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Taxation

Understanding Business Activity Statement (BAS) - The Complete Guide

The business activity statement (BAS) is a tax reporting requirement for businesses issued by the... read more

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Craig Pisani Director at 542 Partners
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Taxation

8 Types of Business Taxes in Australia

When starting a business in Australia -- whether big or small, you need to make sure that you have... read more

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Taxation

Do I Need to Register For GST?

Do I need to register for GST? This is a question I am often asked by potential clients. So what... read more

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Michael Prior Principal at PB Advisory Group
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Taxation

ATO Audit – what to do and how to avoid them

As a Tax Agent, this is usually the first thing a client says to me when I tell them I have... read more

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Hitesh Mohanlal Director at WOW! Advisors & Business Accountants
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Greg TomkinsDirector | Web Architect at Top Left Designs
Actually it is very easy for the tax office to identify any business that is operating outside the "norms" as they have all the data they need to statistically identify deviations and the computer systems just sit there scanning all the BAS and annual returns and as soon as they spot a suspect the red light flashes and alarm bells ring. Anyone thinking they can hide anything can pretty well forget it as far as small business is concerned. It was interesting looking at the benchmark data and it is probably a good idea for anyone in the listed business categories to take a quick look... just go to http://www.ato.gov.au/Business/Small-business-benchmarks/In-detail/Benchmarks-A-Z/
Hitesh MohanlalDirector at WOW! Advisors & Business Accountants
Thanks Michael. Your comments are valid. It is frightening how much the ATO know before they start a detailed audit. Audit Insurance is great way to ensure you do not get a big bill for dealing with a tax audit
Taxation

Why should you use a registered tax agent?

There are a number of reasons for appointing an Accountant and/or Tax Agent to assist you with... read more

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Michael Prior Principal at PB Advisory Group
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Taxation

How to Protect Your Business From the Tax Man

It’s that time of year again... whether it’s out in the real world or online in cyberspace,... read more

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Taxation

What the heck is an ato directors penalty notice – help!!

When a director gets one of these it can be really scary. So what are they and how can you avoid... read more

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Hitesh Mohanlal Director at WOW! Advisors & Business Accountants
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Taxation

Australian smb's get tax break write-off

For medium to small businesses, having a tax break for their business operations would mean a lot... read more

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Chris Pentago Marketing Consultant
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Samson PatrickPrincipal at The Diligent Group - Small Business Specialists in Accounting, Taxation, Planning, Legal & Marketing
Well done Chris; SMEs can certainly do with all the breaks they can get!
Taxation

The True Cost Of Christmas: Santa's Tax Bill

Wanted: Santa Claus (Photo credit: kevin dooley) It’s Christmas Eve and this year, as always, at my...read more

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Taxation

7 Simple Year-End Tax Tips That Can Save You Money

As year’s end approaches I thought I would share seven tax tips that can benefit entrepreneurs: 1....read more

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Taxation

Tax Geek Tuesday: Profits Intersts, Capital Interests, And Restricted Property

[Ed note: Reminder -- today is Tax Geek Tuesday. What follows is an in-depth look at the tax law,...read more

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Taxation

Year-End Tax Strategies, What Else?

I don’t know if this is the best of all possible worlds, but it’s certainly the most expensive...read more

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Taxation

How do you know if your bookkeeper is minimising tax?

For some reason historically, bookkeepers write up a business’s books during the year and an... read more

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Hitesh Mohanlal Director at WOW! Advisors & Business Accountants
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Hitesh MohanlalDirector at WOW! Advisors & Business Accountants
Hi all. Apologies for not coming back sooner but i have been taking an Xmas break. The article was written in a slightly controversial way. The market for bookkeeping and tax advise has changed enormously in the last 5 years. Most business owners do not really understand the difference. The problem is that with new bookkeeping software such as Xero and character recognition it is becoming easier for a tax accountant to do work traditionally done by bookkeepers. In 10 years time invoices will be scanned and almost posted to the bookkeeping system and the major part of imputing data will be automated. Many accountancy practices have set up bookkeeping divisions and tell clients it is easy to keep everything 'under one roof'. Many now offer fixed price bookkeeping and with the books kept in house the accountant should know what is happening and give advise almost instantaneously. Hugh you are right - a good accountant should be meeting clients at least quarterly, and many proactive accountants are now doing that. Furthermore with their extensive tax knowledge they could quite easily say that they could save tax if they did the bookkeeping - and most business owners would believe them. Hence my point about a guarantee. There are some practices that feel they can do this simply because they have not only the the tax knowledge behind them but they are authorised to give the advise too. Cassandra - i do not think i implied that business should break the law and not pay tax but i do know that i have not met many business people who are willing to pay more tax then they need to. That is why they structure their businesses in they way they do. Business owners are also looking for more - and we have found that tax minimisation is on the minds of many.
Hugh BowmanBAS Agent / Bookkeeper at Bowman Coastwide Bookkeeping
Hi HItesh, interesting article but your argument seems to be that BAS Agents and Bookkeepers are prohibited from providing TAX advise but you should be asking them for a guarantee to save you tax? I know my insurance will not cover me if I give "advise", I can of course suggest that a client explores one option or another and discuss it with their tax adviser. Any accountant who is not sitting down with their clients in the March April period and reviewing their tax planning is rubbish in my opinion and if your accountant is not in contact 2-3 times a year then you need a new accountant.
Taxation

