Settings and activity
4 results found
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14 votes
Thanks so much for sharing your feedback on adding a Partial Main Residence Exemption code to the CGT Worksheet in Xero Tax.
As you know, right now, the best workaround is to manually adjust either the Capital proceeds or Cost base in the worksheet. This helps ensure the correct Net capital gain flows through to Item 18A, and still lets you use Exemption Code I. We know it’s not ideal, and it’s exactly the kind of thing you want a built-in solution for.
We’ve reviewed the idea and moved it to Gaining Support, which means it’s now open for more votes and discussion. Community support plays a big part in helping our product team understand the need. We’ll update the thread if anything changes.
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Robbie Wilson
supported this idea
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26 votes
Robbie Wilson
supported this idea
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40 votes
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Robbie Wilson
commented
I dont mind manually entering the offset because it ensures you think about it.
However, the taxable taxed component should NOT be prefilled into a clients tax return if they are aged over 60.
This can lead to too much tax being paid incorrectly.
Robbie Wilson
supported this idea
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117 votes
Hi community, we hear you on the challenges presented by the current process, and having to manually calculate this outside Xero.
Though we don't have immediate plans in the roadmap, this is a feature we'll take into future planning, and we'll be sure to update you all here of any progress.
For now, the best way to handle this is to continue to calculate the apportionment outside of Xero and then manually enter the figures. Thanks
Robbie Wilson
supported this idea
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Yes please add this feature