Personal Budget

This is a non-expiring monthly budget for use by your clients in managing their personal finances.  The workbook has been protected but without a password.  We recommend that you review this budget, make any changes to accommodate your preferences, including adding your practice name and/or logo and then use a password to protect the budget worksheet before giving it to your clients.

The features of this budget include –

  • A flowchart demonstrating best practice in managing personal finances;
  • Inbuilt formulas for payment patterns will enable automatic allocation of income and expenses across the twelve months;
  • Income or expenses with erratic frequency can be entered directly to the months involved;
  • Separate tracking of bills and personal spending;
  • Calculation of a weekly spend amount to help contain out of control spending;
  • Projection of the balance of the “Bills” account to reveal any shortfalls in monthly funds;
  • The actual balance of the “Bills” account for any month can be entered to make projections for future months more meaningful;
  • The ability to add a buffer (based on a multiple of your monthly provision) to provide for any interruption to your income or to cover individual monthly shortfalls; and
  • A completed annual budget can be copied within the workbook for future reference and the current budget can then be updated with details for the new year.

Calculations/Budgets & Projections/Budget – Personal

Franking Credit – Convert to Loss 

For a company tax return, convert excess non-refundable franking offsets to an equivalent tax loss.

Calculations/2018

12 August 2018

Stock – Private Use

This workbook calculates the amounts that the ATO will accept as estimates of the value of goods taken from trading stock for private use by taxpayers in named industries.

Calculations/2018

11 August 2018

Depreciation – Balancing Adjustment & Capital Gain/(Loss)

This workbook will calculate the assessable or deductible balancing adjustment, and if applicable the capital gain/(loss), on disposal of an asset depreciated under the uniform capital allowance system.  It will also calculate the reductions to be made to the cost and termination value if the asset is a car and its cost exceeded the car limit and calculate the reductions to the balancing adjustment and capital gain/(loss) to reflect private use of the asset.  Notional calculations are also shown for use in client accounting if applicable.

You can use this workbook to calculate the required figures when preparing a client’s tax return should your software not perform these calculations.  You can also use the workbook before the financial year has ended to advise your client on the tax implications of disposing of the asset.

Calculations/2018 & 2019

8 July 2018

Apportion by Value

This handy calculator will allow you to enter a set of values to calculate the total value and relative proportion of each component and enter an amount for apportionment.  Examples of how this workbook could be used include –

  • Calculate the amount of land tax for each property included in a single assessment for multiple properties; and
  • Calculate the deduction for home office (place of business) expenses based on floor areas used for business and private purposes.

Calculations/Financial

17 May 2018

Workplace Rights & Obligations for Small Business

The Fair Work Ombudsman’s (FWO) new Small Business Showcase is a virtual hub containing a wealth of tools and resources to help you meet your workplace responsibilities.

The Showcase helps you understand and deal with key workplace issues like hiring, minimum wages and keeping accurate records.

It also includes:

  • short instructional videos on how to use their tools and resources
  • an interactive checklist to check your knowledge of key workplace concepts
  • online polls so you can share your insights and opinions on key workplace issues.

Library/W

12 May 2018

Charge-out Rate Calculator

Calculate the charge-out rate for a small business service provider.

Calculations/Budgets & Projections/Charge-out Rate Calculator

28 Apr 2018

Break-even Analysis

Calculate the revenue required from either the sale of goods or services to break even.  Features include –

  • Enter gross profit ratio and fixed costs to an expandable table to calculate sales or fees required to break even;
  • Enter the average sale amount to calculate the number of sales required to break even;
  • Enter the average hourly charge-out rate to calculate the number of hours to charge to break even;
  • Enter desired profit to calculate revenue and the number of sales or billed hours to achieve that profit; and
  • Enter notes about your calculations.

