This new addition to our JobPaper collection has been requested by a number of our users.  Keep all of your supporting records, reports and calculations for both returns together in this file and make use of the handy job management tools and Accountants Desktop templates included with the workbook.

Calculations/2023/Returns – Individual

This calculation is the Home Office Expenses workbook from 2022 but updated with an improved layout and expanded help.  It calculates the running expenses claimable where your client works from home, using the revised fixed rate and/or actual costs methods.   If applicable, it calculates occupancy (place of business) deductions for those self-employed or business owner clients or for those employee clients without an employer provided place to work.  It also inlcudes a handy business use calculator to calculate the proportion of expenses deductible based on floor area and time used.

Calculations/2023/Working From Home

Thanks to a request from one of our users, this calculator now allows you to analyse a potential property investment over any period from 1 to 10 years.

Calculations/Budgets & Projections/Property Investment Analysis

Our existing calculator has been updated to include the following new features –

• There are now 2 options for calculating the cost price of a car for FBT purposes.  Calculate from the contract price and make reductions or enter the individual components;
• The OWDV of a car and accessories added after purchase are now automatically calculated but you still have the option of entering your own calculation;
• A new “days available for private use” calculator has been added; and
• Information about calculating the benefit and using the workbook has been expanded.

Calculations/2023/FBT – Cars

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