Finalise an income tax return

Modified on Fri, 4 Apr at 11:06 AM

Overview

Once an income tax calculation is complete, you can review tax return forms for completeness, enter manual disclosures, complete sense checks, and print returns for signing.

Review income tax return forms

From the entity's tax year summary select Reports > Tax Return Forms.

The type of income tax return forms that are visible depend on the type of entity. The software automatically populates most of the data based on what has been entered in, either via workpapers or other disclosures such as the imputation credit account. Most tax returns also require manual disclosures, so these can be entered directly into the tax return forms, usually in the Disclosures tab.

The income disclosures are determined by the tax form disclosure that is selected for each account when working with your trial balance, or with workpapers.

Financial Statements Summary (IR10)

The Financial Statements Summary (IR10) tab contains IR10 information. If you don't want to file an IR10, toggle this 'Off'.

The IR10 is compiled when accounts are assigned to IR10 categories at the accounts stage. Selecting the + icon next to a disclosure displays which accounts make up the balance.

There is also the ability to add a manual adjustment. Manual disclosures in the Other information section of the IR10 (such as dividends paid) can be added using this function.

At the bottom of the IR10 tab are sense checks to confirm that the IR10 balances:

If the IR10 has been correctly coded from the accounts tab, then the Balance check and the Profit before tax check should both display a nil balance. The Profit before tax per IR10 and Profit before tax per Statement of taxable income should be the same amount.

Sense Checks

The Sense Checks tab displays all checks that the software performs on the tax return, and will highlight any areas that are incomplete, missing, or fail a check. All compulsory return disclosures must be completed before the return can be e-filed.

Print an income tax return

The print options allows the export of workpapers and tax provision calculations and returns. To print an income tax return:

From the navigation bar, select the Print icon.
Under Return select Print Options.
Select the format that you require; EFile Transcript is the default and contains all information that will be transmitted to IR, plus a signing page and tax payments schedule.
Select any additional settings (Field dictionary, print cover and back page, print contents page, print IRD number)
Select a Theme and Office; if your organisation has set up one with their branding.
Toggle between 'Print to word' or 'Print to PDF'.
Select Print.

Troubleshooting

Finalised return is not locked

TaxLab instead allows you to take a read-only version of an income tax return, which has the same effect as locking data within a tax return.

IR10 is not balancing

Begin by reviewing the IR10 tab on the accounts page to make sure every item has been correctly coded, and that items that impact current year retained earnings have been ticked blue. Review the IR10 form to make sure no manual amounts have been added to balances. If you are still unable to balance the sense checks, please contact support.