Calculations/Budgets & Projections/Break-even Analysis

27 Apr 2018

Vary Quarterly PAYG Instalments for an Individual

Estimate the quarterly PAYG instalment amount or rate for a variation for an individual.  Prepare up to 4 variations for a client and retain a full record of their PAYG instalment variations in the one file.  Features include –

  • Estimate gross income and deductions related thereto for each category of income.
  • Account for reconciliation items on the return to convert profit to taxable income.
  • Enter details of student debts (HELP, TSL, SFSS) for automatic calculation of repayments.
  • Estimate income tax, medicare levy and medicare levy surcharge on taxable income and account for tax offsets and other credits.
  • Automatic calculation of PAYG withholding on wages entered.
  • Separate “Projections” worksheet to allow estimates of income and expenses for any category of income.

Calculations/2018/PAYGI – Vary Individual Quarterly

18 Apr 2018

Apportion by Date

This handy calculator will allow you to enter a date range and compare excluded periods within that range with the full period, giving total days, excluded days and percentage thereof and enter an amount for apportionment.  Examples of how this workbook could be used include –

  • Calculate days that a rental property was used for private purposes to apportion expenses;
  • Calculate days that a company vehicle was available for private use by an employee for FBT purposes;
  • Calculate days a main residence was used for income producing purposes for CGT calculations; and
  • Calculate days travelling on business to apportion expenses between business and private.

Calculations/Financial

31 Mar 2018

FBT 2018

Fringe benefits tax calculations, letters and forms for 2018 are now available on our site.

19 Mar 2018

Retirement Planner

Use this workbook to help your clients plan for their retirement by projecting growth in their investments and superannuation balances to determine whether the accumulated funds will provide them with a comfortable retirement.  See more information at the workbook page and Calculations/About Each Workbook.

Calculations/Budgets & Projections/Retirement Planner

16 Mar 2018

ATO Small Business Benchmarks

The 2017 version of this calculation (now shown under Calculations/2017) has been updated to include the latest benchmarks released by the ATO on 21 February 2018 from 2016 returns.

Calculations/2017/Benchmarks

21 Feb 2018

Profit Manager

Analyse your client’s Trading/Profit & Loss Statement and explore the various options for improving their bottom line.  Enter changes (up or down) to the following performance indicators for clients with either trading or services income (or both) and view the effect on their profit –

  • Average sale or fee amount
  • Repeat business
  • Turnover or productivity
  • Sales prices or charge-out rates
  • Cost of sales
  • Direct costs
  • Operating expenses

It will only take a few minutes to enter the summarised data from your client’s most recent financial report and you can then consider the various options in a meeting with your client.

Calculations/Budgets & Projections/Profit Manager

15 Feb 2018

Fee Schedule

Use our new schedule of fees template (in Microsoft Word) to set up a schedule for your practice.  Providing new or existing clients with this information is a good way to manage their expectations in relation to the fees you charge for your services.

Forms/Fee Schedule

7 Feb 2018

BAS Workpapers – Cashbook Quarterly (2018)

This workbook can be used where the client provides bank and credit card account statements and you want to enter transactions and reconcile with closing balances for up to six separate accounts.  As with other BAS workpapers, this workbook produces a summary of GST collected and paid for quarter for the preparation of Business Activity Statements, along with an annual summary of transactions for the preparation of the client’s income tax return.

Calculations/2018/BAS Workpapers – Cashbook Quarterly

4 Feb 2018

Tax Planning (2018)

Two separate tax planning workbooks (for companies and non-companies) for 2018 are now available to project annual profit, estimate taxable income & tax payable and devise ways to defer or save tax.

Calculations/2018/Tax Planning Company/Non-Company

16 Jan 2018

PAYG Withholding – Pay Estimate – Fortnightly Wages

Calculate fortnightly gross wages and PAYGW based on variable net wages of business owners.

Calculations/2018/PAYGW – Pay Estimate Fortnightly

17 Nov 2017

PAYG Withholding Variations

Four workbooks have been rolled forward to 2018 to assist with projections for PAYG Withholding Variations for the year ended 30 June 2018.  They include projections for rental income and expenses, depreciation of fixtures and fittings, interest on investment loans and motor vehicle expenses.

