2018/19 Budget Updates

The Treasurer handed down the Budget 2018/2019 on 8 May 2018. While there are a lot of proposed changes that will potentially affect individuals such as a 7 year Personal income Tax Plan to lower the income tax liabilities for individuals, there is no certainty as to whether they will become law in future. Meanwhile, let’s recap on the ones that are now law, and will affect taxpayers, especially small businesses immediately. The most important of these is the extension of the less than $20,000 immediate asset write off concession to 30 June 2019 for eligible small businesses.

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in Articles / News / Personal Tax Returns / Running A Business / Starting a New Business / Tax Advice and Planning  by Emily Yip

ATO’s views on Bitcoins and other cryptocurrencies

In recent months Bitcoins and various other cryptocurrencies have attracted a lot of attention after having a roller-coaster ride in its prices over the past few months, and with more and more cryptocurrency trading platforms becoming available in Australia, it has become easier for Australians to dip into the crypto world. As cryptocurrencies are a new concept, what are the views of the ATO in relation to this new type of virtual currency?

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in Capital Gains Tax / News / Personal Tax Returns / Tax Advice and Planning  by Emily Yip

September 17 quarter Business Activity Statement

September 2017 quarterly Business Activity Statement (BAS) will due for lodgement and payment by 30 Oct 2017 if lodged by yourselves, or 25 November 2017 if lodged via an agent like us.

Leave your worries for preparing BAS to us by contacting us and see how we could help!

in Bookkeeping and Payroll / News / Running A Business / Xero Cloud Accounting / Xero Training  by Emily Yip

Claiming GST credits and your Suppliers

When your business is registered for GST, you know that you are able to claim a credit back on your next BAS for the GST you pay to your Supplier.   But what happens when the Supplier is charging you GST when they aren’t actually registered to collect GST?   You may pay them the extra 10% on their invoice but you are not entitled to claim that credit back from the ATO.  If it has already been claimed, you may have to refund it to the ATO at a later date.

So how do you prevent this happening?

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in Bookkeeping and Payroll / News / Tax Advice and Planning  by Emily Yip

Is it a hobby or is it a business?

Usually we start our businesses up as we have a great idea in mind and would love to share it with the world. It would start in your back yard, garage or study. When it comes tax time you wonder if you need to declare it in your tax return or not.

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in News / Personal Tax Returns / Tax Advice and Planning  by Emily Yip