Author: admin

A tax agent is a qualified accountant who has decided to focus his practice on studying how the tax system operates. In short, they are experts on everything to do with taxes. They know what you can and cannot claim as a deduction and what you need to declare to remain legitimate and legal.   […]

If you find yourself having difficulties with your finances and you need professional assistance, it's a good idea to hire a professional tax accountant. Being financial experts, tax accountants have profound knowledge about government rules and regulations which determine monetary debt owed to the federal, state and local agencies. These professionals also provide valuable advice [...]

Motor vehicle log books To reduce your Fringe Benefits Tax or to maximise your vehicle deductions, it is important to keep a log book if you haven't kept one in the last five years. A log book must be maintained for a continuous 12 week period and is valid for five years. For example, if you [...]

Prepay expenses Prepaying certain expenses before year end can reduce your current year tax liability. If payments are due early next financial year, a pre-payment may entitle you to the tax benefit much earlier. The rules differ depending on whether the taxpayer is an individual, small business entity (SBE) or other business entity. Broadly, an SBE [...]

Record keeping and accounting software June 30 is a good time to reconcile the business bank accounts and update your software for the next financial year. You may be considering a move to cloud accounting or upgrading your existing software to a higher version. The most important piece of advice Look at this time as [...]

Trust distribution resolutions should be put in place by June 30. If you are considering making a distribution to a new beneficiary in 2016 you will also need to report the tax file number to the ATO by 28 July. Also, if a distribution is to be made to a beneficiary who has turned 18 [...]

Self Managed Superfund SMSF expenses Ensure that all SMSF expenses paid personally by yourselves have been accounted for as contributions and that you have not inadvertently tripped the contribution limits Member Life Insurance SMSF trustees are obliged to consider the life insurance requirements of members. If not done then this should be on your list of things [...]