2 May 2017

FBT

We have added our fringe benefits tax calculator for use with all employer and fringe benefit types for the year ended 31 March 2017.  The workbook includes calculation of FBT payable where applicable, calculation of the value of benefits for an employee contribution and a summary of all benefits by type and employee.

6 April 2017

Fixed Price Agreement

Calculate fees and periodic payments for a client entering into a fixed price agreement with your practice.  This workbook provides for multiple jobs spread across multiple related client entities and includes automatic calculation of fees based on the prior year fee and a markup or enter your own fee.  Payments are calculated on either a weekly, fortnightly or monthly basis.

22 Feb 2017

Profit & Tax Projections for 2017

Two separate versions of this workbook (for companies and other entities) have been rolled forward to 2017.

8 Feb 2017

CGT – Shares

The 2016 and 2017 versions of this workbook have been updated to include cost per share.

14 Nov 2016

Hire Purchase Fortnightly

Calculate interest, borrowing expenses and end of year balances on a standard hire purchase contract with regular fortnightly payments.

14 Oct 2016

Tax & Super Debt – Company

Enter a weekly or monthly summary of income, expenses with GST, wages and PAYG withholding to calculate amounts to be set aside for subsequent payment of GST, PAYG Withholding, PAYG Instalments (or Income Tax), Superannuation and FBT.   This workbook will also estimate the client’s annual tax liability and allow the use of separate (updated) quarterly rates for PAYGI and separate quarterly amounts for Superannuation and FBT instalments.

If you are maintaining a separate bank account for these future liabilities, the workbook allows entry of all transactions and will reconcile those figures and the calculated balance with bank statements.

This is an essential resource for your small business clients or investors who are struggling to pay their tax and superannuation debts.  Use this workbook as a consulting tool in your practice (or even for your practice) or give it to your client after calculating and entering a PAYG instalment rate for each quarter.

10 Oct 2016

New Site Launched

There has been a complete rebuild of the site with the following new features –

  • Larger screen space and font size, along with an improved layout, for easier viewing.
  • Calculations, Forms & Letters are now displayed in tables which can be sorted and searched.
  • Each Calculation, Form or Letter is assigned to a category and can be displayed as a group in the table when sorted or on their own when you search for the category name.
  • ATO News can now be searched.
  • Calculations for each year are now displayed in a compressed format with one line per calculation.
  • Full details about each calculation and suggestions for use are now shown in “About Each Workbook” in the Calculations menu.
  • Letters are now contained in a downloadable Microsoft Word file.
  • Foreign exchange rates are now shown in a table which can be searched to display that country’s rates only.
  • The Library and Websites modules have been given a makeover with easier access via an alphabetical index of links.

20 Sept 2016

Hire Purchase Calculations

Three hire purchase workbooks have been rolled forward to 2017 –

Calculations/2017/Hire Purchase Payout
Calculations/2017/Hire Purchase – Standard
Calculations/2017/Hire Purchase – Structured

8 Sep 2016

Primary Producer Trading Accounts

Prepare trading accounts for a primary producer, including separate worksheets for Livestock (with quantities), Produce and Other income.  A separate sheet summarises the figures for the client’s tax return.

Calculations/2016/Primary Producer Trading

31 Aug 2016

2016 Personal Tax Checklists

Three checklists have been added for personal tax returns for the year ended 30 June 2016.  Each checklist is available in both PDF and Microsoft Word format. They are –

Records Checklist Short – Forms/Records
Records Checklist Long – Forms/Records
Return Checklist – Forms/Interviews

13 Jun 2016


2016 Trust Distributions

Estimate trust accounting distributions required for the trustee resolution by 30 June to achieve a desired taxable distribution for each beneficiary and prepare the resolution itself which forms part of the workbook.

Calculations/2016/Trust Distributions – Resolution

1 Jun 2016


Present Entitlement Register – Private Company Beneficiary

For those discretionary trust ledgers which have not separated the present entitlements of a private company beneficiary each year into sub-accounts, this workbook will track those entitlements and automatically allocate payments and offsets against the appropriate years.  It will also identify any UPEs which will be subject to the deemed dividend rules under Division 7A.  To speed up data entry, export data from the ledger into a spreadsheet and copy and paste into this workbook.

