Managing Owner Tax Returns

Throughout various regions, you may encounter terms such as GST, VAT, or Tax returns. For consistency within this article, we will use the term "Tax". For a deeper understanding of regional terminology, please visit our Glossary of Regional Terminology.

This article walks you through the complete process from the initial setup of an owner for tax returns to creating, viewing, editing, and finalizing these returns in our system. Whether it's the owner's first return or part of their routine financial management, our steps are designed to streamline your efforts for accuracy and compliance.

Initial Setup for Tax Return Creation

If this is the first time a tax return is being created for the Owner, we recommend creating the tax return to begin from the period before the actual period you wish to create. This first tax return will be classed as a "clear out period" and will ensure that it removes all historic financial data. Then the first true tax return will only populate the required information for the actual period that you wish to generate this report for.

Here are the key settings to adjust during your first-time setup:

• Tax number: It should be sourced from the property owner's contact details or added anew.
• Accounting basis: Select between 'Invoice' or 'Cash'.
• Tax period frequency: Establish how often returns are required.
• First tax period start date: Set the commencement date for records in the system. As mentioned above, this should be the period before the actual period you want to begin from.

To modify these settings later on, use the Edit Settings for Owner option.

Creating and Managing a New Tax Return

Launching a new tax return is straightforward:

1. Navigate to the Income & Expenses page.
2. Select the GST / VAT / Tax Return tab.
3. Click on Create Tax Return button.
4. Select the Company and then the Owner you're creating the return for.
5. Click on Start Tax Return

The Tax/GST/VAT Details segment shows a summary of all relevant transactions organized by tax type and can be exported in PDF or CSV formats. Pay close attention to the basis under which the owner operates (Invoice or Cash), as this determines which transactions are included in the return.

Editing Transactions within the Tax Return

Should you need to adjust invoices or credit notes:

1. Navigate to the Revenue or Expenses page
2. Choose the invoice number and click Edit Invoice or Edit Credit Note.
3. Once, you have made your changes, remember to include latest changes to refresh the tax return accordingly.

Finalizing the Tax Return

Before finalizing the tax return:

1. Review all details meticulously, ensuring they align with actual financial activities.
2. Click on Include Latest Changes to update the return with any recent modifications.
3. Proceed to Finalise Tax Return once you're confident about the details.

Post-finalization, you have options to download the documentation, delete (if finalized in error), or view details. You can only delete the most recently formed tax return for each owner.

Editing documents included in a finalized Tax Return is possible, but it requires caution due to tax implications. Any adjustments made for an invoice/credit note that has already appeared in a tax return will show on the next tax return created with ADJUSTMENT noted next to the transaction.

We recommend you consult an accountant or professional advisor if adjustments are required.