Scam alert – fake TFN applications

Posted by Team AVS on 30 Jan, 2024 0 Comments

We're seeing an increase in scams involving fake tax file number (TFN) applications.

These scams tell people they can help them get a TFN for a fee. But instead of delivering this service, these fraudulent websites steal the person's money and personal information.

These scams are often advertised on social media platforms like Facebook, X (formerly Twitter) and Instagram.

Applying for a TFN is free. Find out how you can apply for a TFN

Amend your tax return

Posted by Team AVS on 23 Jan, 2024 0 Comments

Find out how to correct or fix a tax return if you make a mistake or, contact us if we've made an error.

When you need to correct your tax return

You may need to amend your tax return if you have:

made an error when answering a question
forgotten to include some income or a capital gain
forgotten to claim an offset or deduction
had something change after you lodged your tax return, such as

receiving a revised payment summary

Have you received support in difficult times

Posted by Team AVS on 16 Jan, 2024 0 Comments

Find out if your grant is assessable income or non-assessable income.

Many small businesses across Australia may be experiencing challenges due to recent weather events, so worrying about meeting your tax obligations will not be your highest priority. However, it is important to understand tax implications of a business support grant.

You may have received a grant to assist your business to navigate through this or another challenging time

Deductible gift recipient eligibility

Posted by Team AVS on 10 Jan, 2024 0 Comments

You must meet certain requirements to be endorsed as a deductible gift recipient (DGR).

Types of DGR endorsement

Work out if you are eligible to be endorsed as a deductible gift recipient (DGR).

There are 2 types of DGR endorsement:

where an organisation as a whole fall within a DGR category
where a fund, authority or institution that is operated by an organisation falls within a DGR category.

If an organisation as a whole fall

Dependants for Medicare levy exemption

Posted by Team AVS on 20 Dec, 2023 0 Comments

Medicare levy exemption dependants

For the Medicare levy exemption (but not for the Medicare levy reduction), dependant means an Australian resident for tax purposes you maintained who was either:

your spouse
your child under 21 years old
your child, 21 to 24 years old
receiving full-time education at a school, college or university, and
whose adjusted taxable income for the period was less than the total of $282 plus $28.9

Lodgement penalty amnesty program

Posted by Team AVS on 12 Dec, 2023 0 Comments

As part of the 2023–24 Budget, the government announced a lodgement penalty amnesty program for small businesses.

For lodgements eligible for the amnesty, failure to lodge (FTL) penalties will be remitted, without the need for you to apply. You might see an FTL penalty on your account for a period of time, but we will remit it.

To be eligible for the amnesty, you must meet the following criteria:

had an annual turnover of less than

Costs of a caravan/motor home for work-related travel

Posted by Team AVS on 28 Nov, 2023 0 Comments

SCENARIO

I run a small business that requires me to travel quite a lot, particularly to country areas where I will often stay overnight. To save on accommodation costs, I have purchased a caravan. I have a business logo on the side of the caravan that is on display when I attend town shows and events. Will the costs of purchasing and maintaining my caravan be deductible in my individual income tax return?

GUIDANCE

In these challenging an

When two bonuses are not enough…Introducing the Energy Incentive!

Posted by Team AVS on 21 Nov, 2023 0 Comments

If you’ve been putting off upgrading the inefficient office air-conditioner, a new 20% bonus deduction might just be the incentive you need to help beat the heat before it arrives with a vengeance!

Whilst the small business Technology Investment Boost has now ceased, not only can you still take advantage of the Skills and Training Boost (generally for expenditure on training employees incurred before 30 June 2024), but there is also now a ne

Don’t overlook the CGT small business roll-over concession

Posted by Team AVS on 15 Nov, 2023 0 Comments

The CGT small business concessions are invaluable to those who make a capital gain from a small business. They can eliminate a gain entirely; they can reduce a gain; and they can allow for the gain to be CGT-free if paid into a superannuation fund.

But it is often forgotten that the gain can also be rolled over.

And this concession can be very useful depending on your circumstances and business intentions, especially where it may be used in

Who is a resident for tax purposes?

Posted by Team AVS on 7 Nov, 2023 0 Comments

A person’s residency for tax purposes can be one of the most difficult issues to determine in Australian tax law. And it is not just a question of whether a person is a ‘citizen’ of Australia.

Moreover, it is highly relevant from a tax point of view, as a person who is a resident of Australia for tax purposes is liable for tax in Australia on their income from ‘all sources’ (ie, both from Australia and overseas) – including capital

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Deepak Kumar Director, D.S Webtech Pty Ltd

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G.D Singh & Dr Jaskirat Singh SMSF Trustees

AVS Business Services have been our tax advisers and accountants for more than 3 years now. We have a great working relationship and constantly receive industry updates and useful information for our business. I would recommend AVS to any one as I feel they provide a very professional, timely and accurate service. They are well versed in Tax and superannuation legislation and support all of our business needs. They are a pleasure to deal with and we are sure that we are always dealing with advisers who understand business very well.

Justin Wilson CEO, J.W.W Trading Pty Ltd

Being a layman with Tax and Accounting and new to Australia, I was looking for a professional and efficient tax accountant who can also help me understand the tax structure here and show some avenues to save money.I was recommended to AVS through my friend and it was no looking back since then.Team at AVS are diligent tax professionals with an eye to detail. They spend time in understanding the requirements and needs of clients, ensuring it aligns with all the legal aspects.I am very pleased working with AVS and would recommend to anyone who is looking for professional, efficient and personalized tax accounting services.

Som Mukherjee IT Professional - Project Manager - Banking and Finance