Add or edit an entity’s details

Overview

When you first add an entity to Taxlab, you are only required to enter minimal details. Other details are automatically populated with defaults, which need to be checked. These details can be edited at the entity level, and also at the tax year level. Every time you add a new entity it is best practice to check and confirm all details at both the entity and income tax levels before adding a subscription.

Adding or editing details at the entity level

From the TaxLab home screen, select the name of the entity to open the entity details screen. Select Edit. From here you will be able to add or edit the following information:

• Name.
• Tax file number.
• Entity type.
• Entity code in the accounting system: If you want to import trial balances into multiple entities at the same time, each entity needs to have a unique entity code.
• Tax rate: This is useful if you are calculating the tax provision for a foreign tax entity. Enter the rate in the box. To undo this action, simply delete the rate from the box (leave it blank). The rate will return to the default rate.
• Returns deadline option: Due date (default), Previous working day or Next working day.
• Payments deadline option: Due date (default), Previous working day or Next working day.
• PDF report theme and address.
• Provisional tax template.
• Tax accounting feature: The Show tax accounting setting only becomes available after you add a subscription to an income tax return service. It determines whether or not the tax accounting (provision) feature is enabled in the income tax returns. The check box is selected by default, which means the feature is enabled, and you can see the Provision report options under the Reports tab within an income tax calculation. If you clear (untick) this check box, you disable the feature and will no longer see the Provision report options under the Reports tab; you will only see the Tax Return option.

Once you've finished making changes, click Save.

Adding or editing details at the tax return level

From the TaxLab home screen, select the name of the entity to open the entity details screen. Select Tax years, then select the year that you want to view or edit the details of. From here you will be able to add or edit the following information:

• Income year start: the start date of the income tax year that the return is for.
• Income year end (balance date): the last date of the income tax year that the return is for.
• Extension of time (EOT) status: choose from: 
  • Y - With EOT (the software will default to this when a new entity is added)
  • L - Late provision of information
  • D - Deferred policing
  • R - Returns outstanding
  • N - Without EOT
  • Not agency linked
• GST filing frequency: this impacts the dates of payment tasks. Choose from:
  • Not GST Registered
  • One Monthly
  • Two Monthly (the software defaults to this)
  • Six Monthly
• Provisional (prov) tax method: choose from:
  • - (not a provisional taxpayer)
  • Uplift (the software defaults to this) 
  • Estimate
  • GST ratio
• Payment Tasks: selecting this tickbox will create payment tasks for that tax year.

The right-hand side of this screen displays the active payment tasks for that tax year, and who they are assigned to. You can use this to reassign payment tasks. Selecting the payment task will take you to the settings for that specific task.

Troubleshooting

My income tax return due date is incorrect

• This could be because your EOT status is incorrect. Follow the navigation instructions above to edit the EOT status of the tax year you are working on.

You can read more specific troubleshooting for payment tasks here.

What's next?

Learn about preparing a tax return with an overview of accounts and the trial balance.

Related articles

Set income year dates and payment tasks

Payment tasks

Payment tasks FAQs