Personal Tax- Farmers Averaging was calculating for 2 years but not for 5 years
Article ID
personal-tax-farmers-averaging-was-calculating-for-2-years-but-not-for-5-years
Article Name
Personal Tax- Farmers Averaging was calculating for 2 years but not for 5 years
Created Date
24th May 2023
Product
Problem
IRIS Personal Tax- Farmers Averaging was calculating for 2 years but not for 5 years
Resolution
This issue was investigated by the Development Software Team. They have confirmed this is a DEFECT in IRIS Software Version 23.1.0 and will be fixed in Version 23.2.0, which is due to be release in Summer 2023.
Please see the workaround for the issue below:
- Go to Personal Tax for this client
- Income Tab
- Trade Profession or Vocation
- Sole Trade or Partnership
- Double click on the Accounting Period
- Adjustment, losses and overlap and tax
- Manually enter the figure in the Farmers Averaging field
- However – the narrative on the Tax Computation doesn’t show up as Farmer’s Averaging – it displays Self Employment.
- Generate the Tax computation – tick Word Processor and save this in a location.
- Then open the document in Microsoft Word and manually change the wording.
- Finally, when generating the electronic Tax return – attach the computation as an external PDF.
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