Roll over to the next tax year

Overview

Once you have filed a tax return, or even while you are working on one year, you may need to begin a subsequent years' return. TaxLab will roll forward data from one year to the next, to prevent repetitive entry.

Roll forward 

Before rolling forward to the next tax year, you may wish to take a version of the data. To roll forward, use the "Goto" menu located in the top right of the navigation bar, and select the next tax year. 

When you roll over into the new tax year, the system will roll forward the following data from the prior year:

• Entity details
• Chart of account – account codes, account names and any completed mapping (income statement, balance sheet and tax return) 
• Workpapers –  any workpapers that were added
• Breakdowns  
• Temporary differences
• Capex register – the sections remain the same and the closing balances from the prior year become the opening balances for the new year
• Tax losses
• Capital losses (for AU entities)
• Supplementary dividends (for NZ entities)
• Imputation credit account or franking account
• Tax payments
• Tax notes, types and categorisations

Any modifications made to the new year will not affect the prior year. For instance, if you remove a permanent difference workpaper in the new year, it will still be present in the prior year. As long as the tax calculation for the prior year remains unlocked, you can freely work in both the prior year and the new year.

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