Calculations/2015/Present Entitlement Register

24 May 2016


BAS Summary & Reconciliations

The latest version (2016) of this workbook includes a sheet which reconciles the FBT Expense and Liability shown in the accounts with instalments paid to the ATO and the FBT return itself.

Calculations/2016/BAS Summary & Reconciliations

17 May 2016


ATO Small Business Benchmarks

All ATO benchmarks now come in one workbook and the client’s industry can be selected from a drop down list.  These latest figures were recently published by the ATO from information contained in 2014 income tax returns and activity statements.

Calculations/ATO Benchmarks

10 May 2016


FBT Calculator

This 2016 workbook will calculate the taxable value of  the full range of fringe benefits.  It also includes a separate summary for the FBT return with calculations for all employer types and a summary of benefits by employee, including calculation of reportable fringe benefits to be shown on payment summaries.

The 2015 workbook has been updated with the new style and smaller file size.

Calculations/2016/FBT Calculator
Calculations/2015/FBT Calculator – Excel Version 2007 or Later

29 Mar 2016


Tax Planning Workbooks for 2016

Project annual profit from part-year accounts (practice software or client accounting systems such as Xero, MYOB, QuickBooks, etc), estimate taxable income and tax payable by the company, individual owner, partners or beneficiaries as applicable and calculate tax savings using tax planning measures.

Calculations/2016/Profit & Tax Projection (Companies and Others)

2 Jan 2016


Age Based Contribution Limits

We have added a handy reference table to quickly determine the effect of a client’s age on their ability to contribute to super.

Rates/Superannuation/Contribution Limits by Age

1 Dec 2015


Business Income Schedule

Worksheet to prepare figures for up to 5 separate businesses with consolidated figures to input to the business income schedule on a personal return. Allows separation of non-commercial losses into deferred and non-deferred (and identification of primary producer and non primary producer amounts) where current tax return software (no names mentioned) does not provide separate worksheets.

Calculations/2015

12 Nov 2015


PAYG Instalment Calculator

Link to the new ATO calculator to work out a varied PAYG instalment rate or amount.

Calculations/2016

29 Oct 2015


Retirement Planner

This online calculator is found on ASIC’s MONEYSMART website.  It will help you work out –

  1. What income you are likely to have from super and the Age pension after you retire;
  2. How contributions, investment options, fees and retirement age affect your retirement income from super; and
  3. What actions you can take to boost your super and retirement income

Calculations/Budgets & Projections

14 Oct 2015


Return Checklist – Personal for 2015

The 2015 checklist for preparing a personal income tax return is now available for download in PDF and Microsoft Word format, the latter for customisation purposes.

Forms/Interviews/Personal Return

22 Jun 2015


Records Checklists for 2015

Short and long versions of our records checklists for 2015 personal income tax returns now available to send to clients.  Both versions are available in PDF and Microsoft Word format, the latter for customisation purposes.

Forms/Records/Personal Return (Short or Long)

10 Jun 2015


ATO Benchmarks

All workbooks updated to include benchmarks issued by the ATO in April 2015 from 2013 returns.

Calculations/ATO Benchmarks

8 Jun 2015


FBT 2015

The 2015 FBT workbook will calculate the taxable value of all fringe benefit types.  It also includes a separate summary for the FBT return with calculations for all employer types and a summary of benefits by employee, including calculation of reportable fringe benefits to be shown on payment summaries.

Calculations/2015/FBT – Full Calculator

6 Apr 2015


2015 Profit & Tax Projection

Project annual profit from part-year accounts (practice software or client accounting systems such as MYOB, QuickBooks, etc), estimate taxable income and tax payable and calculate tax savings using tax planning measures.  Separate workbooks for companies and other business entities.

