The Investment Income Report provides a visual representation of the file export, and details of any exceptions where appropriate.
This report can be found by going to Menu option, Report, Report Explorer, Deposit Reports, Investment Income Report.
Click here to view the Help page that shows the image of the report input screen.
Further information regarding running the report is listed below.
The is report can be run in two ways:
- Selecting a Tax Period
- This allows you to report on previously finalised Tax Periods.
- This method will match an IIR export.
- Selecting an Entity and Date To combination.
- This allows you to report on a Tax Period not yet finalised.
- This is useful to review exceptions before closing a Tax Period.
- This is only indicative, as there is still a possibility that additional transactions will be written before the Tax Period is finalised.
The report is flexible, allowing you to include / exclude certain columns and only include specific Withholding Tax types. Additionally there is flexibility to include / exclude valid and / or exception items for a more specific set of results.
The primary benefit of the report is to identify exceptions prior to committing the Tax Period. An account will be flagged as an exception if it meets one or more of the following criteria for the Tax Period:
- Total Gross Interest is less than total Withholding Tax.
- The "Main Account Owner", i.e. the first "Owner" Client in the Account Clients grid, does not have at least one of the following:
- Address
- Phone Number
- Email Address
If an Account has been flagged with an exception, the checkbox in the "Export" column will be unticked (indicating that the record cannot be exported), and the exception detail will be listed in the "Message" column.
- The IRD currently does not support exception records being included in their automated processes. Therefore it is recommended that any exception which cannot be corrected in finPOWER Connect prior to export is manually provided to the IRD and handled on a case-by-case basis.
- It is recommended that exceptions are dealt with prior to the closure of the Tax Period. This is in case additional Account Transactions need to be written to rectify the problems which can then also be included in the Tax Period. Once a Tax Period is closed Transactions can no longer be written to it, instead it will be included in the next month's Tax Period.
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