Prepare terminal tax payment notices

Modified on Mon, 13 Oct at 3:56 PM

Overview

Use TaxLab to generate terminal tax notices based on draft income tax returns and assessments. This article explains how to access terminal tax tasks, review and customise terminal tax notices, add estimates for interest, penalties, and student loan repayments, and create tax pool quotes.

Access terminal tax tasks

From the Taxlab home screen, in the navigation bar select Workflow > Payments.
Select the relevant terminal tax due date, marked INC Terminal. Past due dates are shown in red.
Select the name of the group, Not Grouped or All Payments to open the payment tasks overview screen. For more information on this screen see navigating the payment tasks overview screen.
Select the name of the entity to open a terminal tax payment task.

Review a terminal tax payment task

A terminal tax payment task contains a number of panels:

The Provisional tax liability panel

For more information see the provisional tax liability panel.

The Terminal tax panel

Uses the residual income tax figure from the provisional tax liability panel.
Deducts any provisional tax credits, tax pooling funds or pending transfers.
Calculates any tax to pay or (refund).
Allows entry of estimated use-of-money interest and penalties (only active if the notice has not been marked as sent).
For individuals, allows entry of estimated student loan repayments.

The tax pooling panel

This panel calculates the interest and penalty savings if the income tax liability was settled by a tax pool, based on any selected pooling settlement date. TaxLab automatically generates the filing date if the income tax return was prepared in the software.

After you enter the filing date, the panel calculates estimated penalty and interest savings based on any Pooling settlement date entered.

When printing the notice, under the Template dropdown select your tax pool to generate a tax pool quote, instead of a standard terminal tax notice.

Navigating payment tasks

Print income tax payment notices

Email income tax payment notices