Plansoft Calculator - Personal Tax Calculations

Personal Tax Calculations

This personal tax calculator uses the TaxPack format for data entry. Four TaxPack data entry formats are provided: Short, Standard, Supplementary and Retirees. This ensures the minimum amount of data entry depending on your requirements. The calculator is not designed to complete a tax return, however the headings, codes and colours are similar to the TaxPack as provided by the Australian Tax Office for easy reference.

All the common individual tax rates and thresholds are included where calculations are possible. These include:

• Resident Income Thresholds and Tax Rates
• Non Resident Income Thresholds and Tax Rates
• Medicare Levy including:
  • Basic Medicare Levy and Surcharge
  • Dependant and Family Reductions Limit
  • Full and Half Exemptions
  • Private Patient Hospital Cover
  • Reportable Fringe Benefits
• Student Loans - HELP (HECS) and SFSS
• Tax Offsets including:
  • Dependant Spouse
  • Child-Housekeeper
  • Housekeeper
  • Senior Australians
  • Pensioner
  • Beneficiary
  • Employment Termination Payments
  • Superannuation Income Stream
  • Parent/Spouse's Parent
  • Low Income
  • Pensioner
  • Mature Age Worker

Additional integrated worksheets/calculators include:

• Employer Lump Sum Calculator
• Employment Termination Payment Calculator
• Reportable Super Contributions Calculator
• Non Taxable Income

As well as financial year totals, monthly, fortnightly and weekly totals are calculated for budgeting and cash flow analysis.

Data is saved for each financial year to enable simple or detailed comparisons as required across financial years. Rates are included for the previous financial years, the current financial year and any known rates for future financial years.

Reporting

Summary or detailed reports can be previewed, sent to a printer or saved to a file (using Microsoft's new print ready XPS format).

• Summary Tax Report One page summary showing tax totals.

• Detailed Tax Report Detailed report showing all data entered and in similar style to the TaxPack.

There are also numerous worksheets available within the program to show how some of the more complicated calculations are constructed.

• Medicare Levy  Medicare Levy and Medicare levy surcharge worksheet.
• Tax Offsets  View a sample Tax Offsets worksheet report which shows how some Tax Offsets are calculated.
• Final Tax  View a sample Final Tax Worksheet report which shows detailed tax calculations.

Example 2: TaxPack related calculation screens

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