Tax Position Calculator - June 2023

This is the ultimate tool for accountants! Depending on when your are using this calculator it will you an excellent value add to your clients. 

A. BEFORE the end of the Financial Year. 

If you are using this calculator before the end of the financial year noted above, it is a terrific tax planning tool for Trust Distributions and Dividend allocations. You can plan for the optimum allocation of franking credits, taxable and tax free income among each member of a client group. 

A couple of Warnings - The SAPTO, FTC, Small Business Offset, Medicare Levy Surcharge and Reduced Health Fund amounts are all manually entered as it is near impossible to get the calculator to accurately work these amounts out based on the info entered. So be very careful when doing your tax planning and you change a figure, these fields will NOT change automatically, 

B. AFTER the end of the Financial Year. 

If you are using this calculator after the end of the financial year noted above, it summarises pages of your client's financial statements and income tax returns on the ONE page. It is a great conversation starter with your clients where it shows them a helicopter view of their year end income tax and GST obligations. It shows them the effective tax rate of each of the members of their group, it summaries each estimated income tax refund and payable as well as their due dates. You can also summarise your client's other tax obligations including BAS amendments, balances on their Integrated Client Account and the ever pesky Division 293 amounts owing. It also records the year end carried forward revenue tax losses and capital losses. 

It also allows you to inform your client of their CURRENT year estimated quarterly instalments so that they have no surprises. Depending on the time of the year you are finalising your client's group, you enter the actuals in the BAS's/PAYG I's that have been issued, and then you can enter the estimates for the rest of the financial year.