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- info@taxbook.com.au
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Xero Practice Manager (XPM) Training
Discover the key features of Xero Tax and how to set them up for your business. Hear our best-practice tips for preparing and lodging returns, and the next steps to take so you can use Xero Tax successfully in your practice.
Add your clients individually to Xero Tax or import your client list from the ATO portal.
Use the ATO pre-fill to pull information into the activity statement. Prepare an activity statement including GST and payroll. Validate the statement to check for any errors, then send a digital copy to your client for them to sign before you file it with the ATO
Use the ATO pre-fill to pull information into the return. Set up a relationship between two client records, such as spouses, to have their relevant income information flow through. Validate the return to check for any errors, then send a digital copy to your client for them to sign before you file it with the ATO.
There are no separate income tax return forms for sole traders; soletrader business income tax returns will be lodged in the business section of the Soletrader business owners’ individual tax return.
All sole trader business income and expense details can be entered in the business sections, and net income from the solder business will be automatically added to solder business owners’ other income, such as employment income, interstate, dividends, etc.
Please note that only one tax return must be lodged for sole trader business owners’ business income and other incomes such as employment income, interstate, dividends, etc.
Please navigate the business sections in your lefthand side of the individual tax return and learn how to enter the sole trader business income details by clicking detailed instructions
Set up a relationship between two client records, such a company and a shareholder, to have their relevant income information flow through. Import a Xero ledger to autofill sections of the return, then map the accounts to their tax return label. Validate the return to check for any errors, then send a digital copy to your client for them to sign before you file it with the ATO.
Set up a relationship between two client records, such a trust and a beneficiary, to have their relevant income information flow through. Import a Xero ledger to autofill sections of the return, then map the accounts to their tax return label. Validate the return to check for any errors, then send a digital copy to your client for them to sign before you file it with the ATO.
Set up a relationship between two client records, such a company and a partner, to have their relevant income information flow through. Import a Xero ledger to autofill sections of the return, then map the accounts to their tax return label. Validate the return to check for any errors, then send a digital copy to your client for them to sign before you file it with the ATO.
Set up a relationship between two client records, such as members of the super fund, to have their relevant information flow through. Import a Xero ledger or data from a third-party SMSF software to autofill sections of the return, then map the accounts to their tax return label. Validate the return to check for any errors, then send a digital copy to your client for them to sign before you file it with the ATO.
Create a new rental schedule and link it to an existing client to include it on their individual tax return. Enter income and expenses related to the property and add any other owners. Import any assets for the property in a CSV file using Xero’s template.
Create a new capital gains worksheet in a client’s individual tax return. Enter a capital gains tax event for things like property and shares sold in the last financial year. Submit a capital gains schedule if the capital gains exceed a certain amount.
You can upload a document or add a note to include supporting information for a client. Documents are images, audio, video, documents and other files. The maximum upload size is 16MB. The documents you upload are stored in Practice Manager against the client name for your supervisor or Registered Tax Agent review. For detailed instructions click here