Calculations/2015/Profit & Tax Projection (Companies & Others)

28 Jan 2015


ATO Benchmarks – New Layout

New improved layout now shows –

  1. Client ratios;
  2. ATO benchmark ratios;
  3. Expected expense range ($) based on client turnover and ATO ratios;
  4. Amounts by which actual expenses vary from expected range;
  5. Expected turnover range ($) based on the relevant client expense for the key benchmark ratio and variance therefrom;
  6. Expected turnover range ($) based on total expenses and the ATO ratio of total expenses/turnover and variance therefrom where the client does not report the key ratio or only reports a small amount; and
  7. Covering letter now included in Letters/Accounts Letter/ATO Benchmarks.

Calculations/ATO Benchmarks

14 Oct 2014


Stock Estimate

Estimate closing stock from sales, opening stock and purchases by using one of the following five cost of sales to turnover ratio options –

  1. Immediate prior year;
  2. Average of all prior years entered;
  3. Enter own ratio;
  4. Lower inbuilt ATO ratio where available; and
  5. Higher inbuilt ATO ratio where available.

Calculations/Year/Stock Estimate

30 Sep 2014


Tax & Super Debt Management

Calculate amounts to be set aside on a weekly or monthly basis for subsequent payment of GST, PAYG Withholding, PAYG Instalments (or Income Tax), Superannuation Guarantee and a user definable liability (e.g. FBT).  This is an essential resource for your small business clients who are struggling to meet their tax and superannuation liabilities.  Use this workbook as a consulting tool in your practice (or even for your practice) or give it to your client after calculating and entering a PAYG instalment rate.

Calculations/2015

31 Jul 2014


2014 Return Forms

Forms/Return Forms

11 Jul 2014


2014 Return Schedules

Forms/Return Schedules

11 Jul 2014


2014 Guides & Instructions

Home Page/Lookup
or
Library/P-R/Return & Schedule Guides

11 Jul 2014


Job Budget & Job Register

Existing workbooks rolled forward to 2015.  Data in the prior year workbook can be copied and pasted to the new workbook.

Calculations/2015

1 July 2014


2014 Personal Tax Returns

Personal tax return checklist for 2014 added.

Forms/Interviews/Personal Return

Records checklists (short and long versions) for 2014 personal returns added.

Forms/Records/Personal Return

23 Jun 2014


Profit & Tax Projections

Both worksheets (companies and others) have been updated to allow more options for entering projected profit for the remainder of the year. The 3 options are –

  1. Annualise part-year profit;
  2. Enter total projected income and expenses only: or
  3. Complete the attached worksheet which allows projections for each item of income and expenditure.  This latter sheet can be completed by your practice or sent to your client.

Calcs/2014/Profit & Tax Projection – Companies
Calcs/2014/Profit & Tax Projection – Others

14 May 2014


PAYG Withholding Variations

PAYG withholding variation worksheets rolled forward to help with estimates for 2015 applications.  Worksheets include –

  1. Car expenses
  2. Depreciation
  3. Interest paid
  4. Rental income and expenses

Calculations/ 2015/PAYG Withholding Variations

3 May 2014


FBT – Full Calculator

Whether you need to prepare an FBT Return or calculate the employee’s contribution needed to reduce the value of a benefit to zero, this workbook will calculate the taxable value of all fringe benefit types. It also includes a separate summary for the FBT return for a taxable employer and a summary of benefits by employee, including calculation of reportable fringe benefits to be shown on payment summaries. Worksheets include –

  1. Cars (incorporating base value calculations)
  2. Loans
  3. Debt Waiver
  4. Expense Payments
  5. Housing
  6. Living Away from Home Allowances
  7. Board
  8. Property
  9. Residual
  10. Car Parking
  11. Meal Entertainment

This calculator comes in two Excel versions, Excel 2003 or Earlier and Excel 2007 or Later. Due to the size of the workbook, the later version (2007) is a much smaller file and will be quicker to download and save.  It is recommended that this later version is used wherever possible.

Calculations/2014/FBT – Full Calculator

8 April 2014


Tax Provision and Franking Account

The existing workbook has been updated to allow accrual and reversal of PAYG instalments in the Provision for Tax balance without affecting the Franking Account balance.

