Accounting, Taxation & GST
Australian Tax Law is complex and constantly changing. In addition, the GST environment places considerable emphasis on compliance and lodgement deadlines.
We believe your financial interests go beyond your income tax return, and take a pro-active approach to your long-term financial outlook, so our team members keep abreast of latest developments and we provide a comprehensive accounting and taxation service to assist both individuals and business owners with their compliance obligations.
A significant part of our strategy is to provide clients with timely and accurate advice on tax matters including legitimate tax minimisation strategies. We bring a personal approach to tax and are able to provide expert consulting advice as well as meet your compliance requirements.
Our range of accounting and taxation services include:
- Income Tax – BAS, IAS, PAYG
- Goods and Services Tax (GST)
- Capital Gains Tax (CGT)
- Fringe Benefits Tax (FBT)
- Superannuation including Self Managed Super Funds
- Small Business Tax Concessions
- Salary Packaging
- Managing and Preparing for Taxation Audits
- Business Start Up Advice
- Business Restructuring
- International Tax
- Estate Planning
- Obtaining ATO Rulings
- Payroll Tax
We aim to be more than just another accounting firm simply offering accounting and taxation compliance services. Our intention is to be a proactive and innovative accounting and advisory firm delivering personal, timely and quality advice together with cost effective strategies and solutions.
We have the experience and expertise to help business owners in the areas that often make the difference between just surviving and potentially thriving including an extensive range of consulting services:
- Management and Financial Accounting
- GST Consulting
- Strategic Planning
- Taxation Consulting
- Succession Planning
- Tax Planning & Minimisation
- Forensic Accounting Services
- Business Valuations
- Business Sales and Acquisitions
- Finance Applications and Submissions
- Superannuation Planning
- Budgeting and Forecasting
- Risk Management
- IT Services and Advice
- Software Selection & Training
- Financial and Retirement Planning
Tax Accounting in Melbourne for the 2017/18 Financial Year
Tenni & Associates Pty Ltd
However, what better time of the year than the start of July to pay some attention to matters that will affect you for the whole of the next 12 months. Rather than getting to the end of the year and finding out you have missed out on thousands of dollars worth of legitimate deductions, start the New Financial Year aware of the important expenses, and get into the habit of recording them and saving yourselves money.
TAX Accounting – Tips to save you Money
No-one has ever gone broke by earning more income. Pay rises, overtime, bonuses, all have extra tax payable on them, but they all Increase your Net Income. They are Good things.
Motor Vehicle Expenses
There are now only two methods of claiming Motor Vehicle Expenses.
- Log Book Method, required to be completed for 12 weeks
- Cents per Kilometre Method, i.e. $0.66c p. km
Work Related Travel Expenses
If you are required to undertake travel for employment related purposes keep a full record of every expense incurred. The taxi to the airport, or the parking fee, accommodation, meals, normal toiletries you need while you are away on business, write them all in a travel diary especially for the trip and keep all the receipts possible. If you can’t get the receipt, still record it in your Travel Diary. No, you can’t claim the night out to go and see The Book of Mormon.
Compulsory uniform, Occupation Specific, Protective Clothing. You can claim home laundry costs at $0.50c per load for a small load, or $1 per large load. Tradies who come home each day covered in dirt and need to daily wash their full overalls etc, make sure you don’t miss out on a good claim here. Dry Cleaning expenses of uniforms are also deductible.
Ongoing Courses that are related to your job, either increasing your skills or increasing your earning capacity must be claimed here. Note the first $250 is not deductible. However, you can offset that $250 with expenses that would not be otherwise deductible. Courses that are only for a short period of time can be claimed in other work related expenses.
Other Work Related Expenses
This is where the majority of claims are made. It is also where the majority of claims are missed. The number of people who buy work related items at the local newsagent, stationery store, $2 shop, that are work related expenses, but they just throw away the receipt because it is so small is astounding. Just $5 per week x 50 weeks = $250, worth up to $117.50 additional tax refund. If you buy something that is work related, keep your receipt. If you’re not sure, Keep your receipt and at the end of the year ask your Tax Accountant in Melbourne.
Usually associated with borrowing of money to invest in shares or property. A mistake made here is people often start to access loans used for investment purposes and withdraw additional funds for personal items. This makes it a nightmare for your Tax Accountant to work out the remaining tax deductible portion. Set up investment loans. When you need a loan for personal things, set up a separate loan. Just Don’t mix the two together.
If you had a machine in the corner of your garage that printed money, wow would you insure it! Your income is that machine as far as your family, your children, your mortgage, the future education of your children, are all concerned. Insuring your income is a Tax Deduction. Not insuring your income is a gamble, and gambling is not a Tax Deduction.
Superannuation is an area that could be so simple. However, it seems the Government and the Financial Planning Industry all have a vested interest in making it more and more complicated every year. Speak to your Tax Accountant in Melbourne who is also an Authorised Financial Advisor for advice on this area.
Read up on the changes from 1/7/2017. Importantly, for those on wages, no longer do contributions into Superannuation have to be solely from your employer for you to be able to claim a deduction.
For any clarification on any Tax Accounting query please contact us.