76 strategy areas currently available for use in TaxPlan
Once you've entered projected income and tax deductions and TaxPlan has calculated the Estimated Taxable Income BEFORE Tax Planning the next thing to do is to choose your tax planning strategies.
Head to the green Tax Planning Adjustments heading (located under Estimated Taxable Income BEFORE Tax Planning).
For most strategies in TaxPlan you can enter an amount and show a reduction of your client’s tax, however you can also choose Information Only strategies where no calculations are included only a detailed description.
Information Only
The Information Only dropdown options list a number of tax strategies to which you answer, “yes / no this does / does not apply to the client”. Prewritten content for each of these strategies will then display in your TaxPlan report.
Rest your cursor on Select a Strategy to review the Information Only strategy options.
NB: If you’re concerned about discussing superannuation strategies being a licenced financial advisor, the Corporations Law allows you as a licenced tax advisor to discuss the tax effect of decisions that a client makes. Throughout the ChangeGPS content we state clear warnings in our reports that you're not giving financial advice, but that you're talking about the taxation consequences of making superannuation or other contributions.
Income
The Income strategies, if selected, actually increase taxable income.
Rest your cursor on Select a Strategy to review the Income strategy options.
Expenses
In the Expenses area, these items generally decrease tax free income.
Rest your cursor on Select a Strategy to review the Expenses strategy options.
Superannuation
Three key options under Superannuation:
- Carried Forward Unused Superannuation Caps strategy
- Pay Employee Superannuation Before 30 June (for employers), and
- Tax Deductible Super Contributions (personal)
Rest your cursor on Select a Strategy to review the Superannuation strategy options.
Other Tax Planning Adjustments
This is where you can enter your own amounts of calculated savings or custom savings amounts, Income, Expenses, Information Only and Superannuation.
Rest your cursor on Select a Strategy to review the Other Tax Planning Adjustments options.
If legislation changes, for example after a Federal Budget, ChangeGPS will make any adjustments to this information. Similarly, if you make a suggestion for an item we haven't included, we will write and include it to be available for all ChangeGPS members.