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17 votes
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Steven Podlich
supported this idea
·
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75 votes
An error occurred while saving the comment 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 -
250 votes
Heya everyone, thanks for your input to Product Ideas and letting us know the value of the CGT worksheet for you.
We're going to move this idea to Under Review as this is something the team have planned over the next 12 months. There are a few other pieces of work lined up before this, so we'll share news when this progresses. Thanks
Steven Podlich
supported this idea
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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