returns on screen rather than having to export to PDF.

    3 votes

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    2 comments  ·  Xero Tax  ·  Admin →
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  19. We have noticed an error, where, when managed fund distributions are prefilled from the ATO, a zero is put in the Item 24 - Other Income

    This causes an error for each managed fund prefill that needs to be manually fixed by going in and deleting that entry in the schedule.

    I just recently had a client with 15+ managed fund imports (owned jointly with his wife, so same issue on her side) which meant I had to waste quite a bit of time going into each schedule, only to delete the zero at the bottom.

    If you could arrange…

    31 votes

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     ·  2 comments  ·  Xero Tax  ·  Admin →
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  20. Auto journaling corp tax and locking the accounts after the accoounts have been filed through Xero

    4 votes

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