Introducing Multiple Refund Transfers for NZ Tax
We’ve made a number of enhancements to the way we handle refund transfers on tax returns. There’s now much more flexibility. Plus, these changes will save you time and reduce the chance of sending an incorrect tax reminder.
1 – Transfer refunds to as many places as you want
Our 2017 tax returns have a new section for Additional Transfers. The standard income tax returns from the IRD have a limited number of options for transferring refunds. With our new additional transfers section, you can add as many transferees as you wish. You can also transfer to any tax types and tax periods you want. For associated taxpayers, you can also specify the preferred “as at” date for any transfers if you want to.
If any of these additional transfers affect tax reminders for other clients, they’ll be recalculated and updated when the tax return is approved.
2 – Automatic generation of correspondence to request refund transfers
Xero Tax will automatically generate and attach the correctly worded correspondence to the return for all the transfers you’ve entered. It will include the effective date you want the transfer to be processed if you’ve chosen to state this explicitly.
3 – Reconciling transfers is easier than ever.
If a transfer is not completely processed by the IRD for any reason, you can now mark it as complete from any of the three screens that show pending transfers. You can now also click through to the statement or tax return the transfer was coming from and the one it was going to. This will make it much easier to double check the details before marking the transfer as complete.
4 – Payment summary improvements
In addition, we’ve changed the way we show pending transfers in the payment summary on the tax return. If an inbound transfer has been partially or fully completed, we’ll only show the remaining amount on the transfer row of the summary. The actual transferred amount will continue to be included in the payments row. This solves the issue you’ve had in the past with transfers doubling up when a return is reprinted some time after the transfers have been processed by the IRD.
For more details on how to use this great new feature please see the help centre.
The post Introducing Multiple Refund Transfers for NZ Tax appeared first on Xero Blog.
Source: Xero Blog
