George Grimekis CPA profile image

George Grimekis CPA

Accountant at Alpha Omega Accounting & Business Solutions

Member Since December 2014

Burwood, NSW, 2134

SHARE

33 FOLLOWERS

I am a client focused and success driven individual, determined to offer my clients valuable advice and strategic solutions in order to help reach their financial & business goals.

Qualified skills

Taxation
Accounting
Payroll
Bookkeeping
Business Consulting

George Grimekis CPA answered this question

SavvySME Official
SavvySME Official , Official Account at

Asked this question - Budgeting and Forecasting

What burdens would you like to see scrapped as a business?

I hope I live to see the day when Payroll Tax is abolished.

I cannot understand why taxing businesses for employing people is still OK in this day and age.

George Grimekis CPA answered this question

Fred Gillen

Asked this question - Taxation

What sort of tax agent should I use for US and AU earnings?

Hi Fred,

Most tax agents/accountants should be able to help you out, however this is a complex area so maybe engage one that has experience with clients who operate overseas.

Generally speaking, all overseas income is declared in Australia and you can claim a foreign tax offset, for any tax that you have paid i the overseas jurisdiction, to prevent double taxation.

Depending on how you're structured, it may be a case of engaging 1 accountant in the U.S to look after your affairs there and 1 accountant in Australia.

My first step would be to engage a local accountant, discuss your needs and concerns with them, and go from there.

George Grimekis CPA answered this question

Sarah Irwin
Sarah Irwin, SME Community Director at SavvySME

Asked this question - Taxation

What do I need to include in a tax invoice?

Hi Sarah

Generally you need to include 7 items on tax invoices.

For sales less than $1,000:

1) Need to show document is intended to be a tax invoice (usually done by showing the words TAX INVOICE at the top)

2) Your identity

3) Your ABN

4) The date you issued the invoice

5) A description of items including quantity sold (if applicable) and the price

6) The GST amount if any

7) The extent to which each sale on the invoice includes GST

For sales over $1000 you also need to include:

8) The buyers identity or ABN

Clicking on the below link also gives you A.T.O guidance on how to set out invoices.

https://www.ato.gov.au/assets/0/104/694/815/1c91f2...

George Grimekis CPA answered this question

Susan Mura

Asked this question - Superannuation

Do You Advise To Pay Your Account $30k In Super To Save Tax?

Hi Susan,

You can make a concessional (tax deductible) contribution to super to save tax. How much you save depends on your income.

Say you have a taxable income of $100,000 you can contribute the $30,000 to super and claim a deduction, thus reducing your taxable income to $70,000. At $70,000 you pay tax at the marginal rate of 32.5% as compared to 37% if your income was to remain at $100,000.

Keep in mind that the $30,000 you contribute to super will be taxed at 15%.

Also, $30,000 is the cap limit (if you are under 50) so if you have contributed to super through the year then you will be taxed at your marginal rate for the excess.

I hope your accountant has illustrated and explained the tax savings to you.

George Grimekis CPA answered this question

Tracey Hall

Asked this question - Home Based Business

If you use your home as your office, can you claim on tax?

Hi Tracey,

There a different things that can be deducted depending on if you have a work area set up.

Generally speaking in your situation where your home is not your business premises you can claim utilities such as electricity and gas (apportioned), work related phone calls and depreciation on office equipment and furniture.

If you have a specific area set up to do your work you can even claim depreciation on curtains, light fittings and carpet etc.

You cannot claim rent payments, mortgage interest, insurance and council rates.

George Grimekis CPA answered this question

Jeanette Jifkins

Asked this question - Taxation

Just wondering what are the requirements of paying tax to be able to claim small business expenses?

Hi Jeanette,

It seems from your wording that you are already running a business. A hobby is a spare time activity pursued for pleasure or recreation whilst a business is run with the intention of making a profit.

