Reports & tax

64 results found

1. VAT - Support VAT for EU

   Ability to handle reverse charges for VAT EU in Xero Global edition.

   Purpose: It’ll save users time instead of having to use third party API or creating a second line with a negative amount.

   58 votes

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   submitted  ·  23 comments  ·  Tax filing  ·  delete…  ·  Admin →
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2. 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 votes

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   6 comments  ·  Tax filing  ·  delete…  ·  Admin →
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   submitted  ·  AdminHannah G (Admin, Xero) responded

   Hi 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:

   1. Enter the original purchase as BAS Excluded.
   2. 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 to 7A.
   3. Create an account in the Chart of Accounts for Deferred GST on Imports. Enable payments to this account and use it to pay the Bill you created for the Deferred GST.
   4. When you pay the BAS to the ATO enter a Spend Money transaction with a separate line for the Deferred GST to clear the liability from the Deferred GST account you created.

   To be open and upfront we don't have direct plans for making this change within Xero in the near future. We appreciate this is not the news you’d like to hear but we're still interested to get a clearer understanding of users that'd like to see this developed, and will continue to track this through the conversation here. If there's any change we will let you know on the thread. 

   Hi 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:

   1. Enter the original purchase as BAS Excluded.
   2. 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… more

3. 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 votes

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   22 comments  ·  Tax filing  ·  delete…  ·  Admin →
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   submitted  ·  AdminKelly Munro (Community Manager, Xero) responded

   Hi 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 all, here.

   Hi 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… more

4. CT600 - First year accounts, date for CT600 to be able to change

   With the new Xero company accounts & tax, we are unable to shorten the first years CT600 to show as when it started trading. So for example first year dates are 10.03.2025 to 31.03.2026 which we need to file as this but then would like the CT600 to be 01.04.2025 to 31.03.2026. in the old xero HQ tax we could amend to show this, in the new one we can't. This feature needs adding on as soon as possible

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   0 comments  ·  Tax filing  ·  Edit…  ·  delete…  ·  Admin →
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   submitted  ·  System responded

   Thanks for submitting your idea on Xero Product Ideas. We appreciate you taking time to let us know how we could improve Xero for you.

   Your feedback will soon be reviewed by our Community team, and in the meantime this can begin to build support with votes from other community members.

   If you're interested to see recent releases or get a pulse on what's coming soon see The Long and Short of it. 🙂