Calculation

The Calculation menu options include:

• Tax Estimate [F4]

• (AE, Series 6 & 8) What-If Calculations, refer to Calculations Index

• (AE, Series 6 & 8) Optimiser 

• (AE, Series 6 & 8) Optimise Returns by Batch

• Assessment Summary Assessment Summary

Back to Preparing Returns and Schedules

Optimiser

Accountants Enterprise and Series 6/8 only

The Optimiser is a useful tool for providing a summary of the various average tax rates of taxpayers, being beneficiaries of a Trust, for the purpose of permitting the Trustee to decide on which beneficiaries will receive a distribution of Trust Income.

If the ledger is set up on a one client to many returns basis, when the Optimiser is run by selecting [Shift+F4], Tax will collect all of those returns within the Group for which an [F4] estimate has been run and prepare a report listing these taxpayers together with the amount of tax payable/refundable and the average rate of tax for each taxpayer.

If the ledger is set up on a one-client-one-return basis, selecting the Batch option will provide the Return Index where the user may select those beneficiary returns that may be entitled to a share of the income of the Trust.

Back to Calculation

Optimise Returns by Batch

Accountants Enterprise and Series 6/8 only

How to run the optimiser for a batch of returns:

1. Click Preparation > Calculation > Optimiser.

2. Select Batch and click OK.

3. The index of returns is displayed

4. Tick the returns to be processed and click OK.

5. Complete the Preview/Print screen to nominate the printing options and click OK. Refer to How to Preview a Report.

Index of returns

The index lists all returns in your Tax ledger.

Returns that have been rolled forward from the tax ledger for the previous year but not yet opened in the current ledger may not be included in the Optimiser process. Those returns will show the tax year prefixed to the name of the return.

For each return to be included in the Optimiser process click Select or [Alt+S] to place tick to the left of the return. To remove the tick from a selected return and thereby exclude it from the export, click Select again.

Back to Optimiser

Assessment Summary

For return record selection, this report lists the estimated, assessed and last year's primary tax.

How to prepare the Assessment Summary:

1. Click Preparation > Calculation > Assessment Summary.

2. The Record Selection window displays. To accept the default, click [Enter] twice. Otherwise, select the sequence and range for the report; the default range is from first to last. Read: Record Selection for more information.

3. The report will Preview/Print in the manner selected. Refer to How to Preview a Report.

Categories

In the assessment summary there are three categories:

Estimated: This is what Tax calculates as estimated tax payable based on ATO guidelines.

Assessed: This is the assessed tax payable/refund entered in the assessment details screen, that is, the ATO assessed tax payable/refund.

Last Year: This is the previous year's assessed tax payable/refund entered in the assessment details screen.

Back to Calculation