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Plansoft Calculator - Personal Fact Find

Personal Fact Find

The tax calculator and other financial planning calculators require basic personal data in order to enable the most accurate calculations/estimates. This data is collected in a simple fact find. Some of the information collected includes:

Individual Details including:
- Surname, Given and Preferred Names
- Title (Mr, Mrs, Ms, Miss etc)
- Gender
- Birth Date
- Marital Status
Dependents
Address (postal and home)
Contact (phone and email)
Health (Health Care, Private Health)
Taxation (resident, tax zone)
Social Security (current Centrelink/DVA payment)

Additional integrated worksheets/calculators include:

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

Example 1 : Fact Find Summary Report (via Clipboard)

Fact Find Summary

Individual Details

Name	Mr John Sample	Mrs Mary Sample
Gender	Male	Female
Birth Date	1/01/1961	1/01/1966
Age	49 years 11 months	44 years 11 months
Australian Tax Resident	Yes	Yes
Marital Status	Married	Married

Dependants

Johnny	Son born 1/01/2000; aged 10 years 11 months
Sally	Daughter born 1/01/2002; aged 8 years 11 months

Address

Home (Home Owner)	1 High Street	1 High Street
	Suburbia VIC 3199	Suburbia VIC 3199

Contact

Home Phone	03 9999 9999
Mobile	0444 444 444
Home Email	john.sample@web.com.au

Health

Health Status	Excellent Health	Excellent Health
Health Card	None	None
Private Health Insurance	Hospital and Extras	Hospital and Extras
Full Year Hospital Cover	Yes	Yes

Taxation

Australian Tax Resident	Yes	Yes
Tax Zone	Not Applicable	Not Applicable
Tax File Number

Social Security

Centrelink/DVA Payment

None

Tax Summary

Financial Year Ending	30 June 2011

	Combined	John	Mary
Assessable Income	$61,500	$36,000	$25,500
- Deductions	$520	$400	$120
= Taxable Income	$60,980	$35,600	$25,380
Tax On Taxable Income	$7,347.00	$4,440.00	$2,907.00
- Tax Offsets	$2,776.00	$1,276.00	$1,500.00
= Net Tax Payable	$4,571.00	$3,164.00	$1,407.00
+ Medicare Levy	$914.70	$534.00	$380.70
+ HELP and SFSS	$0.00	$0.00	$0.00
= Tax Liability	$5,485.70	$3,698.00	$1,787.70
- Tax Credits	$6,300.00	$4,200.00	$2,100.00
= Tax Refund/Payable	-$814.30	-$502.00	-$312.30
Net Income	$55,494.30	$31,902.00	$23,592.30
+ Tax Free Income	$6,638.00	$6,638.00	$0.00
= Total Net Income	$62,132.30	$38,540.00	$23,592.30
Total Gross Income	$68,138.00	$42,638.00	$25,500.00

Income

	John	Mary
Salary or Wages	$35,000	$25,000
Gross Interest	$1,000	$500
TOTAL INCOME OR LOSS	$36,000	$25,500

Tax Withheld

	John	Mary
Salary or Wages	$4,200	$2,100
TOTAL TAX WITHHELD	$4,200	$2,100

Deductions

	John	Mary
Work related car expenses	$200	$0
Work related uniform or clothing expenses	$0	$120
Work related self-education expenses	$100	$0
Gifts or donations	$100	$0
TOTAL DEDUCTIONS	$400	$120
SUBTOTAL - Total Income less Total Deductions	$35,600	$25,380

Tax Offsets - Calculated

	John	Mary
Low income tax offset	$1,276	$1,500

Medicare Levy

	John	Mary
No. of dependent children and students	2
Private patient hospital cover for whole year	Yes	Yes
Combined Income less than Medicare levy surcharge thresholds	Unknown	Unknown
Number of days NOT having to pay surcharge	365	365
Basic Medicare levy	$534.00	$380.70
- Share of family reduction amount	$0.00	$0.00
+/- Excess family reduction amount transferred from spouse	$0.00	$0.00
- Full 1.5% levy exemption amount (pro-rata on 0 days)	$0.00	$0.00
- Half 1.5% levy exemption amount (pro-rata on 0 days)	$0.00	$0.00
= Medicare levy	$534.00	$380.70
+ Medicare levy surcharge	$0.00	$0.00
= Medicare levy and surcharge	$534.00	$380.70

Private Health Insurance Policy Details

	John	Mary
Health insurer ID
Membership number
Type of cover	Hospital and Extras	Hospital and Extras

Spouse Details - Married or De facto

	John	Mary
Spouse details required to be completed	Yes	Yes
Spouse's Surname	Sample	Sample
Spouse's Given Names	Mary	John
Spouse's Gender	Female	Male
Spouse Date of Birth	1/01/1966	1/01/1961
Spouse for full year	Yes	Yes
Date had spouse from
Date had spouse to
Spouse's Taxable Income	$25,380	$25,380

