Demonstrate the value of your advice by highlighting the tax savings from the tax planning strategies you're recommending to your client.
AutomaticTaxPlan Calculation
At the bottom of each entity you'll see Tax Savings From Tax Planning Strategies calculation.
This field adds up all the tax savings in the line items above by looking at Estimated Taxable Income BEFORE Tax Planning strategies, Estimated Taxable Income AFTER Tax Planning strategies, then calculates the tax on both to show the difference as the exact tax savings.
For a company in this example - it's just a 26% standard tax rate.
For the individual however, TaxPlan calculates the exact tax savings.
Example
If an individual makes a personal tax deductible super contribution, (selected YES to include the tax on super contributions in the Entity Information section, the 15% tax on the super contributions is included.
The tax saving is the real net saving and the individual would get a larger refund.
When the $1,500 additional tax is netted off for the tax on super fund repayments, then TaxPlan calculates the real tax savings for the individual.
As always, scroll right to review the summary of the real tax savings in the Group Totals.