Module

Type

Details

Asset

Enhanced

Asset details are organized in sub-pages. Some sub-pages display information about income, expenses, liabilities, etc related to the asset.

The sub-pages are:

• General: essential information about the value and ownership of the asset. It is strongly recommended to enter full information here.
• Location: the physical location of the asset.
• Building Depreciation: this is a list of capital items related to the asset. Items such as actual building, renovations, additions, etc. The costs of these items are depreciated and a depreciation schedule is shown.
• Fittings Depreciation: this is a list of fitting items related to the asset. Items such as actual carpet, curtains, stove, etc. The costs of these items are depreciated and a depreciation schedule is shown.
• Loans: shows the loans that are secured by this asset.
• Acquisition Costs: here you can enter other costs you incurred to acquire this asset. Other costs are stamp duty, conveyance, and loan costs.
• Income: This shows a list of all income you receive from this asset. Most often it is only one item.
• Expenses: This shows a list of all expenses related to this asset.
• Sale: When an asset is sold, you can enter the date of sale and how much it is sold for.

Liability

Enhanced

Liability details are organized in sub-pages. You don’t need to fill them all. But the more details you enter, the more accurate the results will be.

Those Sub-pages are as follows:

• General: essential information about the liability and ownership of the loan. It is strongly recommended to enter full information here.
• Security: to specify the asset used to secure this loan.
• Lender/Broker: to keep track of the broker and/or lender who arranged this loan for you and from which bank or lending institution.
• Loan Costs: this is a list of cost items that you incurred to get the loan supplied.
• Interest Rates: The interest rate on your loan might change. Here you keep track of all those changes.
• Charges: here you can enter fees and charges applied by the lender to your loan. You can include interest charges here if you like.
• Repayments: This shows a list of all repayments you made to the lender against your loan.

Depreciation

New

Added support to calculate depreciation on all assets. This includes depreciation on buildings, fittings, and loan costs.

The program can now show you how much you can claim each year as tax deduction due to depreciation. All you need to know is the cost of each item that you purchased and its effective life in years. The program can then work out the amount for you.

The program supports both methods of depreciation: Prime Cost and Diminishing Value, and can use the effective life rule, and  accepts definition of Low Value Pool items. It comes with default values that you might choose to keep and use for your assets. You can change these default values anytime you like.

The default values can be maintained by clicking on “Depreciation Setup” from the Utility sub-menu from the top menu bar.

Actual depreciation items are entered in sub-pages in the Asset details screen.

You can not enter depreciation items in the Investment Plan section. This will be enabled in a future upgrade.

Depreciation Schedule Report

New

The Power Over Money can now produce a depreciation schedule for all your assets for each partner. You can use this information to help you claim your tax deductions year after year. You can print the schedule by going into Reports on the front screen, tick the “Depreciation Schedule” checkbox on, and click Execute.

The report shows all the claimable items, grouped by type, for each investment asset. A totals summary is printed at the end of the report.

Stamp Duty

New

Added support to automatically calculate stamp duty payable on purchasing an asset. Rates can be defined for any state or region.

The program now ships with a standard set of stamp duty values for each Australia state. You can change these values by clicking on Stamp Duty Setup from the Utility sub-menu at the top menu bar.

The program allows entering simple percentage rate or a formula to calculate stamp duty amounts.

The Stamp duty amount is shown in the Acquisition sub-page in the Asset details screen.

Loan Costs

New

Added support for default "loan costs" items. This will make data entry much easier, as you will be able to copy the default values to any new loan you take. Also the default values can be used in the Debt Reduction Plan under the Refinance Costs.

The default values can be maintained by clicking on "Loan Costs” from the Utility sub-menu from the top menu bar.

Actual loan costs items are entered in sub-pages in the Asset details screen.

Debt Reduction Plan

Enhanced

In the Debt Reduction Plan input screens, now you have few additional items:

1- A monthly repayment figure is shown in the Loans Selection screen. This monthly repayment is the total of the monthly amount  for all selected loan.

2- Under Refinance expenses, you can copy the default loan costs items, making data entry much easier. You can also remove any item and add new ones.

3- Under Loan Parameters, you can change details of both P&I loans that you want to refinance, and the Line of Credit. The Credit Limit is now calculated and initialised to a value based on your capacity to borrow against the equity you have.  The P&I monthly repayment figure can be any value greater than a minimum amount. The minimum amount is the value to repay off the P&I loan in the specified years.

The advantages of these changes is that now you can compare Line of Credit against any P&I loan, or loans that you already have, using a monthly repayment figure for P&I that matches the amount you pay now or any amount you think is possible.

Debt Reduction Comparison Screen

Enhanced

Now you can change the monthly repayment figure to check whether you are better off refinancing to a Line of Credit or stay with a P&I loan with a different monthly repayment amount.

You can also now change all the parameters for each loan.

Budget Figures

Enhanced

Budget figures are now calculated per current financial year. Start date and end date are taken into consideration more strictly now. For example, before, if an expense start date is entered as 30/10/2003, the budget will account for that figure for the full year (365 days). Now, only the portion from 30/10/2003 up to 30/6/2004 is accounted for. This new method is more accurate, but users have to be more careful about the start and end dates now.