Notes on Upgrading to Feastudy 4

Please note: If your subscription to our Feastudy Maintenance and Support Services for Feastudy for Mac has expired, you will not be able to upgrade from Feastudy 3 to Feastudy 4 and use the latter application in licensed mode. Please contact us if you wish to discuss this.

We strongly suggest that you only use the following instructions for installing Feastudy 4 as an Upgrade if your subscription to our Feastudy Maintenance and Support Services for Feastudy for Mac is current.

If Feastudy 3 is currently installed on your Mac, then undertake the following steps:
  1. Click on the above Download Feastudy 4.0 for Mac button and download the file, FeastudyMacInstall.pkg, to your Downloads folder.
  2. When the installer is downloaded, ensure that the currently installed version of Feastudy is not running and then double-click on the installer in your Downloads folder. Then follow the installer's simple steps to install the upgraded application.
    (If a version of the application prior to Feastudy 4 is installed on your Mac before updating, you do not need to trash/bin that older version because Feastudy 4 will be simply installed over your current installation of the application.)
If no version of Feastudy is currently installed on your Mac, then undertake the two steps mentioned immediately above and then put Feastudy 4 into licensed mode by copying and pasting your Activation Key into the Activation Key field of the Licensing Information window of the app and then clicking the Activate button.

v4.0 - released 05/01/2022

Two significant changes have been made in the upgrade Feastudy 4.0 (for Mac) and these are described as follows:
  • (1) Feastudy 4.0 has been developed and tested to assure compatibility with Apple’s macOS 12.1 (Monterey) operating system, and hence is the supported version of Feastudy for Mac for people using macOS 12.1. Even though Feastudy 4.0 is backwardly compatible with macOS 11.6, Feastudy 4.0 is the basis for any new updates of Feastudy for Mac, especially for making such updates compatible with macOS 12.1, which was released on 13 December 2021.

  • (2) There is a set of fixes for IRR on Equity calculation bugs in each of the Profit & Loss reports for all types of feasibility files, and in the Variations reports for Development files when the option “IRRoE for Development Variations” is checked in the Options window of the application, in Feastudy 3.3. The bugs concern those files where the overall IRRoE for has an infinitely negative percentage. In such cases, a relevant IRRoE calculation either does not complete and is reported as a very low (negative but not infinite) value. The fixes for these bugs in Feastudy 4.0 make all of the relevant reports correctly show the result as “<-2,000%” for each relevant IRRoE calculation for a feasibility file.


v3.3 - released 30/08/2021

Two significant changes have been made to Feastudy 3 (for Mac) in Update 3.3 and these are described as follows:
  • (1) A significant enhancement has been made to Feastudy 3 (for Mac) in Update 3.3 and it is a new database of suggested 2021-2022 scales for Stamp Duty on Transfer and Mortgage, Council Rates, Water & Sewer Rates and Land Tax for each Australian capital city, based on data obtained by Devfeas Pty Ltd for these charges from the relevant authorities in August 2021.

  • (2) There is a set of fixes for IRR on Equity calculation bugs in the Joint Venture report of the Professional version of Feastudy 3.2. The bugs concern those cases where the IRRoE for the JV and/or Equity Partner and/or Debt Partner has/have an infinitely positive or infinitely negative percentage. In such cases, a relevant IRRoE calculation either does not complete and is reported as a very high or very low (but not infinite) value, or it is reported as zero. The fixes for these bugs in Update 3.3 make the JV report correctly show the result as “>2,000%” or “<-2,000%” for each relevant IRRoE calculation, as the case requires.


v3.2 - released 01/06/2021

Two significant changes have been made to Feastudy 3 (for Mac) in Update 3.2 and these are described as follows:
  • (1) A bug, which involves the “crashing” or exiting of the application, is caused in Feastudy 3.1.4.0 by some rare instances of the Line Fee’s End Date in a Development file being able to be changed so that that date is outside of the Development Dates range as entered in the Development Dates window for the file. This bug has been fixed in Update 3.2 so that the Line Fee’s End Date cannot be changed to be outside the Development Dates range.

