Produce a TaxPlan Report

Download the Tax Planning System & Emails to access the tax planning system, fact sheets and client emails.

Click 'Load' (top right) to open previously saved files. Alternatively, you can access a list of recent files under the 'Recent TaxPlans' title or click the 'View all TaxPlans' hyperlink to display all previously saved files.

Or select Start New (right) to start a new file.

Select Client group.

Click the dropdown to show a list of client groups.

Select the required client group.

Change the Tax Year (top left) by selecting from the dropdown.

Click ‘PAYG Settings’ to include any PAYG installments, determine automatic or manual calculations, determine the timing of installments, and determine the applicable financial quarter. To save any changes made, click the ‘Done’ button (bottom right).

You can ‘opt in’ to a variety of options. These options will customise the data and calculations used.

Minimise Entity Information by clicking ^ next to the section heading.

Start by entering Projected Income into the white cells.

Year to Date Profit enables you to extrapolate amounts by selecting the applicable month for the current YTD amount.

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

Select the Tax Planning Adjustments and add the amounts to calculate Subtotal After Tax Planning Adjustments. 

Optionally customise the Strategies on the Strategies and reminders tab.

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

To do this, click the ‘Distribute Income To’ button and select the applicable entity from the dropdown list. Repeat this step as needed to add necessary entities or individuals.

Input the appropriate amounts in the white cells that should be allocated to each entity or individual.

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.

Once you have created a Base Scenario, click the + icon to duplicate your work. This will create an additional tab called ‘Untitled scenario’ which will contain all information input previously.

The title for this scenario can be adjusted by selecting the pencil icon to the right. A draw will appear on the right hand side of the screen. This will enable you to update the Scenario Name, add a description (which will appear on the finished report), and add any initial notes.

To save changes click the ‘Done’ button located at the bottom right of the draw.

To delete a scenario from the TaxPlan, click the ‘Delete scenario’ button located at the bottom left of the same draw.

You will need to select one of your created scenarios to be the ‘Recommended scenario’. To do this, toggle the button next to Recommended scenario (located beneath the scenario titles and above Entity Information).

A star will appear next to the recommended scenario title once this has been selected.

This tab allows you to review the wording for specific Tax Planning Adjustments associated with the recommended scenario. To review these for a specific entity select the corresponding entity from the list located across the top of the screen.

To add Year End Reminders, click on the ‘Add Year End Reminders’ button. A dropdown will appear with a list of additional Year End Reminders that can be applied to specific entities and individuals. Please note that the dropdown options will be different between entity types.

Each adjustment can be edited by selecting the pencil icon next to its associated title.

Each reminder will appear with a text box beneath the applicable title. This information can be changed on an individual basis by clicking the appropriate box and manually adjusting the wording.

If you make a mistake, you can reset the written content to its default option by selecting the Reset Content button (top right). You can also delete a Year End Reminder by selecting the Remove button (top right).

From the Client Search section use the Client Search box to select the main client that you want the report to go to by choosing from the dropdown, or

Go right to the Contact Search > Choose a Client box to search from XPM, or

Enter the client’s contact details manually by populating the fields: Name, Email, Addressee, Salutation, Physical Address and/or Postal Address.

All your entries will Preview in the panel on the right of the screen.

Change any content as required and always Save. To make changes click the text box to adjust the wording.

At the bottom of this section, you have the option to Exclude Scenarios, Exclude Calculations, Exclude Page Numbers and/or Exclude Action Plan.

Choose the report sender by going to Send as: and selecting a name from the dropdown.

Go right to Select Client Management Team and Add Team Member photos to your report.

The report is generated showing your letterhead, watermark logo and your signature block (as originally set up in the platform).

To review the document, click the arrows located either side of it to move through the pages.

To adjust the layout of the document or input additional documentation, click the Add pages button (right). A draw will appear, allowing you to adjust the layout of the document, remove pages, or upload additional documentation as needed. Make sure you click the Save button after making any changes. Should you make a mistake, click the Reset button to return the document to its default state.

On the right of the screen click the Export WORD (.DOCX) button to download the document into MS Word or click the Export PDF button to download the document as a PDF.

Click Done (top right) to save the file and return to the TaxPlan dashboard.