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Problem

If an IR8 has a loss carried forward from the previous year, this loss is deducted from the income to give the Taxable Income amount. This taxable income amount should appear under Assessments, in the Return Calculated area under 'Losses'. 

However, the taxable income is being added to the Loss brought forward figure to give the incorrect losses figure:

In this example, the 2020 income is 140.00. The loss brought forward from 2019 is (7151.37) leaving a Taxable Income amount of (7011.37)

This figure should appear against losses in the Assessments area - Return Calculated box - but instead, the taxable income amount is added to the loss brought forward amount to give an incorrect losses figure of 14162.74:



 

Solution

This will be resolved in the January 2021 release of Tax NZ under Jira ANT-287. Please contact support if you require a fix sooner.

 

 

 

Related Products: APS TAX NZ