We are very excited to have recently launched the new Francis A Jones tax tools app. Our app includes tax tables and calculators, income and receipts trackers, a GPS based log book, news, contacts and more.
In this blog I’ll show you a couple of the calculators.
Our calculators are designed to provide you with ready and accurate information that will save you time.
The calculators available through the FAJ app are:
Income tax individuals
Company tax
PAYG withholding
Super caps contributions
Capital gains tax
GST
Fringe benefits tax
Loan repayment
Gross pay
Super salary sacrifice
Domestic meal allowance
The loan calculator is extremely simple to use. Just enter the loan amount, interest rate and period, and the app will show you your monthly repayment, total repayments and total interest. It will also give you an amortisation schedule of the loan from start to finish.
The PAYG Withholding calculator shows you how much tax your employer should be withholding from your pay. It requires you to answer 8 simple questions (mostly yes or no).
What is your pay period? (weekly, fortnightly, monthly, quarterly)
What are your gross earnings per pay period?
Have you provided your tax file number? (usually yes)
Are you an Australian resident? (usually yes)
Do you wish to claim the tax-free threshold? (usually yes)
Do you have a medicare levy exemption? (usually no)
Do you have a HELP debt? (university students may have one)
Do you have a SFSS debt? (university students may have one)
This calculator will be useful for employees who want to check that the employer is withholding the correct tax, or who are considering a second job (say ‘no’ to the tax-free threshold question). It’s also handy for employers with minimal employees to calculate your PAYG withholding liability.
The app is free to download from the Apple Store or Google Play.
Author: Mark Douglas
Email: mark@faj.com.au
