Frequently Asked Questions

Q. Why should I use this software
A. The Taxbreaks Software will help you understand how you could reduce the risk of overpayments of government benefits, and how different strategies that could help increase your wealth will affect the amount of tax and other obligations that you would be required to pay.

Q. Will The Taxbreaks Software estimate how salary sacrificing into Superannuation will affect my taxable income and Family Assistance entitlements?
A. Yes, it will calculate and display the comparison between choosing to salary sacrificing or making un-deducted contributions and display the net amount contributed to superannuation.

Q. Is the purchase price of this software Tax Deductible?
A. The purchase price of the software may be tax deductible but please check with your accountant or financial adviser for your particular circumstances.
Note: We do not offer any type of advice with regards to deductibility or otherwise.

Q. I want to salary sacrifice other than into Superannuation, will the Taxbreaks Software display the savings?
A. Yes, The Taxbreaks Software will display the savings and increase in entitlements possible by salary sacrificing items such as laptops, PDA's, Motor Vehicle (Novated Lease), etc.

Q. Will The Taxbreaks Software show estimates if I choose to gear in managed funds and/or shares?
A. Yes, it will display how negative gearing shares or managed funds will affect your taxable income and also display the effect on any Family Assistance that you could be entitled too.

Q. I don't understand how franking credits from dividends can effect my income.
A. The Software will display how franking credits form part of your taxable income and how they could affect your possible tax refund.

Q. Will The Taxbreaks Software estimate how it will affect me if I am looking at investing in property?
A. Yes. It will calculate how negative gearing a property affect your taxable income and Family Assistance entitlements.

Q. Will The Taxbreaks Software estimate how much Family Assistance I am entitled to even after I choose which investments I am looking into?
A. Yes, it will estimate the amount of Family Assistance entitlements based on the inputs you select, and display a comparison between the Before and After entitlements.

Q. Do I have to purchase the new Software every year?
A. The Taxbreaks Software is updated every financial year. Due to government changes in tax rates and changes to the Family Assistance Benefits, etc the software should be repurchased each financial year to reflect these changes.

Q. If the Taxbreaks Software is updated in a financial year do I have to pay for the update.
A. No, Any updates within a financial year will be freely available for paid subscribers for that financial year.

Q. Will The Taxbreaks Software workout my GST for me?
A. No, it will not calculate GST

Q. Will the Taxbreaks Software estimate the amount of tax and medicare levy payable?
A. Yes, however an accountant is still recommended complete and lodge your tax return.

Q. Will The Taxbreaks Software replace a Financial Advisor or Accountant.
A. No, A Financial Advisor or Accountant is still required. The Taxbreaks Software should only be used as a tool to estimate the effect that different strategies could have on assessable income for the appropriate financial year.