How to enter a Negligible Value Claim

Introduction

This topic explains the process for entering a negligible value claim.

1. Log on to IRIS Personal Tax and select the client.

2. From the Edit menu select Capital Assets.

3. Enter the loss into the system via one of the three options available.

4. To offset this loss against the clients other income which arose in the year; select Edit from the Capital Assets menu bar, then select Loses and Other Information.

5. Complete the Losses used against this year’s income box within this screen.

6. Click OK.

This loss will now show as a deduction on the clients tax computation.

• An explanatory note stating that this loss has occurred due to a negligible value claim can be entered by enabling the additional information box within the above data entry screen.