Uplift is able to be used to determine the amount of tax due at each provisional tax date.
Depending on when you file, the calculation of uplift can be 105% of your taxpayers prior year or 110% of two years ago.
Determining the best application of uplift for your taxpayers and their cashflow can be tricky but our Uplift Scenarios tool provides a great overview as to the impact of uplift on their provisional tax payments and offers an option for you to present to your taxpayers to prepare them for upcoming payments.
Through your Manage Tax menu select the Uplift Scenarios tool or access this via the QUICKStart menu – Estimate a Future Tax Year scenario.
Select the tax year to be estimated, the terminal tax date for your taxpayer and enter the estimated RIT, as well as the RIT for the two prior years. When you hit calculate a scenario analysis will be provided based on filing prior to P1, between P1 and P2, and filing after P2
