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Accounting & Tax

Accounting -Tax & Finance (Mortgage)
1. Accounting & Bookkeeping:
  • Advisory Services,
  • Company Start up
  • Business Activity Statement (BAS),
  • Instalment Activity Statement (IAS),
  • Business Structures,
  • Financial Reports, 
  • Financial Statements,
  • GST Refund & Payment,
  • Payroll Process - STP (Single Touch Payroll),
  • Bank Reconciliation,
  • Business Registrations with ABN / ACN / TFN / PAYG Withheld process
  • Superannuation Guarantee Contributions 
2. Tax Planning & Returns
- Individual Tax (Capital Gains tax, Negative Gearing, Rental Properties)
Individual Tax Matters:
Income Records
  • PAYG Payment Summaries (Group Certificates): Your employer should issue these to you no later than July 14. If you haven’t received yours by that date, then please call your employer and enquire as to when you will receive it.
  • End of year tax statement from your financial institution showing total amount of interest received from all sources. (E.g. Savings accounts, term deposits, debentures, your children’s savings accounts, etc.)
  • All of your share dividend remittance advice statements.
  • End of year tax statements for pensions, Superannuation funds, managed funds, trusts, etc.
  • Records of any shares that you have sold during the tax year.
  • Rental property income records, including end of Financial Year Income and Expenditure Statement.
  • Centrelink or Department of Veterans’ Affairs payment summaries.
  • Income details of your spouse and children.
Deductions / OffsetsClaims for deductions need to be supported by receipts, which can be kept for easy reference in a monthly organizer file. A deduction is a subtraction from assessable income, from which the income tax is calculated. Rebates (now called offsets) are deducted from the tax already calculated. Motor Vehicle TravelVehicle travel to & from your place of employment is not allowable as a tax deduction unless carrying bulky tools & equipment. If a taxpayer does not carry tools & equipment but must travel from location to location for work purposes, a deduction is allowed from the first port of call to the last. However, travel to & from the original workplace, however long, is not deductible. Business LossesIf your business makes a loss, you can generally carry forward that loss and claim a deduction for your business in a future year. If you’re a sole trader or an individual partner in a partnership, you may be able to offset your business losses against other types of assemble income for the same income year. - Business Tax:  - Sole Trader tax - Partnership tax - Trust tax - Company Tax
Business Tax Matters:
Australia Business NumberEveryone who charges for goods & services must have an ABN registered. Registering for GSTBusinesses with an annual turnover of $75,000 or more must register for GST but some businesses are mandatory for GST registration for $1 income. Business Activity Statements (BAS)The BAS is the method by which businesses pay their GST commitment and lodge the information with the ATO. There are a variety of payment methods that can be chosen according to business needs. Besides your GST, the BAS can include tax instalments deducted from employees, and personal instalments for yourself or your business entity. In order for the BAS to be submitted, it is essential for you to have a copy of the form but, if you are our regular Tax client, we can arrange for your BAS to be sent directly to us electronically by the ATO, making its completion more efficient and less stressful. Late Lodgement of Tax Returns (BAS)Penalties will be applied by the ATO for failure to lodge tax returns, including BAS, on time. Firstly, the ATO will issue you a Failure to Lodge (FTL) penalty if your tax return isn’t lodged by the due date. This fine is calculated at the rate of one penalty unit for each period of 28 days or part thereof that the document is overdue, up to a maximum of dire penalty units. The value of a penalty unit is currently $313, which makes the maximum penalty which can be applied for an individual – $1650 for113 to 140 days. Pay As You Go (PAYG)There are two types of PAYG. These are: 1. PAYG Instalment System (PAYGI) – used for paying tax on business and/or investment income. It only applies to you if you earn business and/or investment income over a certain amount. If you pay using PAYG instalments, you still need to lodge an annual tax return. 