Tax tags are a great feature in the portal to track transactions that may need to be added to your personal tax return.
Tax tags can also be used to track particular transactions for a specific person or item that requires a separate listing without the need to add additional categories.
To create a Tax tag:
- Navigate to 'Financial'>'Cashflow' from the menu on the left of your portal.
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In the Cashflow area, select 'Tools'>'Add tag'.
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A pop-up will open. Enter the tag name in the space provided and click ‘Add’.
- Once the tag has been created, you will see it in your list of tax tags in the Cashflow area.
Note: Tax Tags are automatically created when an Investment property is added to the system
To allocate a tax tag:
- In Cashflow, navigate to the transaction you would like to allocate a tax tag.
- Click on ‘Tax tags’ in the transaction and you will see a list of all tax tags available.
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Choose the tax tag you would like to allocate by ticking the box and click on the screen to the right.
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Once you have clicked the screen, a window will appear to allow you to create a rule for this tax tag or allocate to just this transaction.
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Fill in the information required, and click on ‘Just this transaction’ or ‘Save’ to create the rule for all transactions matching the rule particulars.
- Once selected, the transaction is tax tagged and can be reviewed by filtering on the allocated tax tag in Cashflow.
Note: Once Cashflow filters are used to view a particular tax tag, a report can be produced based on that filter.