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Xero Tax(NZ) - Losses carried forward

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.

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Yonita Pyke shared this idea  ·   ·  Report…  ·  Admin →
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In development  ·  AdminKelly Munro (Community Manager, Xero) responded  · 

Hi team, back to share an update as work progresses. 😊

Our team are in active development of 2025 (and future years) tax returns to provide pre-population of loss balances bought forward. We'll also provide warning on the return where data differs from that received from IR.

I'll loop back again as we roll this out, along with further details of the change. Thanks!

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  • Kelly Duffy commented  ·   ·  Report

    Bringing forward the loss amount in the prior year's return would be great, but even better would be if it could come directly from IRD.
    When the return is created it should pick up the Losses brought forward (and excess imputation credits and rental deductions brought forward) direct from IRD and put it the tax return.

  • Sharon Julian commented  ·   ·  Report

    Yes please, I was talking to one of our Principals about how we update XPM stmts but they never flow into the INC returns. What a waste of time it is. Would love to have either the above or the XPM stmts loss page flow into the INC returns.

  • Heather Daniels commented  ·   ·  Report

    This is very important along with excess rental deductions. Other systems used do this and it would save time. It is too easy to overlook otherwise.

  • Samantha McAlpine commented  ·   ·  Report

    Would be good to be able to run a report with the Losses fields & IC's fields to be able to cross reference with the IRD agency reports since we have to manually add these

  • Jean Sutherland commented  ·   ·  Report

    If the losses are entered into XPM into the Losses tab under Tax Statements Summary then they do carry forward into the following year's tax return. However it seems ridiculous that these have to be manually entered to a separate table - every other software I have used has picked these up automatically from the prior year tax return keypoints.

    Then, to make matters worse, the losses tab also has a section for excess residential rental losses and excess imputation credits but these do not carry forward into the following year's tax return.

    This manual process risks these losses being overlooked.

  • Kerrin Paget commented  ·   ·  Report

    This can be entered in the losses area of the tax statement, but does not pull into the next years tax return so is a complete waste of time.
    Normal losses pull through but these rental ones do not.
    Please fix this issue.
    These and normal losses should pull through from IRD - we shouldn't have to enter these manually as we currently do.

  • Julia Craig commented  ·   ·  Report

    In the 2023 IR4 returns, we would like to have print on the Tax Statement, the Losses Brought Forward. (It was also an issue with the 2023 IR6, but has since been resolved)
    I've been told that if there aren't any losses claimed, or there are further losses to add, the BFWD balance won't print.
    The balance at the bottom of the Statement to Carry Forward to next year, does print with the correct balance.