Iris Personal Tax issue to watch for ...

Tax Comps 2016/17 re POA reductions

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There is an issue with Iris for the 2016/17 Personal Tax computations.  If you have entered forecast/future dividends on Cosec for expected/predicted 16/17 dividends and you created the dividend in Cosec prior to the new dividend tax rules software update then all such dividends will be imported into Personal Tax with a deemed tax credit attached and the tax credit will be deducted from the tax liability due for the year!  Something to be wary of if doing 16/17 POA reduction estimates etc.  Have advised Iris who are 'considering' ...

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