Note: the term tax is displayed in the terminology set for the region.
If this is the first time a Tax Return is being created for the Owner, we recommend to create a tax return first with dates that don't reflect the actual period you wish to create, this will ensure that it removes all existing financial data and will only then populate the required information for the actual period that you wish you generate this report for.
Once a user has been granted access to create tax returns see Income and Expenses Permissions there will be an additional section on the Income & Expenses tab.
In the GST Returns you will see a list of previously completed tax returns will be shown and there is the option to create a new return.
Click Create Tax Return
Select relevant Company
Select relevant Owner
The first time a property owner is selected, the following must be set up:
- Tax number - if this already exists on the property owner contact it will be pulled through otherwise it will be added back to the owner contact
- Accounting basis - select either Invoice or Cash (Payments for NZ)
- Tax period frequency - how often a return needs to be completed for this property owner
- First tax period start date
- This is the start date of the first tax return that will be created within Re-Leased for this property owner. Once a tax return has been created the start date cannot be changed
Once these have been set, click Edit Settings for Owner to make any changes.
Next step: View the Tax Details