Indicators of a business include but is not limited to:

- Having an ABN/Business Name

- you are keeping records

- you genuinely believe you you will make a profit even if you do not do so

- repeating nature of transactions

In saying that, if what you are doing is a hobby then the $3000 you have spent is not deductible. If you are running a business and you have not made any turnover, then you will need to pass the non commercial losses tests before the losses can be deducted against your income.

Any losses made that do no pass any of the tests in the non commercial losses rules will have to be rolled over until such time the tests are passed and you can claim them in future years.

If you need further clarification please send me a private message or you can google "non commercial losses"and click on the A.T.O link.

George Grimekis CPA answered this question

Susan Rickard

Asked this question - Business Planning

When should I write off a receivable as a bad debt? Is it worth taking the customer to court?

Hi Susan,

Please google TR 92/18 and pay particular attention to Paragraph 31 (e). The answer to your question is found within this ruling.

Before going to court, you would issue a letter of demand to notify them that you will proceed with legal action of the debt remains unpaid. You would then submit a statement of claim to the local court to commence proceedings. It's worthwhile speaking to your legal representative and seeing whether the cost of chasing the debt outweighs the debt itself.

George Grimekis CPA answered this question

Noreen Stanley

Asked this question - Taxation

If business owners ever do their own taxes, what are some key things to remember?

Hi Noreen,

This is a very broad question and the answer all depends on what type of structure the business operates.

There are different tax rules that apply to sole traders, companies and trusts etc.

Also there are endless scenarios that would probably have to be taken into account.

My recommendation would be to always engage a tax agent/accountant. I have seen far too many cases where business owners have tried to save on accounting fees and done their own compliance work, only to find themselves in a much worse off situation.

George Grimekis CPA answered this question

Sarah Harding
Sarah Harding, at WY Advice

Asked this question - Accounting

Does anyone have any recommendations for accountants?

Hi Sarah,

It's not Wednesday anymore...so Happy Long Weekend!!! :)

I just happen to work in a smaller practice accounting firm in Burwood in the inner west of Sydney, and although i wouldn't describe myself as a wiz due to my humble nature, i'm sure i can assist your clients with their personal tax and business related concerns.

You can look me up on linkedin and connect with me should you wish, and we can proceed from there.

George.

No results found.

George Grimekis CPA answered this question

SavvySME Official
SavvySME Official, Official Account at

Asked this question - Budgeting and Forecasting

What burdens would you like to see scrapped as a business?

I hope I live to see the day when Payroll Tax is abolished.

I cannot understand why taxing businesses for employing people is still OK in this day and age.

George Grimekis CPA answered this question

Fred Gillen

Asked this question - Taxation

What sort of tax agent should I use for US and AU earnings?

Hi Fred,

Most tax agents/accountants should be able to help you out, however this is a complex area so maybe engage one that has experience with clients who operate overseas.

Generally speaking, all overseas income is declared in Australia and you can claim a foreign tax offset, for any tax that you have paid i the overseas jurisdiction, to prevent double taxation.

Depending on how you're structured, it may be a case of engaging 1 accountant in the U.S to look after your affairs there and 1 accountant in Australia.

My first step would be to engage a local accountant, discuss your needs and concerns with them, and go from there.

George Grimekis CPA answered this question

Sarah Irwin
Sarah Irwin, SME Community Director at SavvySME

Asked this question - Taxation

What do I need to include in a tax invoice?

Hi Sarah

Generally you need to include 7 items on tax invoices.

For sales less than $1,000:

1) Need to show document is intended to be a tax invoice (usually done by showing the words TAX INVOICE at the top)

2) Your identity

3) Your ABN

4) The date you issued the invoice

5) A description of items including quantity sold (if applicable) and the price

6) The GST amount if any

7) The extent to which each sale on the invoice includes GST

For sales over $1000 you also need to include:

8) The buyers identity or ABN

Clicking on the below link also gives you A.T.O guidance on how to set out invoices.

https://www.ato.gov.au/assets/0/104/694/815/1c91f2...

