Step by step guide on how to produce a TaxPlan Report

See an overview of TaxPlan to help you get started

Step 1 - the Getting Started modal

• Download the Tax Planning System & Emails to access the tax planning system, fact sheets and client emails
• Click Load from Saved Advice (left) to open prior TaxPlans that you've saved, for example you can open one from last year and use it for the current year by switching the tax rates, or
• Or select Start Wizard (right) to start a new file

Step 2 - add Client Goup and Entities

On the first Base Scenario - download or manually add your client group & entities Learn More.

Step 3 - add the Tax Info details

The Tax Info tab is the main data entry page which turns green when active.

• Change the Tax Year (top right) by selecting from the dropdown
• Choose ‘Yes/No’ radio buttons to Include PAYG Instalments for FY

Entity Information

The first section is designated for information set up and is called Entity Information. Depending on the entity type, different options will appear for a company, a trust or an individual.

• Click the ‘Yes/No’ radio buttons in that section to customise the data and calculation options
• Minimise Entity Information by clicking ^ next to the section heading

Income

This section is where to enter Projected Income for the current year. Whatever TaxPlan year you have chosen will automatically show here.

• Start by entering Projected Income into the itemised blue cells Learn More

Deductions

• Enter Tax Deductions – these are normal deductions clients would be paying every year prior to tax planning, for example rental income, rental depreciation and interest go into this section to arrive at Estimated Taxable Income BEFORE Tax Planning

Tax Planning Adjustment Strategies

• Select the Tax Planning Adjustments and add the amounts to calculate Subtotal After Tax Planning Adjustments. 
• Optionally customise the Strategies on the next step of the report builder. Learn More

Distributions

• Use this section to distribute income between entities or outside of the group. Learn More

Review the Tax Assessment Calculations

In this section includes the tax calculations for Tax Assessed including Estimated PAYG Instalments Paid that you can manually enter for the current year.

• Scroll to the bottom to see Average Tax Rate Paid, Estimated Tax Payable / Refundable and any Tax Savings from Tax Planning Strategies
• (Optional) enter additional ATO Tax Repayment Plan information to appear in the TaxFlow report if there are any repayments with the ATO or any Estimated PAYG Instalments
• Check the Group Totals for a summary in the far right column which adds up everything so you can review totals as you work

See it in action:

Step 4 - Add and Edit the Tax Planning Adjustment Strategies & YE Reminders

Next, progress to Step 2. Strategies & Reminders - Learn More

Step 5 -  advance to the Produce tab

Proceed to through the report builder tabs to check, edit and confirm the Client details, Cover Letter, Preview the report and add any attachments on the Collate tab.

On the Produce tab - download the PDF.