Personal Tax- Period Reform 2024: Business starts within 2024 tax year but transitional period is being calculated
Article ID
personal-tax-period-reform-2024-business-starts-within-2024-tax-year-but-transitional-period-is-being-calculated
Article Name
Personal Tax- Period Reform 2024: Business starts within 2024 tax year but transitional period is being calculated
Created Date
10th July 2024
Product
Problem
IRIS Personal Tax- Period Reform 2024: Business starts within 2024 tax year but transitional period is being calculated
Resolution
IRIS Personal Tax is currently is creating a Transition Period for new business (also if they have Trade commence date in 2023/2024) which is incorrect. There should be no Transitional Period for new businesses.
This has been confirmed as a DEFECT within the software IRIS Version 24.1.9.2, and is fixed with the August Version 24.2 which is currently available.
Unfortunately, there is no work around available. We apologise for the inconvenience caused.
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