Government Payments Summary

Family Assistance

	per fortnight	other payments	Total per year
FTB Part A Payment (including below)	$198.94	$1,452.70	$6,638.00
Large Family Supplement	Not Applicable
Multiple Birth Allowance	Not Applicable
Rent Assistance	Not Applicable
FTB Part B Payment	$0.00	$0.00	$0.00
Child Care Benefit	$0.00		$0.00
Child Care Rebate	$0.00		$0.00
Maternity Immunisation Allowance		$0.00	$0.00
Baby Bonus	$0.00		$0.00
Family Assistance Total Payment	$198.94	$1,452.70	$6,638.00

Adjusted Taxable Income

	John	Mary
Taxable Income	$35,600	$25,380
+ Reportable Fringe Benefits	$0	$0
+ Reportable Superannuation Contributions	$0	$0
+ Tax free Government payments and benefits	$0	$0
+ Net rental property losses (added back)	$0	$0
+ Foreign Exempt Employment Income	$0	$0
- Child Support (maintenance) paid	$0	$0
Adjusted Taxable Income	$35,600	$25,380
Combined Adjusted Taxable Income		$60,980

Family Tax Benefit Part A

Eligibility

Dependent child under 21	Yes
Dependent student 21 to 24	No

Base Rate

	per fortnight	No. of children	per year
Dependent children under 18	$51.24	2	$2,671.80
Dependent children 18 to 24	$68.74	0	$0.00
Maximum FTB Part A Base Rate Payment			$2,671.80

Rent Assistance

$0.00

Maximum Rate

Dependent children under 13	$160.30	2	$8,358.50
Dependent children 13 to 15	$208.46	0	$0.00
Dependent children 16 to 17	$51.24	0	$0.00
Dependent children 18 to 24	$68.74	0	$0.00
In approved care organisation 0 to 24	$51.24	0	$0.00
Maximum FTB Part A Payment			$8,358.50

Income Test

Family Income	$60,980.00
Family Income Threshold 1 (Maximum Rate)	$45,114.00	0.20 rate reduction per $ over
Family Income Threshold 2 (Base Rate)	$73,549.00
Family Income Threshold (Reduced Base Rate)	$94,316.00	+ $3,796 times extra 1 children.
Family Income Threshold 3 Reduced Base Rate	$98,112.00	$0.30 rate reduction per $ over
Family Income Cut-off for any FTB Part A	$111,861.00

Maximum FTB Part A (pa) $8,358.50 = FTB Part A (pa) $8,358.50 - Reduction of $3,173.20 (family income of $60,980.00 is below the Threshold 2 value of $73,549.00) = Reduced FTB Part A (pa) $5,185.30.

Maintenance Income Test

Maintenance Income Total	$0.00
Maintenance Income Threshold	$3,193.75
Reduction if maintenance income over threshold	$0.50	per dollar over threshold $0.00

Totals

			per year
FTB Part A Payment	$198.94	per fortnight	$5,185.30
FTB Part A Supplement	$726.35	per child	$1,452.70
FTB Part A Total Payment			$6,638.00

Family Tax Benefit Part B

Eligibility
Dependent child under 16	Yes
Dependent student 18/under	No

Maximum Rate	Rate per family per fortnight	Payment per year
Age of youngest child 9.5	$95.06	$2,478.35

Income Test
Higher Income Earner Cut-off	$150,000.00		reduction rate	reduction amount
Lower Income Earner Threshold	$4,745.00		0.20	-$4,127.00
Totals
				per year
FTB Part B Payment	$0.00	per fortnight		$0.00
FTB Part B Supplement	$354.05	per family		$0.00
FTB Part B Total Payment				$0.00

Baby Bonus

Combined Adjusted Taxable Income Cut-off	$75,000
Number of babies	0
	per fortnight	per year
Payment Rate per baby (13 instalments)	$407.23	$5,294
Baby Bonus Payment	$0	$0

Maternity Immunisation Allowance

Number of immunised children between 18 and 24 months	0
Number of immunised children between 4 and 5 years	0
Maternity Immunisation Allowance Rate - Full Amount	$251.00
Maternity Immunisation Allowance Payment	$0.00

Child Care Benefit

Number of hours per week for all children

	Children	Total Hours year	Hourly Rate	per year
Non school children in child care	0	0	$0.00	$0.00
School children in child care	0	0	$0.00	$0.00

Family Income	$60,980
Family Income Threshold	$38,763	0% reduction if family income > thres
Family Income Cut-off	$0
		per fortnight	per year
Child Care Benefit Payments		$0	$0

No children in care

Child Care Tax Rebate

Total Expenses for Approved Care for all children	$0.00
- Child Care Benefit Payments	$0.00
= Total out of pocket expenses	$0.00
Number of children in Approved Care	0
Maximum rebate per child	$7,500.00
	per fortnight	per quarter	per year
Child Care Tax Rebate Payment (paid quarterly)	$0.00	$0.00	$0.00

Child Care Benefit is zero so no Child Care Tax rebate.

Example 2 : Fact Find screens

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ABN 71107714241 ACN 107714241

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