2. PAYG Withholding System (PAYGWH) – used for paying amounts that are withheld from employee salaries or wages. Tax DeductionsWhen a business is registered for GST, it must be remembered to claim the net amount of the expenses after GST has been deducted. A tax credit has already been received on the GST amount. Refund of GST – Input Tax CreditsAn Input Tax Credit (Refund of GST) can only be claimed for genuine business expenses. Items purchased primarily for private use such as a family car, computers, holiday accommodation etc. cannot be claimed. Where an item may have a dual use i.e. both private and business, then it is claimed in proportion to the business usage as determined by a logbook. GST & Hire Purchase / LeasingWhen a hire purchase / leasing contract is established for the purchase of a motor vehicle or item of plant & equipment you are only entitled to a refund of GST on your monthly repayments. However, when financing through a personal loan you become entitled to the total GST paid in the next BAS period. Motor Vehicle Purchase & GST Input Tax CreditsInput tax credits on motor vehicles purchased for business purposes are claimed to the extent they are used for business as determined by a logbook. Commercial vehicles used solely for work purposes i.e. Utes, Vans, Trucks etc., are claimable. Luxury vehicles, costing over $80,567 are claimable to the amount of $80,567. Stamp duty on the transfer does not carry GST. Sale of AssetsWhen a sale of an asset occurs (e.g. motor vehicle, plant & equipment etc.) in a GST-registered business, the sale is considered a taxable supply requiring a tax invoice to be provided to the purchaser. The sale is included in the following BAS Statement in full, even though it may have been used only partly for the business. Interest Deductions After The Business CeasesWhere a loan continues to exist after the cessation of a business, it is possible to claim the interest on the loan in future years even if the loan has been renegotiated. This is also the case when an income-producing asset is sold realizing less than the outstanding loan balance. - SMSF Tax returns with financial report
3. Tax Checklist:
Income Records
  • PAYG Payment Summaries (Group Certificates): Your employer should issue these to you no later than July 14. If you haven’t received yours by that date, then please call your employer and enquire as to when you will receive it.
  • End of year tax statement from your financial institution showing total amount of interest received from all sources. (E.g. Savings accounts, term deposits, debentures, your children’s savings accounts, etc.)
  • All of your share dividend remittance advice statements.
  • End of year tax statements for pensions, Superannuation funds, managed funds, trusts, etc.
  • Records of any shares that you have sold during the tax year.
  • Rental property income records, including end of Financial Year Income and Expenditure Statement.
  • Centrelink or Department of Veterans’ Affairs payment summaries.
  • Income details of your spouse and children.
  • Important – We will require bank account details.
Private Health InsuranceIf you have private health insurance, make sure you have received your end of year tax statement from your health fund. Your statement will tell us if you need to claim the rebate off your insurance premium in your tax return. Last year’s tax return & Notice of AssessmentIf you are a first-time client, it is always a good idea to bring your previous year tax return so we can find any loss amounts that may be carried forward to offset against future income. Also, bring your Notice of Assessment issued by the Australian Taxation Office (ATO) so we can check for any amounts of interest paid (GIC) on overdue tax. Current balance of your HECS or SFSS debtAn information statement detailing the current balance of your HECS or SFSS debt will be sent to you from the ATO before June 30. To obtain more information regarding your debt please phone the ATO on 13 28 61 The current balance of your debt is required to obtain a correct refund estimate. Receipts for tax deductionsIf you are claiming a tax deduction for a work- or business-related expense, make sure you have the receipt, a diary entry, or some other written record to show the date of the purchase, a description of the item and the price of the item. If you use your car for work or business, it is useful to keep a logbook. A logbook records odometer readings at the start of the year and the end of the year, as well as the number of kilometers travelled for each work or business trip. Along with the logbook, you should also keep records of other motor vehicle expenses such as, registration, repairs, fuel and oil, interest payments, insurance payments, etc.
NOTE: Investments in Rental Properties. Rental Property Deductions – If you have a rental property less than 10 years old. Please get a Depreciation report from the quantity survey. It makes a huge difference to your negative gearing.