George Grimekis CPA answered this question

Susan Mura

Asked this question - Superannuation

Do You Advise To Pay Your Account $30k In Super To Save Tax?

Hi Susan,

You can make a concessional (tax deductible) contribution to super to save tax. How much you save depends on your income.

Say you have a taxable income of $100,000 you can contribute the $30,000 to super and claim a deduction, thus reducing your taxable income to $70,000. At $70,000 you pay tax at the marginal rate of 32.5% as compared to 37% if your income was to remain at $100,000.

Keep in mind that the $30,000 you contribute to super will be taxed at 15%.

Also, $30,000 is the cap limit (if you are under 50) so if you have contributed to super through the year then you will be taxed at your marginal rate for the excess.

I hope your accountant has illustrated and explained the tax savings to you.

George Grimekis CPA answered this question

Tracey Hall

Asked this question - Home Based Business

If you use your home as your office, can you claim on tax?

Hi Tracey,

There a different things that can be deducted depending on if you have a work area set up.

Generally speaking in your situation where your home is not your business premises you can claim utilities such as electricity and gas (apportioned), work related phone calls and depreciation on office equipment and furniture.

If you have a specific area set up to do your work you can even claim depreciation on curtains, light fittings and carpet etc.

You cannot claim rent payments, mortgage interest, insurance and council rates.

George Grimekis CPA answered this question

Jeanette Jifkins

Asked this question - Taxation

Just wondering what are the requirements of paying tax to be able to claim small business expenses?

Hi Jeanette,

It seems from your wording that you are already running a business. A hobby is a spare time activity pursued for pleasure or recreation whilst a business is run with the intention of making a profit.

Indicators of a business include but is not limited to:

- Having an ABN/Business Name

- you are keeping records

- you genuinely believe you you will make a profit even if you do not do so

- repeating nature of transactions

In saying that, if what you are doing is a hobby then the $3000 you have spent is not deductible. If you are running a business and you have not made any turnover, then you will need to pass the non commercial losses tests before the losses can be deducted against your income.

Any losses made that do no pass any of the tests in the non commercial losses rules will have to be rolled over until such time the tests are passed and you can claim them in future years.

If you need further clarification please send me a private message or you can google "non commercial losses"and click on the A.T.O link.

George Grimekis CPA answered this question

Susan Rickard

Asked this question - Business Planning

When should I write off a receivable as a bad debt? Is it worth taking the customer to court?

Hi Susan,

Please google TR 92/18 and pay particular attention to Paragraph 31 (e). The answer to your question is found within this ruling.

Before going to court, you would issue a letter of demand to notify them that you will proceed with legal action of the debt remains unpaid. You would then submit a statement of claim to the local court to commence proceedings. It's worthwhile speaking to your legal representative and seeing whether the cost of chasing the debt outweighs the debt itself.

George Grimekis CPA answered this question

Noreen Stanley

Asked this question - Taxation

If business owners ever do their own taxes, what are some key things to remember?

Hi Noreen,

This is a very broad question and the answer all depends on what type of structure the business operates.

There are different tax rules that apply to sole traders, companies and trusts etc.

Also there are endless scenarios that would probably have to be taken into account.

My recommendation would be to always engage a tax agent/accountant. I have seen far too many cases where business owners have tried to save on accounting fees and done their own compliance work, only to find themselves in a much worse off situation.

George Grimekis CPA answered this question

Sarah Harding
Sarah Harding, at WY Advice

Asked this question - Accounting

Does anyone have any recommendations for accountants?

Hi Sarah,

It's not Wednesday anymore...so Happy Long Weekend!!! :)

I just happen to work in a smaller practice accounting firm in Burwood in the inner west of Sydney, and although i wouldn't describe myself as a wiz due to my humble nature, i'm sure i can assist your clients with their personal tax and business related concerns.

You can look me up on linkedin and connect with me should you wish, and we can proceed from there.

George.