  • (2) The application has been enhanced with respect to the handling of Line Fee calculations for the purposes of the Construction Period Variations and Sell-On Period Variations reports when a Line Fee greater than zero is entered into a Development file. In Feastudy 3.1.4.0, these two Period Variations reports assume that both the Start Date and the End Date change together in ‘lock step’ for the purposes of calculating each of the “Rows Below” the Primary Scenario row in these reports. (The “Rows Below” in these two reports relate to various months of delays in Sell-On Income being received relative to what is entered in the Primary Scenario, which is the entered scenario for the file.) As Devfeas Pty Ltd believes that the reality is that a Line Fee’s Start Date does not change because the length of time the development takes to be constructed and/or sold off is increased, Update 3.2 of Feastudy assumes that, for the Rows Below in the said two reports, the Line Fee’s Start Date remains static but the Line Fee’s End Date is, relative to the Primary Scenario, made one month later for each month of delay in Sell-On Income receipts relative to the Primary Scenario.

v3.1 - released 16/09/2020

Just one significant change has been made to Feastudy 3 (for Mac) in Update 3.1 and it is an enhancement which provides a new database of suggested 2020-2021 scales for Stamp Duty on Transfer and Mortgage, Council Rates, Water & Sewer Rates and Land Tax for each Australian capital city, based on data obtained by Devfeas Pty Ltd for these charges from the relevant authorities in August 2020.

v3.0 - released 30/07/2020

Feastudy 3 is a major upgrade version of Feastudy for Mac and the most significant enhancements in this upgrade are described as follows:
  • (1) Details of a Line Fee can now be entered in the Primary Debt Funds tab of the Loans & Interest window of Feastudy 3 for the purpose of providing specific calculations about the Line Fees costs in the reports for Development files. The data that can be entered for the Line Fee consist of: the Maximum Limit of the Loan facility for Primary Debt Funds, the Line Fee as an annual percentage rate of the Maximum Limit of the Loan, and the Start and End Dates of the loan.

  • (2) Data entry fields are available in Feastudy 3 for entering: (a) up to 36 months for Provisional Debt Advances in the Secondary Debt Funds tab of the Loans and Interest window (instead of the limit of 10 months in Feastudy 9 for this window) for Development files; and (b) up to 36 months of Lump Sum Instalments of Equity in the Joint Venture & Equity window for Development files and the Equity window for Investment files (instead of the limit of 10 months in Feastudy 2 for these windows).

  • (3) The Consultant Cost, Other Cost and Other Income item windows in Feastudy 3, for Development or Investment files (as the cases apply), enable the entry of a ‘Quantity’ and a ‘Rate’ for an item for the purpose of the program computing the amount that is paid for these items (instead of the user having to use a separate and external method of arriving at the relevant amount for inputting into Feastudy in the relevant windows).

  • (4) The currency symbol that is relevant to the Language & Region settings in the System Preferences for macOS on a modern Mac is now the currency symbol that appears in Feastudy 3’s data entry windows, reports and graphs. (In Feastudy 2 only the dollar currency symbol is available.)

v2.4 - released 06/04/2020

Only bug-fixes have been made to Feastudy 2 (for Mac) in Update 2.4. We believe the most significant bugs that are fixed in this update relate to the application’s calculations, and these bugs and their fixes are described as follows:

  • (1) Feastudy 2.3.0 overstates (miscalculates) the amount of GST Debits in Income for a Sell-On Income item, which has a value greater than zero, in the cashflow reports for a Development feasibility file when:

    • (a) A check is entered for the question, “Is any Sell-On Income not Margin Scheme taxed?”, in the GST Settings window; and
    • (b) The entry of a check for the question, “Does the Margin Scheme apply to this item?”, for that Sell-On Income item is then effectively countermanded by the entry of an uncheck for the question, “Does GST Apply to this item?”, for that item (i.e. without the question about the ‘Margin Scheme applying’ being manually unchecked by the user for that item).


    In such a case, the subsequent ‘GST does not apply’ entry is ignored and the old-and-should-be-invalidated ‘ghosted’ entry, regarding ‘the Margin Scheme applying’ for the relevant Sell-On Income item, is used for the calculation of the GST Debit in Income for that item in the cashflow reports for the file. The Feastudy 2.4 update fixes this bug by automatically unchecking the question, “Does the Margin Scheme apply to this item?”, for a Sell-On Income item when, in a relevant scenario, an uncheck is entered for the question, “Does GST Apply to this item?”
  • (2) A calculation bug becomes activated in Feastudy 2.3.0 for Investment files and Develop & Hold Investment files when these three entries apply to them:

    • (a) The GST Rate entered in the GST Settings window is both greater than zero and different from the default (Australian) rate of 10%,
    • (b) GST applies to an Investment Sale Price (ISP) that is greater than zero, and
    • (c) The Investment Sale Price is calculated using a CV escalation factor.


    In such cases, Feastudy 2.3.0 does not use the correct formulas for calculating the GST component of the ISP and the Pre-GST component of the ISP. The Feastudy 2.4 update fixes this bug by using the correct formulas for GST.

