You can edit the settings that apply to the income tax calculation at any time but there are some that you may want to edit before starting the tax calculation.
- Open the entity’s income tax calculation.
- Click the Settings tab > Settings.
- Edit the settings as required:
Setting | Description |
Profit before tax | By default, the system calculates the profit before tax, and therefore the tax payable, from its Income Statement records. Instead of TaxLab’s calculation, you may want to use the profit before tax that was calculated by your accounting system.To override the TaxLab profit before tax calculation:
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Template | By default, the IFRS template option is selected. To change this template, select the IRD minimum financial reporting requirements option. Changing the template will reset the financial statement mapping of all accounts. Please review the current mapping in place before changing the template. If you plan to import a trial balance from Xero, use the IRD minimum financial reporting requirements template. |
Deferred tax | By default, the system accounts for deferred tax. To stop this, select the No option, then enter the date in the Exclude processed after box. |
Statement of Taxable Income | By default, in the Statement of Taxable Income, the system displays only the rows of data that are relevant to the entity’s income tax calculation. To view all of the rows in the statement, select the Show all option. |
Imputation Credit Account | By default the ICA is turned on. This means you can view and add ICA transactions on the Workpaper > Under Credits > Imputation Credit Account. To turn the ICA off, select the No option. |
Financial Statements Summary (IR10) | By default, the Financial Statements Summary IR10 is turned on. This means you can view and complete the Financial Statements Summary IR10 in the Reports > Tax Return > Financial Statements Summary IR10 tab. To turn the Financial Statements Summary IR10 off, select the No option.Tip: You can also turn this setting on and off directly on the Financial Statements Summary IR10 tab. |
E-file | By default, the E-File feature is turned off. To turn this feature on and therefore, enable the income tax return to be filed electronically with the IRD, select the Return is E-Filed check box. |
EOT status | By default, the EOT status is Y – With EOT. To change this status, select the applicable status from the list:
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Return status | See the Complete an income tax return article for instructions on how to lock or unlock a return. |
Return filed date | When you file a return with the IRD, you can record the file date in TaxLab. Enter the date you filed the return. Please note that this setting is only applicable when the return is locked |
Foreign exchange rate | When you set up a foreign exchange rate, the entity’s trial balance and tax calculation does not change. However, if the entity is a member of a consolidated accounting group, the Tax Position and the Tax Notes for that entity will be translated, when being viewed at the group level.
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