On Wed, May 17, 2023 at 9:00 AM<gnucash-user-requ...@gnucash.org>
wrote:
---------- Forwarded message ----------
From: flywire<flywi...@gmail.com>
To: Gnucash Users<gnucash-user@gnucash.org>
Cc:
Bcc:
Date: Wed, 17 May 2023 17:17:45 +1000
Subject: Re: [GNC] Tax report options
https://lists.gnucash.org/pipermail/gnucash-user/2023-May/107018.html
flywire wrote:
It is a spreadsheet process to add share/franking credits to
etf/franking
credits (Distribution:13Q) and similar for capital gains
(Distribution:18H:18A) since the components are the same tax item. Any
thoughts of how I could sum them in reports from different account
trees?
lol In the heat of the moment preparing tax I'd never thought of just
transferring the total to the main account for that item.
https://lists.gnucash.org/pipermail/gnucash-user/2023-May/107020.html
flywire wrote:
...there are 13 annual returns
To be clear, the items on the return map to different tax codes, eg
franking credits is 13Q on a personal return and 8D on a trust
return. I'd
expect a table would need to be maintained for each return type.
Australian
codes hardly change over time which likely means there would be no
active
maintenance.
Is it as simple as just using a unique tax code as account code and
then
reporting by account code? (Assume one return type.)
_______________________________________________
Some questions have been asked about Tax Report Options in the past
couple
of weeks. I have been away and not able to respond or make comments.
Let me
make these points, which may not necessarily apply to this thread,
but to
others (sorry):
- The Tax Report Options and associated US Income Tax Report are only
intended to be used for US Income Taxes.
- Some time ago, someone in Germany used the US version and made
adjustments for use in Germany; I'm not familiar with that and don't
know
if it works and is being maintained.
- Initially it was intended primarily to generate a file that could be
uploaded to Income Tax Preparation software (and a report was sort of
secondary) and so a key element of the design was the use of TXF
codes that
the Tax software could understand; the specification for those codes was
abandoned some time ago so the ability to expand the system is not there
unless we invented our own new TXF code (ugh!).
- That is why there is nothing for Form 1116.
- If someone wanted to do what was done for Germany for another
jurisdiction, they would have to deal with this TXF issue; I certainly
don't recommend trying it.
- The US version could/should be re-written to not depend on TXF
codes but
this would not be trivial.
- One can use the 'No Tax code' tag to include accounts on the US Income
Tax Report, just not sorted by Form/Schedule; you could use the account
name and/or description for that purpose for those accounts to give you
totals (example: for Form 1116).
- The system assumes that each 'book' (i.e., gnucash file) is for one
reporting entity (individual, partnership, corporation, etc.) and
that one
file is not used to track the accounts of more than one tax
reporting entity.
- You can certainly use your account structure design and other
available
reports to get your tax information without using this system; in
fact, if
you use this system, you have to carefully design your account structure
and do careful data entry to get the report to be useful.
Alex
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