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.
How do I create a Tax tag?
- Open the Cashflow section and click on the ‘Tools’ button.
- Select ‘Add tag’.
- A window will open for you to add a tag name in the ‘Create a new tag’ field and then click ‘Add’.
- Once the tag has been created, you will see it in your tag list in the cashflow area.
Note: Tax Tags will automatically be created when an Investment property is added to the system
How do I 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.
- Choose the tax tag you would like to allocate by ticking the box and click on the screen to the right.
- 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.
- 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. Click here for more info on how to produce Cashflow reports with filters.