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  1. AU Tax: CGT - Option to copy and transfer

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    54 comments  ·  Practice tools  ·  Admin →
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    In discovery  ·  AdminKelly Munro (Community Manager, Xero) responded

    Hi everyone, we'd like to share an update that this idea is back on the teams roadmap as they begin to look into this work again.

    Atm, we can't set any timeframes but will stay close to share the latest news around this with you all on this idea. Thanks

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    Vicki Stephenson commented  · 

    About time Xero and long overdue. Xero is so behind other software in this matter. Hopefully you prioritise this ASAP with your update today 10 March to finally address this request.

    Practitioners consider this is an essential task that should be automated between owners in the software. Practitioners have been requesting this for years with Xero ignoring it. Handitax my prior software had been doing this from my introduction to it in the 90's.

    We await your updates and hope it doesn't take years to implement.

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    Vicki Stephenson commented  · 

    This is unacceptable. It is a simple function like a rental worksheet two owners of a property and you can list the ownership percentage and off you go.

    We are talking CGT worksheets here - specifically for the rental props and shares. Has to be reentered manually by each owner on sale. It is the cost base... DRP's can add up to many many transactions that have to be repeated manually...... The request is not for a copy and transfer it is something that should be intrinsic within your software.

    The fact that XERO deems this is not important to tax agents and does not recognise that the manual reentry substantially increases the workload for tax agents shows how you do not listen to practitioners.

    Its three years since this initial request and there would have been previous requests shows how long your long term view is - more than likely never.....

    Very disappointing

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    Vicki Stephenson commented  · 

    Xero we are still waiting and this should have been adopted by now. I commented on this a couple of years ago.This update is essential, easy enough to implement as it is done for a rental schedule and is time saving for us. 30 April 2024 - Xero comments we will add it to under review and its been planned for over the next 12 months. Time is up - maybe you will implement for the 2025 AU Tax returns?

    Still waiting.....

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    Vicki Stephenson commented  · 

    Just hoping this does eventuate to a reality, it is a function that existed for years in handitax and I mean years..... and I cannot understand why you have the function built into rental property schedules but not CGT. It is such a time waster repeating the data into separate income tax returns and should have been automated years ago

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    Vicki Stephenson commented  · 

    The software I used previously did this and should be available,

    I am getting a bit over having to enter the same data twice for investment property or share cgt especially where there is a large DRP component. It is inefficient and surely can be fixed by XERO so only one set of data needs to be entered

    Vicki Stephenson supported this idea  ·