Dumb ways to get a tax audit !

By |2024-02-19T13:52:37+11:0017/07/2023|Categories: Blog, Taxation|Tags: , , , |

A tax audit is often a result of business owners not doing something that's the norm. Doing dumb things that alert the ATO that some things are not quite right. It is becoming imperative that you prepare your GST records appropriately to avoid unnecessary scrutiny by the Taxation Office which may lead to a tax audit for your Bas. These include:  Failure to allow for car expenses for vehicles that are used partly for business purposes.  Claiming all the GST paid on the following expenses: (similar to last year )o car operating expenses, a log book must be [...] READ MORE

Our Guide to Managing a Deceased persons Tax Return

By |2024-03-17T22:09:17+11:0017/07/2023|Categories: Blog, Estate Planning|

Lodging a final Deceased persons Tax Return is one of the important things to do when managing someone's final affairs. Dealing with the loss of a loved one is a deeply emotional and challenging time. Beyond grief and sorrow, there are often a number of administrative tasks to navigate. One of these tasks is managing the deceased person's tax return. It's a task that can seem daunting, especially if you're unfamiliar with the tax system. However, understanding the process can make it less overwhelming. We as Accountants that specialise in this area can help.In the Australian context, the taxation obligations [...] READ MORE

July 2023 – Client Newsletter

By |2023-07-13T10:42:18+10:0013/07/2023|Categories: Blog|Tags: , , , , |

As we start the New Financial Year, this month our newsletter contains topics including: Small Business Lodgement AmnestyIs it time to restructure my Business?SGC increase to 11% for Employers to payWork-related car expenses updated Click here to download our July Newsletter

Capital Gains Valuation – often done retrospectively.

By |2024-09-27T16:16:12+10:0012/07/2023|Categories: Blog, Taxation|Tags: , , |

When do you need a Capital Gains Valuation? There are several reasons why you would obtain a valuation, such as: We suggest that when selling your home or acquired property through inheritance, demolishing a home or rental for property development gst matters. You may need to obtain a retrospective valuation capital gains property report. Getting a backdated valuation! Your capital gains report is often referred to as a backdated property valuation or a capital gains valuation.Whereas a property valuation will outline the property's market value at a specific time by a certified valuer. This  reportwill help you work out your [...] READ MORE

Recording obsolete stock in your accounting system

By |2024-02-19T14:00:00+11:0003/07/2023|Categories: Blog, Business growth|Tags: , , |

Identifying and recording obsolete trading stock write-offs for a small business involves several steps. Its that time of year, when you should undertake you annual stock take. We suggest to be practical in your approach. Use scales and estimates for small items such as screws , widgets and small items. A practical approach - obsolete items. Here's a general guide on how to approach this process: Identify the stock items: Begin by reviewing your inventory records and identifying any old trading stock that needs to be written off. Look for items that are damaged, expired, obsolete, or unsellable due to [...] READ MORE

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