We’re excited to announce our new and improved IRD integration. By connecting your IRD account with Solo you can automatically sync your pre-taxed income – such as salary, wages and schedular payments – directly into Solo’s tax calculations. This unique innovation enables Solo to accurately calculate your taxes at any moment, regardless of how you earn your income.
Previously our IRD integration was limited; Solo was unable to automatically calculate GST on Schedular Payment income. This was because Solo only received a running total for the income source from IRD and therefore couldn’t allocate the GST to the correct GST period. With our new IRD integration Solo is now the only accounting app that automatically calculates GST on Schedular Payment income.
From today we will be transitioning all Solo customers over to using the new IRD integration. When this happens your current IRD feed will stop working and you’ll be prompted to remove and reconnect your IRD account. Keep an eye out for an in-app notification that will also let you know your current feed has stopped and it’s time to make the transition.
What’s great about the new connection
Our new IRD integration provides a next-level experience for connecting Solo with the IRD. Here’s what you can look forward to:
- More accuracy – Solo now retrieves each payment that was made to IRD by your employer, instead of only receiving a running total for each income type. This means your income is more accurate to the date you earned it, rather than being evened out across the financial year.
- Automatic GST calculations – If you’re a contractor, GST is now automatically calculated on your schedular payment (WT) income.
- More up-to-date – The IRD feed is now updated daily rather than weekly. So your income and tax calculations are now more up-to-date than ever.
Migrating to the new connection
When the new IRD feed becomes available please follow the instruction below to connect your IRD account with Solo:
- Connecting to IRD for the first time:
- Go to the IRD Feed page
- Click the ‘Ok, let’s go’ button
- Enter your myIR login details
- Enter your IRD number (if your IRD number is 8 digits add a ‘0’ at the start)
- Click the ‘Continue’ button
That’s it! Your income summary for the last 3 years will be synced from IRD and displayed in Solo. All of Solo’s calculations will be automatically updated to include the synced data.
- Upgrading from an existing IRD feed:
- Go to the IRD Feed page
- Click the ‘Remove’ link to remove your existing feed.
- Click the ‘Ok, let’s go’ button to reconnect to IRD.
That’s it. We hope you enjoy the new IRD feed experience.
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