Have just bought ID and as a new investor still trying to get my head around figures I thought it would be very useful to me. I still think that but the main thing that it really needs is a way of bringing personal tax situations into the equations to work out the bottom line.Is this likely to be included as an update at some stage? In the meantime can someone advise how I finish the calculation manually. All ventures will be between myself & my husband with him being on the 48% tax rate & myself on 30% though after the tax changes I’m not sure.Thanks to anyone that can help.
Hi
ID is designed to be country neutral, and as such country specific calculations like taxation are not included, as well as the only way to get your tax position is to see your accountant, there are just too many factors to do it accuratly any other way.
Also integrating tax law for all the countries ID is used in would be an impossible task.
Regards
Philip Batey
JATPAC DesignsAuthor of Investment Detective
sparky- if you go to ato.gov.au you will find all the tax rates for this year, last year, and future years. Just go to the “individual” page for the rates and specific amounts.
Remember, you only pay te % tax on amounts earned over certain $$- not on all of it. Just go the the ATO site and it will explain.
Keep all your receipts for everything.
kay henry
Hi there ozsparky,
First up, if you’d like us to shorten your UserName then please send an email to [email protected] and we’ll see what we can do.
As for the personal tax issues – I accept that, in some cases, this would be very useful however we sidestepped this issue on the basis that it would have added a lot more cost which took us away from our original vision.
Our goal was to focus on the outcome of the property as an investment, and thereby distinguishing between the value of the property as an investment and the value of the property as a tax tool.
True enough though that sometimes one runs into the other, however, there are other software packages that offer this feature at a much higher price.
Thanks for your feedback though.
Regards,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
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