What to do when you have ATO tax debt

Have you found yourself in the following situation?

You have sold your investment property, or shares at a profit, and have spent the cash. You prepared your tax return and found out you have to pay capital gains tax.

You have started your own business in the last 12 months, cash flow is tight with slow paying clients. You have outstanding business activity statement debt.

You have lodged your tax return that resulted in an income tax debt.

Whatever your reason might be, you have ATO tax debt. The amount is falling due, or is overdue.

But you cannot come up with the funds to repay the debt in full.

What should you do?

Read More›
in News / Personal Tax Returns / Running A Business  by Emily Yip

Need help with your tax return?

For those who are attempting to lodge their own 2018 tax returns this year, your due date to lodge tax return is 31 October 2018, this is only a week away!!!

Frustrated about having to lodge it in a week?

Unsure what information you should include in your tax return, or where to include them?

Want to know more about how to maximise your tax deduction and save on tax?

Too busy to be lodging a tax return when you’d rather be spending time on something you’d enjoy – like picnic with family?

We are here to help.

If you engage us to be your tax agent by 31 October 2018, you may be entitled to have additional time to lodge your 2018 income tax return (of up to May 2019).

We promise we will be gentle, and the process won’t hurt 🙂

Come and have a chat with us, or email us to start the conversation.

in News / Personal Tax Returns / Running A Business  by Emily Yip

How to make your end-of-year financial statements preparation a breeze

Now that we are in August (time flies!) and well into the 2019 financial year, many of you are probably busy preparing your file to send to us for review. Year-end reviews can sometimes be a daunting experience as you never know what the result will be, or what more documents you need to bring in to us… So is there anything you can do to make both of our lives easier? Definitely!

Read More›
in Bookkeeping and Payroll / News / Personal Tax Returns / Running A Business  by Emily Yip

Top 10 things to consider when employing new staff

Every now and then we get asked the question – “I want to hire someone to help with our business so I can have more time growing my business.” But before you put an ad up, or spread the word around, have you considered the following 10 things about finding the right staff, your business financial situation and understand the extra compliance work required?

Read More›
in Bookkeeping and Payroll / News / Running A Business / Starting a New Business  by Emily Yip

Maximize your tax deduction – Businesses

In this article we explore how businesses that have turnover less than $10 million can maximise their deductions to save on tax for 2018 year and other issues they need to be aware of – deadlines, things to do etc in the coming few weeks. We will touch on employee superannuation payments, $20,000 asset write off etc

This article will apply to businesses running as sole traders, companies, trusts and partnerships.

Read More›
in News / Running A Business / Starting a New Business / Tax Advice and Planning  by Emily Yip