Add or edit tax year and payment task dates

Overview

When you create an entity, TaxLab will automatically set the start and end date of the tax year to align to the standard balance date of the country the entity is in. You can correct these dates at any stage. Payment tasks are also automatically created at entity creation, and aligned to the income year dates. 

Editing tax year dates and payment tasks

You can edit tax year dates, and add or reopen payment tasks for previous tax years. We recommend checking tax year dates and payment tasks when you add a subscription or complete your first payment task.

1. From the TaxLab home screen, select the name of the entity
2. From the entity details screen, select the Tax years tab.
3. If you have a non-standard balance date or a transitional year, edit the start and end dates for the income year. Editing the dates has a prospective effect, so you only need to do it in the first relevant year.
4. Tick the boxes to turn on the payment tasks for the relevant years.

If you edit tax year dates so that you create a transitional year, the software will add a Transitional badge to indicate which year the change takes place.

Troubleshooting

Can't remove payment tasks

• If a payment task has already been created, unticking the Payment Task checkbox will not delete the payment task. You will need to navigate to the specific payment task and mark it as not required.

Payment task dates are incorrect

• If your terminal tax date is not showing as expected, you may need to check whether your entity is marked as having extension of time (EOT). If other dates are incorrect you may need to check your GST basis, or income year dates as outlined above.

What's next?

Learn more about editing entity details.

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Read more about managing payment tasks.