Sam (Partner)
Sam receives an email from a valued small business client, who is considering selling his business, and he wants a valuation.
Sam collects all the relevant information, and downloads our Business Valuations calculator, to assess the value of the business using the Capitalisation of Earnings method.
He receives a call from a client who has applied for an overdraft. The bank has asked him to provide a cash flow forecast. Sam opens our Cash Flow forecast workbook,and prepares the forecast from the most recent set of accounts and his client’s advice.
He then receives a call from a client who is leasing a new motor vehicle. The client has been told that there are minimum residual values for the lease to be accepted by the ATO.
Sam gets that information from our Rates module.
Next, he meets with a long-term client, who wants help in improving the profitability of her business.
He downloads our Profit Manager workbook to project and test different scenarios which will increase net profit.
He then receives a call from a client who has problems managing his company’s cash flow due to mounting tax debts.
Sam uses our Tax Money calculator to show his client how much to set aside for future company tax, GST, PAYG withholding, FBT, and superannuation guarantee payments.
Next, he meets with a small business client for some tax planning. He opens our Tax Thermometer page to show him a graphical illustration of the different tax rates applying to various entities.
He then opens our Tax Planning calculator, which he had prepared for the meeting, to show the client –
- projected profit to the end of the financial year.
- calculation of tax expected for the year.
- measures he is proposing to minimise the overall tax burden.
- And tax saved by these measures.
Later, he prepares a return for his sister, who has used her line of credit to run her business, and pay for personal expenses.
Sam uses our Mixed Loan calculator to quickly apportion interest on the various components of that loan.
He then receives a call from a client with several highly paid workers. The client wants to know the maximum contribution base for superannuation guarantee purposes.
Sam goes to our Rates module to look up this amount for the current year.
Next, he reviews a set of accounts for a butcher prepared by Alex, his senior accountant, and he noticed that goods taken for private use had not been accounted for in the profit and loss statement.
Sam goes to our Rates module to look up how much should be shown in the accounts for that year.
He then meets with a client who wants advice on purchasing a specific rental property.
Sam had previously received the relevant information about the property from the client and had entered it to our Property Investment calculator to analyse the financial and taxation outcomes arising from the proposed investment.
Alex (Accountant)
Alex is starting a new set of annual accounts for a company, and downloads our Annual Accounts workbook, which is a full set of working papers for this type of job.
Shortly after, she receives an email from a client who wants to vary their PAYG instalment. She downloads our PAYG instalment Variation calculator and enters estimates to calculate the varied rate.
One of Alex’s clients sends an email with information for their personal tax return.
The information includes a significant number of Cryptocurrency transactions during the year, so she uses our CGT Cryptocurrency workbook workbook to calculate the gains and losses.
On another job in progress, the client has not been able to provide an estimate of the cost of stock on hand at 30 June. Alex downloads our Stock Estimate calculator to estimate the closing stock figure for the accounts.
On completing this company’s accounts, Alex notices that there is a debit balance loan at 30 June, which the client is unable to pay back by lodgement day.
She uses our Division 7A Loan workbook to prepare the agreement and manage the loan over its 7-year life, including calculating minimum payments each year, interest payable on the loan, balances outstanding at the end of each year and deemed dividends where there is a minimum repayment shortfall.
On reviewing these accounts, Alex decides to run the figures against the ATO small business benchmarks. She inputs key figures to our Benchmarks calculator, to check that they are within ATO expectations, before sending the return out for signature.
A client attends to seek an estimate of CGT payable on the sale of the family home. It was originally a rental property, then became the family’s main residence, during which time part of the home was used to run a business during three separate periods. Our CGT Property workbook is used to estimate the gain and tax payable on sale.
Later, she meets with a client to take down details, which she will use later to prepare their personal tax return. She prints the form Interview Tax Return to use during the meeting.
This return has hire purchase interest to claim on a structured loan for a car. She downloads our Hire Purchase Monthly Structured workbook to calculate the interest and borrowing expenses claimable over the life of the loan.
Next, Alex prepares a personal return for a mining employee. Being a suburban practice, not many returns are completed for mining employees.
She goes to our home page and clicks on the Occupations Guide link in our Lookup section, to view an ATO publication on deductions that can be claimed by mining site employees.
Alex prepares an FBT return for an employer client with several car fringe benefits and other benefits including Expense Payments and Entertainment. She downloads the Fringe Benefits Tax file, which is an all-in-one working paper solution for an FBT job.
She then prepares a return for a client with overseas travel expenses and needs to calculate the maximum amounts that can be claimed without receipts for several destinations. She uses our Travel Overseas workbook for automatic calculations based on salary range and destinations.
Charlie (Personal Assistant)
It’s time for the practice to review their tax return lodgement performance to date and chase up not lodged returns.
Charlie downloads our Lodgement Dashboard Returns workbook, and imports two csv files containing the ATO lodgement report and a practice management report matching clients with client managers.
The workbook merges that information into a dashboard, with a comprehensive summary of the status of returns by type, due dates, and the managers responsible.
Drill down at this dashboard to see the actual returns that make up each number. The combined report is circulated to managers in the practice to take follow-up action.
Alex gives Charlie a shoe box full of receipts and asks her to summarise them.
Charlie uses the Blank Worksheet to enter amounts, calculate totals, automatically deduct any private use, and keep a record of her calculations.
While summarising the above receipts, Charlie notices that some amounts are in a foreign currency. To convert those amounts to Australian dollars, Charlie uses the Foreign Currency workbook.
Charlie receives a call from a new client who makes an appointment to complete their personal return. The client wants to know what information to bring to the meeting.
Charlie emails the form Records Personal Return Short to the client.
Sam received a call from a client who has just purchased three negatively-geared rental properties and needs to reduce PAYG Withholding amounts being deducted from their pay.
Sam asks Charlie to send the client a request for information needed to prepare the application. Charlie emails the form PAYGW Variation Questionnaire to the client.
Sam has asked Charlie to send emails to FBT clients asking for information to prepare their FBT returns.
Alex prepares the emails using our template letter FBT Return and encloses a checklist of potential benefits called FBT All Benefits Checklist, along with a schedule called FBT Car Details, on which the client can record details of car fringe benefits.
A number of assessments with amounts to pay were received from the ATO this morning.
Charlie prepares a letter on their practice management system and inserts standard wording from our template called Assessment Payable.
Alex has just completed a set of company accounts and tax returns and asks Charlie to prepare a standard invoice for this type of work. Charlie copies our template invoice text to her outgoing email.
Alex gives Charlie a collection of dividend and tax statements for a retired investor client who is not required to lodge a return but wants to claim a refund of the imputation credits.
Charlie uses our Franking Credit Refund Worksheet to prepare the figures for the application form and submits it back to Alex for checking.
Alex gives Charlie 12 monthly real estate agent’s statements for a rental property and asks her to prepare a summary for the tax return. Charlie downloads and prepares our Rental Income Standard workbook to prepare a summary for the return.
Charlie receives a reply to her earlier email to the client requesting information to prepare a PAYG Withholding Variation, with the questionnaire duly completed.
Charlie enters the information to our PAYGW Variation Rent calculator and passes it on to Alex for checking.