Settings and activity
7 results found
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22 votes
Melanie Costin
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7 votesMelanie Costin
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28 votesMelanie Costin
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151 votes
Hi everyone, we appreciate all the attention and interest this idea has received. This has not gone unnoticed and our product team understand the importance of these estimates for practices.
There is a bit of complexity involved in being able to achieve this, but we'd like you to know this is something our teams are looking into.
As soon as we have any updates we'll be sure to share with you all through this idea. Thanks 🕵️
An error occurred while saving the comment Melanie Costin
supported this idea
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54 votes
Appreciate the conversations here. The other idea linked in this conversation that we delivered on was the ability for information to flow from the Trust Return(TRT) to Individual Returns(ITR) which is facilitated with the Trust Income Schedule.
We appreciate wanting to see further improvement in this space, and this is something we have intentions of looking at in the future, however we don’t have any timeframe right now. I’ll be sure to share any news with you all here.
An error occurred while saving the comment Melanie Costin
commented
The flow through of CGT info from the Trust Schedule to Item 21 is something we need for efficiency. I recently changed from HandiTax to Xero Tax. It flows through in Handitax, so this is a disappointment for me that Xero doesn't already have this functionality in place.
Melanie Costin
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43 votesMelanie Costin
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50 votes
Hi community, thanks for engaging with this idea! It’s already gaining strong traction, and we can see how important this is to many of you.
We understand the value of being able to map general ledger accounts directly to all tax return schedules in Xero Tax, not just the business schedule. This improvement would go a long way in streamlining tax workflows, increasing efficiency, and reducing the risk of manual entry errors.
The idea is now in the Gaining Support stage. Your continued votes and comments help highlight its importance and guide our product team's priorities.
An error occurred while saving the comment Melanie Costin
commented
Thanks Sam, fantastic suggestion! I have a lot of trusts with investments - rental properties, shares, ETF/managed funds, term deposits/high interest earning accounts - being able to map these accounts would save me so much time.
Melanie Costin
supported this idea
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Jan,
Thank you for your original post, these are critical areas that need to be addressed by Xero.
Xero Team,
I have been working on a deceased estate this morning and have discovered additional matters that need to be addressed. The deceased estate I was working on requires tax returns to be prepared for the 2020 year through to 2026 year (final return).
- Currently your software only starts calculating the tax payable in the 2022 year. This is misleading for tax practitioners. Your software offers the preparation of tax returns for the 2014 year onwards. When you update the software to calculate a tax estimate for all trust types, this needs to be implemented for all years (2014 to 2026).
- We also need the ability to enter PAYG instalments for the trust, similar to what we do for individuals in the “Estimate” section of the return. Without this feature we cannot provide the tax estimate page to the client, resulting in us having to implement another manual work around.
I see that Jan’s request was posted 2.5 years ago. As many others have stated, not having these tax estimates is costing us a lot of time in manual calculations and work arounds. I do hope this is being resolved in the near future.