Set up payment tasks

Overview

Payment tasks in TaxLab are used to manage and review tax payments required for entities. Before beginning with payment tasks, users should check the settings that determine the provisional tax liabilities and complete all tax payment information. 

Confirm payment tasks

When a new entity is added to the software, income tax payment tasks create by default. Provisional tax tasks will create for the current tax year, and a terminal tax task for the previous tax year. This happens even if no subscription is added. Tasks will then create for all subsequent tax years that TaxLab has made available for return preparation.

Confirm tax dates

The software determines the number of income tax payment tasks and the due date from an entity's:

• balance date and whether the tax year is a standard 12-month period or a transitional year, which will impact the due dates of provisional tax payment tasks
• EOT (Extension of time) status, which will impact the due date of a terminal tax payment task
• GST filing frequency, which will impact the quantity of payment tasks

When an entity is created, the software defaults the EOT status to ‘Y – With EOT’ and the GST filing frequency to ‘Two monthly’. These can be updated directly from the payment tasks overview screen or on the Tax years tab of an entity record.

Confirm tax payment transactions

TaxLab has integrations with Inland Revenue, Tax Traders and Tax Management New Zealand, which means income tax transactions for linked entities are automatically imported. This is important for payment tasks, because the software uses these transactions to calculate provisional and terminal tax liabilities, as well as balances outstanding at each payment date. Integrations are set up by an organisation administrator, as part of organisation setup.

What's next?

Navigating payment tasks

Related articles

Prepare income tax payment notices

Email income tax payment notices

Print income tax payment notices