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Group tax payments |
See Also
Group deferred taxation summary | O schedule - Group members | Pay and file data | S schedule - Group payments on account | Tax payments and interest
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
This schedule enables the authorised group company to make tax payments on a group-wide basis, without needing to allocate these payments to particular companies until their liabilities have been finalised. Once an allocation has been made and the Update routine carried out, the underlying computations will be updated with the tax payments made.
For FY 1999 group files, this schedule is developed with the S schedules by selecting the Develop, Group payments on account menu option. It is a master schedule in group files for FY 2000 onwards.
The group payments made in the prior year are carried forward onto the schedule to allow the user to make an allocation of these amounts. The schedule can also be used to allocate current period payments.
Group payments arrangements flag
There is a flag on the O schedule (Group members) which allows the user to control which companies are included within the group payment arrangements. There is also a flag in each company file on the P schedule (Information for the return). If there is an inconsistency between the company and group flags, the O schedule (Group members) in the group module can be used to automatically override the company settings.
When the prior year computation is initially rolled forward, the schedule will display an Unallocated payments row, Allocate Payment error and a totalling error.
The user then needs to allocate the payments to the individual companies within the group, along with the date when the payment was made.
Note: the date of the group payment has to be entered for the system to match the payment with the liability at each of the due dates in the underlying computation when the update routine is run (described below).
Allocating the payment between the group members will cause the "Unallocated payments" row to disappear and will clear the errors. An Update required error will still be outstanding on the O schedule (Group members). This can be cleared by selecting File, Link, Update companies.
If the software was not used to calculate the group tax payments, the relevant amounts can be entered into this schedule in order to carry out an allocation of the payments to the underlying company files.
It is also possible to allocate tax repayments in a similar way by reversing the sign convention. For FY2003 and later the schedule has an additional column that shows the balance that is payable or repayable. Previously the system tracked the total allocation and the dates of the payments. The system will now also detect where the total payment allocated to a company remains unchanged but the balance of amounts on different payment dates is altered.
Closing date for group payment arrangements
The closing date for the group payment arrangements should be entered on this schedule.The closing date is defined in the Revenue's standard contract for entry into group payment arrangements, clause 1(1) - broadly, it is the latest filing date for any of the companies involved.
Sort rows
The schedule also contains a button which allows the user to sort the rows in UTR order. The rows must be sorted in this order as set out in the notes section of the Closure and Apportionment Notices, form CT630 and CT631.
Data access errors
If the group payment amounts appearing in the group file (on the Group tax payments schedule) differ from those appearing in the underlying computation (on the Tax payments and interest schedule), data access errors will appear in the underlying computation. In addition, where such differences occur, 'update required' errors may appear in the group file that may prove impossible to clear in the usual way (by selecting File, Link, Update companies). In order to clear these errors, it will be necessary to adjust either the group file or the underlying computation to ensure that the same group payments are displayed in each.
This schedule has one standard sub-schedule, the Group deferred taxation summary.
Error | How to
solve it |
| Allocate payment | Once a group payment has been paid, the payment has to be allocated to each of the companies within the group according to their tax liablities. |
| Enter date | The date the payment was made has to be entered on this schedule in the software. |
| Sort the dates | The dates the payments were made should be entered in the order in which they fall in the calendar. This error can be solved by pressing the 'sort rows' button which can be found on the schedule showing the error. |
| Allocation cannot be negative | This error results from the sign conventions used within the
software.This error can be resolved by clicking the
|
© 2009 Thomson Reuters.