TOPICS FOLLOWED

Online Business

Online Business 9213 FOLLOWERS

Legal

Legal 5854 FOLLOWERS

Sales and Marketing

Sales and Marketing 8628 FOLLOWERS

Human Resources

Human Resources 6614 FOLLOWERS

Finance and Accounting

Finance and Accounting 8109 FOLLOWERS

Information Technology

Information Technology 7525 FOLLOWERS

Startup

Startup 6796 FOLLOWERS

Business Management

Business Management 10910 FOLLOWERS

Ecommerce

Ecommerce 7509 FOLLOWERS

Selling Online

Selling Online 7569 FOLLOWERS

Social Media

Social Media 7659 FOLLOWERS

Web Design

Web Design 7474 FOLLOWERS

Web Development

Web Development 7522 FOLLOWERS

Web Hosting

Web Hosting 7393 FOLLOWERS

Business Structure

Business Structure 5385 FOLLOWERS

Insolvency

Insolvency 5289 FOLLOWERS

Intellectual Property

Intellectual Property 5341 FOLLOWERS

Buying a Business

Buying a Business 5337 FOLLOWERS

Employment Law

Employment Law 5310 FOLLOWERS

Customer Acquisition

Customer Acquisition 6923 FOLLOWERS

Graphic Design

Graphic Design 6852 FOLLOWERS

Video Production

Video Production 6839 FOLLOWERS

Advertising

Advertising 6963 FOLLOWERS

Branding

Branding 6986 FOLLOWERS

Market Research

Market Research 6885 FOLLOWERS

Digital Marketing

Digital Marketing 7030 FOLLOWERS

Public Relations (PR)

Public Relations (PR) 6893 FOLLOWERS

Recruitment

Recruitment 5439 FOLLOWERS

Leadership

Leadership 5494 FOLLOWERS

Team Management

Team Management 5478 FOLLOWERS

Outsourcing

Outsourcing 5465 FOLLOWERS

Succession Planning

Succession Planning 5438 FOLLOWERS

Career Planning

Career Planning 5417 FOLLOWERS

Cashflow Management

Cashflow Management 5612 FOLLOWERS

Taxation

Taxation 5577 FOLLOWERS

Insurance

Insurance 5558 FOLLOWERS

Superannuation

Superannuation 5559 FOLLOWERS

Banking

Banking 5566 FOLLOWERS

Accounting

Accounting 5595 FOLLOWERS

Government Grants

Government Grants 5570 FOLLOWERS

Website

Website 6235 FOLLOWERS

Cloud Computing

Cloud Computing 6148 FOLLOWERS

App Development

App Development 6132 FOLLOWERS

Hardware and Software

Hardware and Software 6118 FOLLOWERS

IT Support

IT Support 6125 FOLLOWERS

Product Development

Product Development 6449 FOLLOWERS

Startup Branding and PR

Startup Branding and PR 6482 FOLLOWERS

First 100 Days

First 100 Days 6450 FOLLOWERS

Bootstrapping

Bootstrapping 6422 FOLLOWERS

Research and Innovation

Research and Innovation 6456 FOLLOWERS

Customer Retention

Customer Retention 7363 FOLLOWERS

Importing

Importing 7255 FOLLOWERS

Business Growth

Business Growth 7364 FOLLOWERS

Market Trend

Market Trend 7323 FOLLOWERS

Business Partnership

Business Partnership 7331 FOLLOWERS

Lifestyle and Health

Lifestyle and Health 7336 FOLLOWERS

Risk Management

Risk Management 7314 FOLLOWERS

Franchising

Franchising 7262 FOLLOWERS

Business Coaching

Business Coaching 7376 FOLLOWERS

Business Planning

Business Planning 7395 FOLLOWERS

New Business Ideas

New Business Ideas 6505 FOLLOWERS

View more

people with similar expertise

Kirsty Fox 29 FOLLOWERS

Paul Zisson 239 FOLLOWERS

Pam Pitt 46 FOLLOWERS

Shaun Farrugia 9 FOLLOWERS

Michael Prior 39 FOLLOWERS