Skip to content
← Practice tools

Enter your idea

Practice tools

Categories

(thinking…)

Workpapers for Individual Tax Returns

Workpapers for Individual Tax Returns - I'm new to workpapers and am still figuring it out. But they seem to be very ledger orientated. It would be good to have workpapers for Individual Tax Returns for entities that don't have a Xero datafile. For example - say salary and wage return. Linked to the tax return to show deductions and income ie - you have that union receipt, the basis you've calculated that work from home deduction, you have that buy/sell statement for the shares sold.

47 votes

We're glad you're here

Please sign in to leave feedback
Signed in as (Sign out)
Close
Close

We’ll send you updates on this idea

Linda Indrisie shared this idea  ·   ·  Report…  ·  Admin →
How important is this to you?

We're glad you're here

Please sign in to leave feedback
Signed in as (Sign out)
Close
Close
Gaining Support  ·  AdminKelly Munro (Community Manager, Xero) responded  · 

Hi everyone, we appreciate your feedback. Our product team are very much across the ideas in this forum with the new Workpapers solution being progressively released.

Right now, we're monitoring feedback and engagement with the new solution closely and have plans to continue enhancing this product.

I'll be sure to share any progress for Individual Tax returns in Workpapers with you here.

Show previous admin responses (1)

We're glad you're here

Please sign in to leave feedback
Signed in as (Sign out)
Close
Close
Submitting...
An error occurred while saving the comment
  • Diana Setyadevi commented  ·   ·  Report

    Incorporating Workpapers to individual tax return will streamline the process of keeping the supporting documents for audit purposes

  • Thiru Kandasamy commented  ·   ·  Report

    Having workpapers for individual returns will make work of the tax professional be easier and more efficient.

  • Gianina Castro commented  ·   ·  Report

    We are revisiting our process and this would be something that would save us heaps of time. Would be amazing to have WPs for ITRs like we have for FINs that link up to the CTR/TRT/PTR.

    With over 3000 ITRs to complete each year, having WPs for ITRs would save us double handling the file and would give us so much efficiency gains from start to audit.

  • Matthew Thomas commented  ·   ·  Report

    Yes this feature was promised a LONG time ago and I have given up asking when it will be available. I have seen these sued incredibly well and it was one of the main reasons I decided to use Xero for my practice. Used properly they greatly increase efficiency and quality control. It does take a considerable amount of time to set up properly (otherwise we would do it ourselves) but once done the benefits are massive!

  • Teresa Cheung commented  ·   ·  Report

    It is user friendly and monitoring the stages of the processing.

  • Scott Bailey commented  ·   ·  Report

    With additional pressure being placed on tax agents to retain more documentation and be more prepared for audits that are becoming more prevalent with the ATO's funding, this would be an absolute game changer for efficiencies and managing ATO enquiries as well as providing much needed feedback to managing agents that review and lodge the returns. It would really enhance your place in the market where other providers already have this in place.

  • Johnny Hao commented  ·   ·  Report

    I have asked them in the recent Xero WP webinar, and their response was No, but "on their schedule", with no specific date

  • Gianina Castro commented  ·   ·  Report

    We are revisiting this again and would love to know if there are any updates on this! We have about 3000 individual clients each year to do. And we feel like currently we are having to double handle the work. Currently doing a workpaper then transferring the information over to Xero where if the WP and Xero were connected like FINs are, this would be so much easier. We are currently exploring other options out there that could streamline this and remove the double handling.

    It would also be great to have a notes section in the WPs so the accountants can add notes based on their discussion of each section then an audit section for the final approval incase there are queries or push backs from the internal auditors/partners/managers.

  • Christina White commented  ·   ·  Report

    Hello,
    Are there any up dates on this please. Would love to know if Xero are bringing out papers that cover the above mentioned.

  • Rebecca White commented  ·   ·  Report

    I firmly agree - you should be able to review all workpapers for a group in one area. Not have to view some in Xero Workpapers, and the others in excel or pdf docs. It's incredibly inefficient to not be able to just drag and drop a relevant pdf into a ffile note section