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Summary
XcelTax is a locally developed template that allows you to fill out your IR3 return if you are self-employed and don't want to pay a chartered accountant to do it for you.
The template works in Excel 97 and all later versions and has separate pages for each section of the IR3 return. Information from one section is passed through to another, where appropriate.
We found the program simple to use and it seemed to do everything that was required. There were some useful sections with information about the data being entered, like the depreciation section, which had a shortened version of official tax rates (the IRD version is about 200 pages long and covers every possible asset you can buy from aardvark active wear to zebra zygotes).
A lot of work has gone into this, and although you could probably do something like this yourself, it would take days of effort and probably be riddled with mistakes.
The package sells for $25 including GST, which is more than reasonable. At that price it could be worthwhile using it to check what your accountant has done for you.
Read what Tauranga user Glenn Gray has to say about XcelTax.
Quote:
I have been using XcelTax since 2001 and consider it to be at the top of the best ‘must have’ programs. With the ease of complying with the finance return demands for end of year accounts there is no way I would put myself through the stress/complexity of doing the paper version of the IR3 and IR7 income tax returns.
Glenn Gray, Tauranga
31/3/200418/05/09:
Thanks
Really looking forward to do my tax return (NOT, but with your XcelTax it makes it very easy).
Cheers Thomas
Pros: Simple, easy to use, reduces error.
Value: A useful Excel package that speeds up your tax return.
Price ex GST: $22 ($25 incl)
Contact: LD Mancer, 0-9-427 9398 www.xceltax.co.nz
Rob Clarke