Hi reader,

Please read below to see the following information about changes to our site since the last update in October 2023 -
  1. New Calculations
  2. Updated Calculations
  3. Downloading Our Calculators
  4. Welcome Emails

New Calculations

Tax Planning 2024
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 the client to associated entities or individuals.
  6. Account for contributions tax and Division 293 tax on deductible superannuation contributions where applicable.
  7. For discretionary trusts, view the marginal tax rate for beneficiaries and income available at that rate for tax-effective distributions.
  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

Effective Tax Rate - User Request
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

Updated Calculations

Rental Income Calculators
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

BAS JobPapers 2024
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

    Downloading Our Calculators

    Our calculators are frequently updated throughout the year so to ensure that you are using the latest version, we recommend that you download the file from our site when needed each time rather than accessing a previously downloaded file which you use as a practice template.

    If you do make changes to our files to suit the individual needs of your practice, we would be happy to look at updating our templates if the changes have universal appeal.

    Welcome Emails

    We have recently started sending a welcome series of four emails to new users to help them get the most out of our site. If you joined our site before these emails commenced or if you would just like a refresher on using our site, go to Main Menu/Welcome Emails to view copies on line.

      Please let us know if you need any assistance or have any suggestions for new or improved content.

      Dennis Coleman
      Accountants Desktop