Tax schemes aren’t worth the risk

Posted by Team AVS on 14 May, 2024 0 Comments

The ATO takes unlawful tax schemes very seriously and we continue our focus on deterring and disrupting promoters.

I recently posted this article about unlawful tax schemes on my LinkedIn. The ATO takes unlawful tax schemes very seriously and we continue our focus on deterring and disrupting promoters of unlawful tax schemes.

As the Deputy Commissioner of Private Wealth (Behaviors of Concern), a priority of my area is to identify, disrupt,

Fringe benefits tax (FBT) time is here

Posted by Team AVS on 29 Apr, 2024 0 Comments

If you're an employer offering staff perks, get ready to lodge your FBT return and pay the FBT you owe.

From 1 April, it's a new fringe benefits tax (FBT) year.

If you're an employer and have provided certain benefits to your staff in addition to their salary and wages, it's important to understand how FBT works and what is considered a fringe benefit.

Perks that could attract FBT include providing employees with a work car (including

Taskforce action on false invoicing arrangements

Posted by Team AVS on 17 Apr, 2024 0 Comments

The Serious Financial Crime Taskforce is targeting false invoicing and other illegal financial arrangements.

Businesses involved in illegal false invoicing arrangements

The Serious Financial Crime Taskforce (SFCT) is warning businesses about using illegal financial arrangements such as false invoicing to cheat the tax and super system.

What is false invoicing?

False invoicing arrangements involve issuing invoices where no goods or s

New EV home charging rate

Posted by Team AVS on 11 Apr, 2024 0 Comments

Some users of electric vehicles (EVs) are faced with the challenge of calculating electricity costs incurred when charging their electric vehicles at home. This applies to employers providing EVs to staff for personal use, or employees who incur work-related car expenses.

To address this, the ATO have issued a new guideline to help calculate the cost of electricity when an EV is charged at home.

The guideline provides a shortcut method to d

Tax schemes

Posted by Team AVS on 4 Apr, 2024 0 Comments

What tax schemes are

You have the right to arrange your financial affairs to keep your tax to a minimum. This is often referred to as tax planning or tax-effective investing. Tax planning is legitimate when you do it within the intent of the law. However, tax schemes that are outside the spirit of the law may attract our attention.

Unlawful tax schemes

An unlawful tax scheme involves the deliberate exploitation of our tax and superannuat

Have you earned income for your personal efforts or skills

Posted by Team AVS on 26 Mar, 2024 0 Comments

Is over half your income from a contract due to your personal efforts or skills, rather than earned from the use of assets, the sale of goods or from a business structure? If so, your income is classified as personal services income (PSI).

You can receive PSI in almost any industry, trade or profession. For example, as a financial professional, IT consultant, construction worker or medical practitioner.

Take David for example. He charges

Foreign residents selling property in Australia

Posted by Team AVS on 14 Mar, 2024 0 Comments

Foreign resident capital gains withholding (FRCGW) of 12.5% applies for all property sales of $750,000 or more.

Foreign resident capital gains withholding (FRCGW) of 12.5% applies for all property sales of $750,000 or more. At a minimum, that is $93,750 being withheld from the sale and paid to the ATO, unless there is an approved variation.

The most common reasons why a seller may apply for a variation include:

making a capital loss

Claiming working from home expenses

Posted by Team AVS on 7 Mar, 2024 0 Comments

Claiming working from home expenses

Two ways to calculate a work from home deduction for Tax Time 2024.

Before you know it, it will be tax time again. If your clients have been working from home this financial year, they'll probably have some work-related expenses they can claim.

There are 2 ways to calculate a work from home deduction:

fixed rate method
actual cost method

Using the fixed rate method, they can claim a rate of

Getting your business on the right track

Posted by Team AVS on 29 Feb, 2024 0 Comments

If you’re looking to start a new business, we want to help you get on the right track, right from the start. And if you are running an established business, it’s not too late to learn or refresh your tax and super knowledge.

Here’s a few essentials to consider when starting or running a business.

Register your business

When starting a business, you’ll need to think about tax registrations. Ask yourself:

Am I entitl

Market valuation disputes

Posted by Team AVS on 22 Feb, 2024 0 Comments

Market valuation disputes
Check your options to assist you in resolving valuation disputes.
Valuation disputes can arise during compliance activities, private binding ruling requests, objections or litigation where, for example, you rely on a different set of facts, assumptions, methodologies or understanding of the applicable law than we do.

When these disputes arise we want to resolve them as early and efficiently as possible, saving time

"AVS Business Services have been looking after our SMSF and our family’s tax affairs for a number of years. Their experience, professionalism and knowledge is of the highest order.Their personalized service and depth of understanding in setting up and managing a SMSF is excellent. They are also happy to go out of their way to assist in every way no matter how small it is."

We would be happy to recommend their services.

Glenn & Andrea Bouche SMSF Trustees

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

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

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

“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

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