  • (3) The effect of entering a percentage in the Differential field for the Assessed Capital Value (ACV) in the Assessed Values for Rates & Taxes (AVR&T) window for a Development file in Feastudy 2.3.0 has no effect on calculations because the application (as intended) assumes that the ACV for a Development is the potentially escalated default or entered AUV plus, at the start of each financial year of the Development cashflow, the cumulative total any Construction Costs and Consultant Costs to that point in time. The fix for this bug in Feastudy 2.4 is that, for Development files, the Differential field for the ACV in the AVR&T window has been deleted and no reporting of the Differential for the ACV occurs in the inputs reports.

v2.3 - released 22/10/2019

A major enhancement has been made to Feastudy 2 (for Mac) in Update 2.3 and that is that the application is now compatible with macOS Catalina 10.15.

One significant bug-fix has been made to Feastudy 2 (for Mac) in Update 2.3 and it concerns a correction to Feastudy 2’s data base of the default (suggested) 2019-2020 scale for Stamp Duty on Transfer for the capital city, “Sydney”. In Update 2.3, when the following is entered in the Development/Investment Identification window of a feasibility file:
  • (a) “Sydney” for the “Capital City” field; and
  • (b) either “Commercial”, “Offices”, “Retail”, “Industrial”, “Special”, “Mixed” or “General” for the “Type of Development” or “Type of Investment” field as the case requires;
the fifth bracket for the “Up to and including” column of the Stamp Duty on Transfer scale for Sydney (as suggested by Devfeas Pty Ltd) is incorrectly given as $10,130,000 when it was intended to be $1,013,000. (The fix for this bug in Update 9.4 is that $1,013,000 is the default/suggested amount for the said fifth bracket.)

v2.2 - released 29/08/2019

Two significant enhancements have been made to Feastudy 2 (for Mac) in Update 2.2. The enhancements are:
  • (a) A new data base of suggested 2019-2020 scales for Stamp Duty on Transfer and Mortgage, Council Rates, Water & Sewer Rates and Land Tax for each Australian capital city, based on data obtained by Devfeas Pty Ltd for these charges from the relevant authorities in August 2019, is included in Feastudy 2.2.
  • (b) The Valuer’s Style Profit & Loss report for Development files has been revised and upgraded as a result of feedback to Devfeas from valuers, who use Feastudy. In particular, the Residual Land Value or Land Purchase Price (depending on which case applies) is now displayed/printed as the ‘bottom line’ of the report.

v2.1 - released 21/06/2019

Only one significant bug fix (correction) has been made to Feastudy 2 (for Mac) in Update 2.1. The bug concerns calculation errors in the program’s cashflow reports when:
  • (a) the Development or Investment Reference Date (cashflow start date) for a feasibility file contains “06” for the “MM” part of the “MM/yyyy” date format;
  • (b) ”Annual” cashflow intervals are selected for the file’s cashflow reports; and
  • (c) “July” is entered as the “First Month of the Financial Year” for the file.
(The fix for this bug in Update 2.1 ensures that the program’s calculations for “Annual” cashflow reports are correct.)

v2.0 - released 6/11/2018

There are three significant enhancements in Feastudy 2.0 and they are described as follows:
  1. The application is compatible with Apple Corporation's operating system, macOS 10.14 (Mojave).
  2. In accord with the Australian “GST at Settlement” laws enacted in 2018, Feastudy 2.0 assumes that, at the settlement of each purchase of a “new Residential property” from a GST-registered developer, the purchaser must remit to the Australian Taxation Office (ATO) either: seven (7%) of the purchase price of that property if the Margin Scheme (MS) applies to the transaction; or all of the GST that applies to the purchase price of that property if the Full Taxation (FT) method of GST applies to the transaction.
    For the purposes of Feastudy 2.0: “new Residential property” is one or more new residential allotments; or one or more new residences; and “GST at Settlement” is only paid for a Sell-On Income item when a check is entered in the check box for the question, “Is this item for new Residential property?”, for that Sell-On Income item.
    In the case of MS-taxed Sell-On Income items for “new Residential property,” if 7% of the value of such items is too high or too low for the purposes of the overall amount of GST that needs to be remitted to the ATO for the MS-taxed Sell-On Income, the application makes appropriate credit or debit adjustments at the relevant Business Activity Statement intervals. (The 2018 Australian “GST at Settlement” laws do not actually require a change in the overall [net] amount of GST that should be paid for a development’s GST-taxed development sales but they do require a change in the timing of the payment of GST cashflows that are relevant to “new Residential property.”)
    For a Development file, Feastudy 2.0 assumes that, when “the MS is to be applied” and "no Sell-On Income is MS taxed” are entered in the GST Settings window, all Sell-On Income items for the file are for “new Residential property.”
  3. A new data base of suggested 2018-2019 scales for Stamp Duty on Transfer and Mortgage, Council Rates, Water & Sewer Rates and Land Tax for each Australian capital city, based on data obtained by Devfeas Pty Ltd for these charges from the relevant authorities in September 2018, is included in Feastudy 2.0.