Personal Tax- Basis Period Reform 2024: How to make an election to bring in all of the profits to the current tax year and not spread the tax over 5 years + OPT OUT
Article ID
personal-tax-basis-period-reform-2024-how-to-make-an-election-to-bring-in-all-of-the-profits-to-the-current-tax-year-and-not-spread-the-tax-over-5-years
Article Name
Personal Tax- Basis Period Reform 2024: How to make an election to bring in all of the profits to the current tax year and not spread the tax over 5 years + OPT OUT
Created Date
11th July 2024
Product
Problem
IRIS Personal Tax- Basis Period Reform 2024: How to make an election to bring in all the profits to the current tax year and not spread the tax over 5 years. OPT out option?
Resolution
Please do the following to resolve your issue: –
- Go to Personal Tax
- Income Tab | Trade Profession or Vocation | Sole Trade or Partnership
- Double click on the Accounting Period
- Transitional Period Profits – tick the magnifying glass
- Step 5: Apportioned Transition Profit – tick the box and manually enter the FULL amount
- Please Note: The minimum amount that can be elected is 20%.
How to Opt out?
- Go to Personal Tax
- Income Tab | Trade Profession or Vocation | Sole Trade or Partnership
- Double click on the Accounting Period
- Transitional Period Profits – tick the magnifying glass
- At the very bottom tick ‘Opt out’
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