There is a new menu item in our Calculations module with specific help on the following procedures which will help you get the most out of using our Excel files –

• Embedding PDF documents into your file;
• Macros (downloading and using our files);
• Using multiple windows;
• Pasting or importing Excel data;
• Pasting screen shots;
• Printing our files;
• Using tables in JobPaper files; and
• Checking your version of Excel.

Calculations/About Using Excel

There are 2 new items with ATO information in the Library module providing quick answers to common questions about rental property deductions.

Capital Allowances vs Capital Works 2024
Browse through the long list of assets in Table 3 of the ATO’s 2024 rental property guide to determine if you should claim depreciation or a capital works deduction. For depreciable items you can also see their effective life.

Library/Rental Properties/Capital Allowances vs Capital Works 2024

Repair or Capital 2024
View the ATOs quick reference guide covering repairs, maintenance and capital expenditure on rental properties. See common scenarios, likely treatment and an example of the following –

• Repairs
• Maintenance
• Depreciation
• Second hand depreciating assets
• Improvements
• Initial repairs

Library/Rental Properties/Repair or Capital 2024

These lodgement dashboards are now available for download. Using our dashboards will allow you to import a lodgement report from the ATO and matching data from your practice management system to produce an interactive dashboard capable of viewing data with multiple filters. You have a choice of up to 3 user-defined reporting levels.  Click here to see a video demonstration of these files.

Here is a summary of the features in each file –

User request

Use this cashflow forecast to project weekly receipts and payments over a 12 month period. Along with our monthly version, their features include –

• Commence the forecast in any month or week based on user input;
• Automatic calculation of GST owing to the ATO;
• Minimum cash balance warning;
• Input totals for actual receipts and payments at the end of each month or week to automatically update forecasts of closing cash balances in future periods;
• KPIs including total net cash received and minimum, maximum and average cash balances over the period are displayed at the top of the sheet for easy reference; and
• Handy graphs illustrating Net Cash Flow and Cash Balance for each month or week.

Calculations/Budgets & Projections/Cashflow Forecast

Records Checklists

New records checklists for 2024 returns have now been uploaded to Forms.  One constant challenge when preparing personal returns is getting all of the information you need up front.  Delays in completing returns breeds inefficiency, increases the time you spend on the job and ultimately affects cashflow.  There are two versions of these checklists.

A short one page version is a checklist that the client can use to either get ready for their meeting with you or to be reminded of the information you need if there will be no meeting.  Send this checklist to your clients before the job commences to ensure that there are no missing records.

The longer six page version is a fillable form that will allow the client to record all relevant information and send it to you without the need for a formal meeting.  Be selective about which clients receive this longer version.

Interview Notes

This form will serve as a checklist of the items to be considered when you prepare a personal return face to face.  One important use of this form is to ask the client to complete the “income” section of the form, with a Yes or No answer, while they wait in reception for your meeting. This will remind them of income they may have received and importantly be confirmation of their instructions to you about their income for the preparation of their return.

All forms are available for download from our site as either a Microsoft Word document, to allow you to edit the form to suit the particular needs of your practice, or as a PDF document.

Forms

Change to layout.  All calculations can now be viewed on one screen.

Calculations/2024/Asset Acquisition

New Layout  New Video

Analyse a proposed rental property acquisition by your client and advise on –

• Pre and post tax cashflow
• Weekly cost to the client for affordability
• Gross and net rental yield
• Equity at any point in the analysis period
• Investment return over the ownership period (whether still held or sold)

Or in the case of a negatively-geared property, use hypothetical information to profile an ideal property to match the client’s excess cashflow.  Tax rates have been updated for the 2025 financial year.

Calculations/Budgets & Projections/Property Investment Analysis

This handy calculator will help you estimate rental income and deductions, interest on investment loans, motor vehicle expenses and depreciation on related assets for 2025 for a PAYG withholding variation.  This year, all calculations are now in this one file.

Calculations/2025/PAYG Withholding Variations

You can now start using this calculator part way through the term of the loan by entering a start year and balance at the beginning of that year.  This update will help users move existing loans across from a different calculator.

Calculations/Division 7A Loans

Save precious time and use our trust distribution workbook for your discretionary trust distributions for the year ended 30 June 2024.

Using projected net (taxable) income for the year, you can view the marginal tax rates and income available at those rates for each beneficiary to make tax-effective distributions. The worksheet will convert those taxable distributions to accounting distributions for the trustee resolution.  The resolution forms part of this workbook.

And when the time comes to prepare the trust tax return, you can enter actual accounting distributions to calculate the individual (taxable) amounts to be shown at each return label for the beneficiaries on the trust return.

Click here to watch a video.

Calculations/2024/Trust Distributions