Rental property: Tax approach adjusts for Covid-19

Posted by Team AVS on 9 Sep, 2020 0 Comments

The COVID-19 pandemic has placed property owners, and tenants in many cases, in unfamiliar territory. Many tenants have been paying reduced rent or ceased paying because their income has been adversely affected.

While rental income may be reduced, owners will continue to incur normal expenses on their rental property and will still be able to claim these expenses in their tax return as long as the reduced rent charged is determined at arms’

Instant asset write off extended to 31 December

Posted by Team AVS on 8 Aug, 2020 0 Comments

Note that the boost to the instant asset write off rules that the government put in place to help stimulate the Australian economy in the face of the COVID-19 crisis has been extended to the end of this year. Businesses with a turnover of up to $500 million a year will be allowed to continue writing off newly purchased assets worth up to $150,000.

To get your claim right, remember:

check if you're an eligible business
both new and second

Useful tips & information for completing the tax return

Posted by Team AVS on 15 Jul, 2020 0 Comments

Despite the current COVID-19 world in which we live, the procedures for completing and lodging tax returns remains pretty much the same.

So, before we sit down with you to go over your tax return, certain information will be needed. Of course these days pre-filling takes care of a lot of the “paperwork”, and if you wait until late-July or mid-August the ATO’s systems will most likely be able to provide most of the information from employ

Own a rental? – what you need to know this tax time

Posted by Team AVS on 6 Jul, 2020 0 Comments

The Australian Taxation Office is aware that residential rental property owners may be concerned about how COVID-19, floods, or bushfires have reduced their income. This may be a result of tenants paying less or entering deferred payments plans, or travel restrictions which have affected demand for short-term rental properties. New legislation also affects the tax deductions that owners of vacant land can claim.
Reduced rental income
The COVID-

Record keeping for work-related expenses this tax time

Posted by Team AVS on 18 Jun, 2020 0 Comments

As a result of the impacts of natural disasters and COVID-19, we expect there will be changes to what people in many industries claim in their 2019–20 tax return.

This may be an opportune time to review your claims to ensure they are applicable in the current financial year.

If your usual pattern of work changes during the year due to COVID-19 or other circumstances, you may need to complete an additional record for the period their work

New HomeBuilder Scheme: What Scott Morrison’s new grant means for you

Posted by Team AVS on 9 Jun, 2020 0 Comments

The Australian government announced on June 4 that it would provide the eligible citizens with a grant of $25,000 to not only build a new home but also to renovate an existing.

The $688 million stimulus initiative will provide Australians money to spend on building or upgrading their home in a bid to support Australia’s struggling construction sector. The Home Builder program would provide new jobs in construction that would, in turn, grow n

Here’s what attracts the ATO’s attention about luxury car tax

Posted by Team AVS on 1 Jun, 2020 0 Comments

The ATO has announced that it has identified some common errors regarding luxury car tax (LCT) claims, but also says there are issues it has identified with LCT that are more associated with actively trying to pay less tax than required.

Common errors
Some common errors the ATO has identified when taxpayers report or claim LCT include:

using an incorrect formula or the wrong LCT threshold
dealers/resellers who deferred LCT, not reportin

Covid-19 instant asset write off and accelerated depreciation

Posted by Team AVS on 21 May, 2020 0 Comments

While many of the COVID-19 stimulus changes such as the JobKeeper payment are grabbing headlines, it is easy to overlook the significance of the $150,000 instant asset write off provisions.

The key changes for the instant asset write off include the following.

Certain business entities can access an immediate deduction for the full cost of depreciating assets costing up to $150,000 (GST exclusive).
The asset must be first used, or inst

Employers get an amnesty for missed super payments

Posted by Team AVS on 11 May, 2020 0 Comments

It has been a long time coming, but a planned government amnesty for employers who have missed paying the superannuation guarantee (SG) to their employees has now become law. The amnesty was passed on 6 March 2020, and lasts until 7 September 2020.

The amnesty allows employers to make deductible payments, without penalties, of outstanding superannuation guarantee charge (SGC) amounts if:

they relate to the period 1 July 1992 until 31 March

The new jobkeeper wage subsidy package

Posted by Team AVS on 7 Apr, 2020 0 Comments

The government announced at the end of March a further massive subsidy for businesses to help them retain employees so they are ready to get back to business when the current coronavirus issues subside. The new subsidy is called a JobKeeper payment.

The key things to note about this are:

The payment will be made to eligible employers for eligible employees. The payment will be $1,500 per fortnight per employee for a period of six month

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

“I was looking to move away from accounting on spreadsheets so that I could have better control over my business. AVS Business Services looked in detail at my accounting needs and helped me choose the solution that is best for me. I am very pleased with the inputs I receive from them on a regular basis and would recommend their services to anyone without hesitation”

Deepak Kumar Director, D.S Webtech Pty Ltd

“Team at AVS Business Services helped us set up our SMSF and put the correct structure in place for acquisition of real properties in our SMSF. AVS has exceeded our expectations and their specialist team has provided valuable support throughout the process of buying properties in our SMSF. We highly recommend their services. “

G.D Singh & Dr Jaskirat Singh SMSF Trustees

AVS Business Services have been our Accountant for couple of years now. This technical expertise coupled with personalised service is an excellent combination. I would happily recommend them to anyone looking for an accountant.

Atul Narang Designworxz Australia Pty Ltd

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