How to correctly disclose tax pooling transactions in your IR4J Imputation Return

We are often asked why we default tax pooling transactions to the Other disclosure boxes on the IR4J imputation return. The answer is simple, this is where Inland Revenue specify you put them. We have directly confirmed this with them:

“Deposits and transfers into a tax pooling account that create an imputation account credit should be recorded in keypoint 41E, while refunds and transfers out of a tax pooling account that create an imputation account debit should be recorded in keypoint 42D.”

Inland Revenue, 21 August 2015

Why do Inland Revenue want it this way rather than including pooling in the tax payments disclosure box… who knows. We suspect they would prefer to have a separate box for tax pooling on the IR4J but this isn’t an option in the current system.

Taxlab Australia

Taxlab to enter Australian market

Industry heavyweight Mike Roberts named to lead Taxlab Australia

MELBOURNE, Australia – Leading provider, Taxlab, announced today its planned entry into the Australian market, which will bring its revolutionary tax compliance software to Australian customers for the first time.

The New Zealand-based company will enter the Australian tax compliance software market in 2019 under the leadership of Mike Roberts, a 20-year veteran of the global tax technology market.

Roberts spent five years at Thomson Reuters leading the company’s European, Middle East and Africa (EMEA) tax and accounting business. Most recently, he led EY’s Oceania Tax Technology advisory team providing direct experience of the trans-Tasman market.

Mike Roberts“I’m hugely excited to be joining Taxlab at this major milestone in the business’s life. The market is demanding high quality, proven cloud-based tax reporting products and I’m very much looking forward to delivering on those needs with Taxlab’s revolutionary platform.” – Mike Roberts, Taxlab Australia

Taxlab is unique in its ability to provide a single, cloud-based approach to collate, process and complete tax compliance for every taxpayer, regardless of their entity type, size or complexity. This is a true differentiator for tax compliance software, and comes at a time when the Australian market is seeking to modernise its tax compliance systems.

Allen Knight“Welcoming Mike into Taxlab is an exciting time for us as we bring our unique tax solutions to the Australian market. With an outstanding track record of building and leading international tax technology businesses, Mike further strengthens our executive leadership capability.” – Allen Knight, Taxlab Managing Director.

Taxlab is New Zealand’s leading solution for tax compliance and reporting. Founded in 2009 by Allen Knight and Karl Farrand, who previously led Deloitte’s in-house tax technology team, Taxlab’s current client base includes more than 150 of New Zealand’s largest corporates and firms, including three of the “big four” accounting firms.

For more information or to arrange media interviews, please contact Mike Roberts at mike@taxlab.online or on +61 499 000 264.

The death of Microsoft Silverlight

Microsoft Silverlight is an application framework for running internet applications (similar to Adobe Flash).

We have used Silverlight to run our FBT software since 2009.

Silverlight is nearing the end of it’s useful life and you may already be experiencing issues with it. Google Chrome blocked Silverlight in September 2015 and Firefox did the same in March 2017. It is not supported in Microsoft Edge and Microsoft will end all support by October 2021.

Depreciated support for IE10

On 12 January 2016, Microsoft support ends for older versions of Internet Explorer.

Microsoft recently announced that, beginning next Tuesday, 12 January 2016, they will officially retire Internet Explorer versions 8, 9, and 10 for most Windows operating systems. This basically means the end of security updates and technical help for versions of Internet Explorer other than 11, the latest iteration. Internet Explorer has been living on borrowed time since Internet Explorer 11 rolled out in 2013. Its officially the last version with Microsoft now focused on the Edge browser that comes with Windows 10 instead.

Changes to TaxLab minimum requirements

TaxLab will officially be shifting its minimum requirements from Internet Explorer 10 to Internet Explorer 11 from 12 January 2016 in line with Microsoft. While it’s likely that TaxLab will continue to work in Internet Explorer 10 for some time yet, but we will not be optimising our code for it due to its obsolescence and TaxLab features will eventually stop working as well as they should.

What you should do

If you are using an earlier version of Internet Explorer, please update to a modern browser. We recommend using Google Chrome, but also support Mozilla Firefox, Microsoft Internet Explorer 11 and Microsoft Edge. Please contact us on 0800 00 1035 or support@taxlab.co.nz if you would like to know more.

The poodle bug

What is the Poodle bug

A security vulnerability named Poodle Bug was recently identified in an old version of SSL (SSLv3). This may impact some older browsers, which are unsupported by TaxLab. The Poodle Bug is registered in the Common Vulnerabilities and Exposures system as CVE-2014-3566.

Was TaxLab affected

The Poodle Bug only affects older web browsers that TaxLab does not support. In theory this should mean that you were not impacted as it is unlikely you will have been able to use TaxLab from an older unsupported browser.

Actions we have taken

Any time there is a potential threat to the TaxLab system, we conduct a security review. This includes understanding the threat in detail and its potential impact on the TaxLab system and our users. We have disabled SSLv3 for all users of our tax software to ensure they are not vulnerable to this issue (including our tax provision software, income tax return software and FBT software). This should not impact your use of TaxLab as, again, it only affects older unsupported browsers.

What you should do

Keep your web browser up to date as older browsers are more vulnerable to attacks and bugs.

In general, we remind you that its good practice to regularly change any passwords that you use online. You should also use a different password for each site that you use. In particular, you should regularly change your online email password. You should also enable multi-factor authentication if it is available.

If you would like to know more about TaxLab’s response to the Poodle Bug please contact us any time. We don’t publish all of our security precautions (as this would inherently be a poor security practice). However, we would be happy to discuss some of our security precautions with you and how we mitigate risks.