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 clicking ‘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.
How do tax tags work in the Tax Assistant area?
Once tax tags have been allocated to transactions, you can view the tags in your investment or deductions areas in the Tax Assistant to prepare and review the information for your Accountant at the end of the financial year.
You can click or unclick tags that have been allocated incorrectly. All tags will be located under their designated investment or deduction header for review.