Set income year dates and payment tasks

Overview

When you create an entity, TaxLab will 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 used to create tasks for annual, provisional, terminal or fringe benefit tax (FBT) payments. When the entity is created, the payment tasks check boxes will be selected by default for the current and prior tax year. The software will automatically create return and payment tasks from the current year onwards.

Editing income year dates and payment tasks

You can edit tax year dates, and add payment tasks for previous tax years. We recommend checking tax year dates and payment tasks before you begin work on your first return.

1. From the TaxLab home screen, select the name of the entity
2. From the entity home 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 these individually as not required.

What's next?

Learn more about editing entity details.

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