The following new and updated calculations have been added to our site since our last update email. As you can see below, a number of new calculations and changes to existing ones have been made in response to a user request, so please feel free to let us know what you need and if it has general appeal we will be happy to assist you.

New Calculations

Loan - Related Party (2022 & later)
Amortise a related party loan, calculate daily interest, closing balance and payout amount.

Foreign Income Tax Offset (2022 & later) - user request
Convert foreign income, deductions and tax paid to AUD, calculate the offset limit and amount claimable.

Rental Income – Reconciliation (2022 & later)
Reconcile rental income and deductions from agent and client records with multiple rental income schedules and the rental income summary at item 21 on the client’s tax return.

Working From Home Expenses (2023)
Improved layout replacing Home Office Expenses workbook.

Working Papers For Individual Returns (2023) - user request
This new addition to our JobPaper collection has been requested by a number of our users. If has the same style and layout as the annual accounts and activity statement workpapers but tailored to personal income tax returns. This workbook has been designed for use in preparing both the client and partner returns.

Rental Income – Foreign (2019 & later) - user request
This calculation was requested recently by a user who had returns to prepare from 2019 so we went back to his first year. Summarise rental income and expenses in a foreign currency and convert to AUD. Add your own exchange rates for any country not listed.

Small Business Boosts (2023) – user request
Calculate the bonus deductions claimable under the Small Business Technology Investment Boost and the Small Business Skills & Training Boost.

Updated Calculations

Lodgement dashboards For Returns & BAS (2023)
  • Now with 3 user defined levels of reporting.
  • An import wizard to load practice data.
FBT – Cars (2023) - user request
  • Now 2 options for calculating the cost price of a car.
  • OWDV of a car and accessories added after purchase are now automatically calculated but DIY option still available.
  • A new “days available for private use” calculator has been added.
Property Investment Analysis (2024) - user request
  • Now analyse a potential property investment over any period from 1 to 10 years.
BAS JobPaper (2024)
  • Just one file now and select the entity type at the dashboard.
  • New reconciliations for GST, wages, PAYGW & super.
  • Import Excel worksheet or any user-selected range in any sheet.
  • Draft copy of activity statements now produced.
Dennis Coleman
Accountants Desktop