Calculations/2013 & 2014/Tax Provision & Franking Account

22/03/2014


Job Budget

Estimate fees for a job for quoting or fixed price agreement purposes.  This workbook comes pre-filled with a comprehensive list of activities and job categories which are fully customisable, allowing you to change existing, or enter your own, descriptions to suit the individual needs of your practice or the particular job.  Use this workbook to set up a practice template, including names and hourly rates of fee earners, which will automatically fill the budget when selected from a list.  Enter actual hours and fees to compare with the budget and calculate variances.

Calculations/2014/Job Budget

19/03/2014


Salary Packaging – Superannuation

The existing workbook has been updated to include the following new features –

  1. Add other taxable income (e.g. net capital gains) or subtract deductions (e.g. revenue losses brought forward) to/from annual salary to take into account your client’s individual circumstances when projecting the tax savings arising from packaging super during the tax year; and
  2. Calculate Division 293 tax and account for the amount payable in projecting these tax savings.

Calculations/Budgets & Projections/Salary Packaging – Superannuation

10/03/2014


Service Fees

Calculate service fees payable by a professional firm to a related service entity using either Comparable Market Rates or ATO Indicative Rates contained in the ATO guide to service entity arrangements. The maximum service fee based on ATO recommendations for low audit risk arrangements is automatically calculated but users can determine and use a fee which they consider to be more appropriate to their client’s circumstances.

Calculations/Year/Service Fees

24/02/2014


CGT – Property, CGT – Shares

2014 versions rolled forward.

Calculations/2014/CGT – Shares and CGT – Property

18/02/2014


PAYG Withholding – Gross Pay Estimate – Weekly

Calculate the weekly amount of gross wages and PAYG withholding based on variable net wages paid to business owners and their associates at random.

Calculations/2013 and 2014/PAYG Withholding – Gross Pay Estimate – Weekly

17 Feb 2014


Wages & Super Reconciliation

Existing workbooks for 2013 and 2014 have been updated to allow entry of the employer’s ABN and the employees’ TFN, DOB and period of employment.

Calculations/2013 and 2014/Wages & Super Reconciliation

14 Feb 2014


BAS Working Papers – Taxi Drivers

Monthly version of the workbook described in more detail below.

Calculations/Year/BAS Working Papers – Taxi Drivers

24 Jan 2014


SMSF Pension Payments

Existing workbooks have been updated to allow entry of actual pension payments made during the year to compare with minimum required and maximum allowed.

Calculations/Year/SMSF Pension Payments

10 Jan 2014


BAS Working Papers – Taxi Drivers

This workbook follows the format in the ATO form titled “Taxi Driver Takings & Expenses Worksheet”.  A copy of that form can be found in the Forms Module under Records.

The workbook produces a summary of GST collected and paid for the preparation of the client’s quarterly BAS, along with an annual summary of transactions for the preparation of the client’s income tax return. Monthly version coming soon.

Also, driver takings are compared with the Small Business Benchmark for Taxi Drivers, which is calculated by multiplying the number of kilometres entered to the worksheets (or your own estimate) by the rate per kilometre set by the ATO.

Calculations/Year/BAS Working Papers – Taxi Drivers

9 Jan 2014


BAS Summary & Reconciliations

Existing workbooks updated to include GST and PAYG Instalment worksheets for those practices which lodge activity statements using the ATO Portal.  Worksheet totals can optionally be transferred to the Summary sheet.

Calculations/Year/BAS Summary & Reconciliations


Business Valuations – Discounted Cash Flow

The existing workbook has been updated to allow manual entry of Sales for each of the ten forecast years.  The standard method of automatically forecasting Sales (base year Sales times revenue growth percentage per annum) has been retained as the default option.

Calculations/Business Valuations


BAS Summary & Reconciliations

Existing workbooks updated to identify if an activity statement (AS) either includes a correction to an earlier AS, contains an error which is corrected in a later AS or is a revision of a previous AS for the relevant period.

Calculations/Year/BAS Summary & Reconciliations

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