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  1. Xero Tax (AU) - Livestock Trading on Market Value

    40 votes

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    submitted  ·  7 comments  ·  For accountants & bookkeepers » Xero Tax  ·  Admin →
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    Steven Podlich supported this idea  · 
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    Steven Podlich commented  · 

    I agree. The only method of livestock valuation available in Xero tax, seems to be Average Cost. Could we please also have to option to use the 2 other allowable methods: Replacement Cost and Market Value.
    https://www.ato.gov.au/businesses-and-organisations/income-deductions-and-concessions/primary-producers/livestock-and-other-assets/valuing-livestock

  2. AU Tax- Inbuilt worksheet to calculate the number of days not liable for the medicare levy surcharge

    118 votes

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    submitted  ·  6 comments  ·  For accountants & bookkeepers » Xero Tax  ·  Admin →
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    Steven Podlich commented  · 

    Xero tax, Incorrect Medicare Levy Surcharge Estimate calculation when didn't have spouse for full year. Please correct this. 2023-2024. I have a situation where my client was single for part of the year, and then moved in with his defacto spouse for the remainder of the financial year. The husband's income was more than the $93,000 threshold, but their combined income was less than the family threshold of $186,000. Neither have private health insurance hospital cover. This means, the husband is charged MLS for the period that he was single.
    Even though I entered that the client was not liable for MLS for 266 days, at M2, Xero Tax still calculates as if the husband does not have to pay any MLS. The ATO's calculation of my client's refund is correct. It has come back as less than Xero's tax estimate.
    https://www.ato.gov.au/individuals-and-families/medicare-and-private-health-insurance/medicare-levy-surcharge/paying-the-medicare-levy-surcharge

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

    308 votes

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    40 comments  ·  For accountants & bookkeepers » Xero Tax  ·  Admin →
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    submitted  ·  AdminKelly Munro (Community Manager, Xero) responded

    Hiya team, we had high hopes but unfortunately we've had to put plans for being able to copy & transfer the Capital Gains Tax(CGT) worksheet down for the intermediary.

    We still intend to bring focus to this idea over the longer term but will shift this idea back to Submitted for now until we can begin active development. As soon as there's more word to share I'll be back with an update, here 

    Steven Podlich supported this idea  ·