Your 2013 Small Business tax may be reduced by extra depreciation deductions

Whilst there have been a number of changes to the tax system affecting small business in the 2013... read more

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Samson Patrick Principal at The Diligent Group - Small Business Specialists in Accounting, Taxation, Planning, Legal & Marketing
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Taxation

Tips to get the best out of your tax return

It is that time of the year again. No, not the massive stocktake sale that’s going on; even though... read more

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SavvySME Official Official Account at SavvySME
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Eric PhuahOwner at Hystericalz Pty Ltd
Great article! Some very useful tips especially for this time of year.
Taxation

Contemporary Tax Issues

Over the past two months, whilst talking with clients, a number of tax related issues surfaced that... read more

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Michael Prior Principal at PB Advisory Group
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Phil JoelDirector at SavvySME
Great general tax advice Michael. Thank you for sharing.
Questions

Is ad revenue you receive from an app a 'sale' for GST purposes?

I'm completing my GST statement for the first time for my smartphone app business and was... read more

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Albert KellyInformation Technology at Corporate Gifts Shop
Hey Eric, Sounds like you are going to be running the full Google international tax savings scheme. Good work. I do not know if you have it already, but something else to consider is making sure that everything is legally covered with your app. As a heads up http://technologylawyer.com.au/ has an app privacy policy http://technologylawyer.com.au/app-privacy-policy. Might be worth looking into just to make sure that you do not get the privacy breach fines that Google is coping at the moment.  
Apurv Bhalla CPAAccountant at Success Tax Professionals in Parramatta
Hey Eric, Usually the money you get from outside is export and thus carries no GST. Money received from Australian carries GST. You should proportionating. Exports are GST free. Which also means that if you paid money to overseas guys to develop the app ect is also GST free so you cant claim that.   
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Taxation

Looking beyond Apple's tax evasion tactics

Occupying a single floor of a three-storey building in a suburban Dublin office park, Western...read more

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Questions

What is the difference between company and personal tax return when working from home?

Hi all, I was just wondering about the treatment about some home expenses. I know that if you work... read more

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Apurv Bhalla CPAAccountant at Success Tax Professionals in Parramatta
Hi Eric, There are lots of issues here. The area is to be separate from a living area such as it can be separately identifiable as an office used to run your Business. Then if that is a room you may use floor area% age or if room sizes are same Room/All rooms. say 1/3 or 1/4 but that would be an approximation. Your company will be a small business if your annual turnover is < than $2m. Expenses must be allocated as a percentage of your Business, Personal for Income producing activities and Private expenses. Business will be allocated to your company, Personal for income producing activities will form part of you personal tax return. Private portion is what is left non deductible. Laptop bought in company name immediate write off. If bought in personal name, then depreciation if value is > than $300.00 Company and you are separate legal entity so please do not mix up the incomes and expenses.If it is PSI then all the profit will be attributed to you. anything else please feel free to ask....  
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Questions

Do I need health insurance to save on paying tax?

I am 9 - 5 employee, and i am very confused whether i need to have health insurance to save tax.... read more

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Apurv Bhalla CPAAccountant at Success Tax Professionals in Parramatta
Hi Anand, Basically if you believe that you need private health insurance then if you delay then you will be charged loading by private health insurance funds. Its based on your age. If you do not have hospital cover with an Australian registered health fund on the 1st of July following your 31st birthday and then decide to take out hospital cover later in life, you will pay a 2% loading on top of your premium for every year you are aged over 30. PLUS If your income is < than $84000 (single) and < than $168000 (couple) you do not pay medicare levy surcharge.
Dianne Kennedy
Hello Ananda, If you do NOT have private health insurance and you are over a certain level of income you will be levied Medicare Levy Surcharge. Medicare Levy Surcharge is currently 1%, 1.25% or 1.5% depending on your income for Medicare Levy Surcharge purposes. Medicare Levy is charged to all Australian tax payers with income over a certain amount. You are best to consult with your accountant or the ATO to see what your liability is for both Medicare Levy charges.
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