With the exception of the Hire Purchase Summary and Hire Purchase Payout calculators, each calculator can now be used for any contract date on or before the year end of that calculator.  e.g. For a contract beginning on 15/02/19 you can now use the 2023 or 2024 calculator.  Previously you had to navigate back to the file for the financial year during which the contract began (2019 in our example).  The Journal worksheet now reconciles journals with the schedule.

Calculations/2023 & 2024/Hire Purchase etc

Our tax planning workbook for 2024 is now available for download.  With this calculator you can –

1. Update YTD profit to include missing items and to exclude non P&L items.
2. Project YTD profit to the end of the financial year using one of three options.
3. Make tax reconciliation adjustments to that projected profit to calculate taxable/net income.
4. Explore tax planning opportunities and calculate tax payable by all entities and individuals in the client group.
5. Account for tax on deductible payments by client to associated entities or individuals.
6. Account for contributions tax and Division 293 tax on deductible super contributions where applicable.
7. For discretionary trusts, view the marginal tax rate for beneficiaries and income available at that rate.
8. Calculate tax saved or deferred from tax planning.

For a demonstration of this calculator in action go to the video on our YouTube channel.  Make sure that your quality setting in YouTube is HD.

Calculations/2024/Tax Planning

The formulas and protection have been removed from the opening balance cells in the reconciliation sections for GST and Payroll to enable use of this working paper part-way through the year and to allow the entry of an opening balance for clients with a quarterly cycle at the quarterly section (previously had to enter at the July sheet).

Calculations/2024/JobPapers BAS

This calculator has been updated to add an “Other” column for expenses paid directly by the owner rather than via their agent –

Calculations/2023/Rental Income – Foreign

These calculators have been updated to include descriptions for borrowing expenses, capital allowances, capital works (interest was already included) and when these amounts are added to the “Other” column, you can now reconcile net rent in our calculator with the clients’ rental income schedule on their return –

Calculations/2023/Rental Income – Foreign
Calculations/2023/Rental Income – Private Use
Calculations/2023/Rental Income – Standard
Calculations/2024/Rental Income – Private Use
Calculations/2024/Rental Income – Standard

Calculate the effective tax rate for your client group.  This calculator can be used for any year so you will find it under Financial Calculations.

Calculations/Financial/Effective Tax Rate

Calculate the bonus deductions claimable under the Small Business Technology Investment Boost and the Small Business Skills & Training Boost.

Calculations/2023/Small Business – Technology Boost and Small Business – Skills Boost

Just one file now and select the entity type at the dashboard.  New features include –

• New reconciliations for GST, wages, PAYGW & super;
• Import Excel worksheet or any user-selected range in that sheet; and
• Draft copy of activity statements now produced.

Calculations/2024/JobPapers/BAS

Summarise rental income and expenses in a foreign currency and convert to AUD.  Add your own exchange rates for any country not listed.

Calculations/2019 – 2023/Rental Income – Foreign

Take control of your ATO lodgements with this interactive lodgement dashboard.   Import your lodgement report from the ATO portal and a client report from your practice software to produce a dashboard showing –

• your overall lodgement performance for the year to date;
• the quantity and percentage of entity types that make up your client base;
• your lodgement performance by entity type for the year to date;
• current year lodgements by due dates showing the number due, the number already lodged and that percentage;
• an estimate of your 85% on-time lodgment requirements for future dates; and
• a lodgement summary for the prior 3 years showing clients with all 3 years outstanding, clients with the immediate 2 years outstanding, clients with just 1 prior year outstanding and the balance with no outstanding lodgements.

Using our new practice import wizard, import up to 3 levels of reporting data for each client from your practice software.  Reporting levels may include Accountants, Partners, Office Locations or whatever you need.

These are just 3 examples of the questions that this lodgement manager can answer for you instantly –

1. From a list of staff responsible for lodging returns, how do they rank and which of those staff members are behind and need help;
2. How many company returns need to be lodged by your Sydney office by 31 October and who are the staff members responsible for lodging; and
3. How many clients have not lodged all of their 3 prior year returns.

Calculations/2023/Lodgment Manager – Returns

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