Overview
This article explains how to complete your first tax return in TaxLab. Each article listed below is in sequential order, and contains a "What's next?" section that links to the next article in the series. Articles in this series have a Tax Returns 101 badge identifying them. Next you'll import the source data for the entity's trial balance, add and make adjustments in workpapers, and generate tax returns and other outputs.
Before starting a return
Begin by finding the entity you are preparing a return for, then check the entity details are correct. Next, add an income tax subscription, then ensure the tax year and balance dates are correct.
The tax return process
Each income tax return is linked to a specific return task for a given year, which helps manage workflow and filing statistics. When you open a return, you are taken to an overview screen for that particular year. From there, the tax return process is organised into five main processes:
| Accounts | Import the entity’s trial balance data, and assign the accounts to the appropriate Income Statement and Balance Sheet categories. |
| Workpapers | Add workpapers, either attached to an account, or at the entity level. |
| Supporting information | Add a query or note, supporting documents, and preparer sign offs. |
| Offsets & disclosures | Add tax losses from a prior year or other source, and record tax credits such as imputation credits and income tax paid. |
| Finalisation & filing | Use versions to take a snapshot of a return, review the income tax position. Review the tax payments schedule,finalise and e-file the tax return. Once a return is filed, check the assessment. |
Get started
Related articles
For more complex tax returns that involve deferred tax see Income tax provisioning.
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