April is a good time to do some tax planning with your clients.  The 2023 version of our tax planning workbook has now been uploaded to the Calculations module.  Features include –

• Project YTD profit to the end of the financial year using one of 3 options;
• Explore tax planning measures to reduce the client’s taxable/net income;
• View the marginal tax rates and income available at those rates for all related parties for tax-effective allocation of projected profit; and
• Automatic calculation of tax payable by a large range of taxpayer types including Residents, Non-Residents and Minors, all with a combinations of MLS and/or HELP where applicable, as well as Seniors, Companies (standard & base rate), Super Funds (accumulation and pension phases) and Trusts.

Calculations/2023/Tax Planning

Reconcile rental income and deductions from agent and client records with multiple rental income schedules on the client’s tax return.

Calculations/2022/Rental Income – Reconciliation

A new template calculation, Loan – Related Party, has been added to company, trust, partnership and sole trader JobPapers.

Calculations/2022/JobPapers

Amortise a related party loan, calculate daily interest, closing balance and payout amount.
Replaces Interest – Related Party.

Calculations/2022 & 2023/Loan – Related Party

Convert foreign income, deductions and tax paid to AUD, calculate the offset limit and amount claimable.

Calculations/2022/Foreign Income Tax Offset

Now manage lodgement of client returns in an interactive dashboard using up to 3 user-defined reporting levels.

Calculations/2022/Lodgement Manager – Returns

Calculate interest on a related party loan.

Calculations/2022 & 2023/Interest – Related Party

Calculate the CGT discount percentage for an individual with periods of foreign ownership.  This is a stand-alone version of the calculation in CGT – Property.

Calculations/2022 & 2023/CGT – Discount

Now calculating the CGT discount for periods of non-residency.

Calculations/2022/CGT – Property

Determine your client’s eligibility for the small business CGT concessions and calculate the gain.  This Q & A style calculator includes the following –

• Answer questions to test basic eligibility as well as eligibility for each of the 4 concessions
• Calculate aggregated turnover
• Calculate net asset values
• Identify CGT concession stakeholders
• Show results for the significant individual and 90% tests
• Calculate the gain
• Use your own order for claiming each concession
• Handy tracing calculator

Use this calculator either before the event for tax planning purposes or after the event to complete the client’s income tax return.

Calculations/2021 and later