We understand that a capital gain in relation to a property sold that is qualified for partial main residence exemption cannot be split in Xero Tax.
The workaround is to adjust the Capital proceeds or the Cost base amount in the Total Costs table grid to achieve the correct taxable net capital gain that should be reported at 18 A.
We suggest that a pro-rating (using number of days) be incorporated in your next software update to make it clear to the client as to how the assessable capital gain was calculated.
Ruvini Subramaniam
supported this idea
·
We understand that a capital gain in relation to a property sold that is qualified for partial main residence exemption cannot be split in Xero Tax.
The workaround is to adjust the Capital proceeds or the Cost base amount in the Total Costs table grid to achieve the correct taxable net capital gain that should be reported at 18 A.
We suggest that a pro-rating (using number of days) be incorporated in your next software update to make it clear to the client as to how the assessable capital gain was calculated.