184 results found
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Business Activity Statement - Add item 7A to track deferred GST
Ability to add item 7A to track deferred GST
Purpose: Because many organisations import goods and defer GST.
21 votesHi everyone, thanks for the idea and support here. We appreciate all the valuable feedback and ideas shared regarding adding item 7A to the Business Activity Statement.
We understand that the ability to easily track deferred GST is crucial to your workflows.
Currently 7A on the BAS is a manual field, which does not update the figures on 1B. To adjust for this, we recommended the following workaround:
- Enter the original purchase as BAS Excluded.
- Once you have the Customs Entry form N10, you're entitled to claim a GST credit. Create a Bill with the value of the Deferred GST showing on the N10. Code this to your GST account (820 in the default Chart of Accounts) using the tax rate GST on Imports so that it shows separately in the Transactions by BAS field report and gets reported under 1B. You'll still need to manually add the Deferred GST…
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VAT - Multi-VAT tracking/filing for EU countries (Ireland)
Ability to have multi-VAT tracking for EU companies.
Purpose: Because lots of companies in the UK are also registered VAT in other EU countries. So having this feature will make users easily calculate their tax.
37 votesThank you for your suggestion regarding multi-VAT tracking and or filing for EU countries, including Ireland. Currently, Xero supports only UK VAT returns, so tracking VAT in multiple countries requires separate Xero organisations. Also features like direct integration with EU tax authorities such as Ireland’s Revenue Online Service (ROS) (specifically) are not available at this time, and multi-country VAT support is not currently in our development pipeline. For Irish VAT requirements, you may wish to consider Parolla, which offers direct ROS integration and features tailored for Irish businesses.
We appreciate your feedback and will continue to review suggestions as we plan future updates.
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Business Activity Statement - Calculate Wine Equalisation Tax (WET) in AU
Ability to calculate Wine Equalisation Tax in Australia.
Purpose: To easily comply with transactiona tax requirements in Australia
89 votesHi community, I know it's been some time since our last update here. Though we're continuing to follow and track the interest in automatic calculation of wine equalisation tax within Xero, for the time being this isn't something we've planned.
As some may have received detail from our support team on there is a way we suggest you can record your WET liabilities and credits within Xero - See our post on this discussion for the detail. Alternatively, there are app partners you could explore on the Xero app store.
If there are any changes around this we will be back to share with you all on this idea.
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Business Activity Statement - To automatically calculate Fuel Tax Credits
Ability to automatically calculate Fuel Tax Credits in the Business Activity Statement.
Purpose: It can save user’s time when calculating fuel tax credit, rather than doing it manually.
69 votesHi community, we appreciate the interest this idea has received. Sorry we haven't engaged with you on this idea sooner.
We understand being able to efficiently track and calculate fuel tax credits is important to you all who've supported this, however we want to be transparent that this isn't a feature we're looking to develop in the near future.
If you haven't already found a means to track this I wanted to share a method that could help. In Xero you could create untracked Inventory Items for each fuel type. When you enter purchases for fuel, you'd select the appropriate item, entering the number of litres into the Qty field, and the price per litre into the Unit Price field.
You could then use the Inventory Summary report to view the quantity of the fuel purchased during a date range.
If there are any changes around this we'll share with you…
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