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

Record keeping

Posted by Team AVS on 16 Feb, 2024 0 Comments

Learn about record keeping – what records you need to keep, how to keep records and how long to keep them for.

Benefits of record keeping

There are many benefits to keeping good records. It can help you:

keep track of your business’s health, so you’re able to make good business decisions
meet your tax and superannuation obligations
manage your cash flow
demonstrate your financial position to banks or other lenders.

Tax an

Free cash flow resources for your small business

Posted by Team AVS on 6 Feb, 2024 0 Comments

Cash flow can be unpredictable. Things out of your control, such as a rise in the cost of materials, change the way money moves through your business.

Making small adjustments can help you stay resilient to change.

Before you decide on adjustments, test them out by:

visualising your cash flow with a cash flow canvas
forecasting with financial reports such as a cash flow statement
speaking to an adviser.

Consider your prici

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

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 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

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

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

"We've utilised the services of AVS Business Services for a few years now and can honestly say the team of AVS have always provided excellent service on a personal and business level. Nothing is too much trouble and they're readily available to assist at the drop of a hat. Their service sets them apart from previous accountants worked with. We would definitely recommend their service to anyone looking for an accountant.”

Aaron & Linda Henry A.B Henry Pty Ltd

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