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Tax deductions specifically for SMSFs

Posted by Team AVS on 3 Aug, 2017  0 Comments

One overarching fundamental that SMSF trustees should ideally keep in mind is the sole purpose test — that is, every decision made and action taken is required to be seen as being undertaken for the sole purpose of providing retirement benefits for the fund’s members.

If an SMSF trustee incurs an expense in the usual operation of the fund, this will generally give rise to a deductible expense against assessable income.

Substantiation for mobile, home phone and internet costs

Posted by Team AVS on 28 Jul, 2017  0 Comments

The ATO has issued guidance on making claims for mobile phone use as well as home phone and internet expenses, and says that if you use any of these for work purposes you should be able to claim a deduction if there are records to support claims.

But the ATO points out that use for both work and private matters will require you to work out the percentage that “reasonably relates” to work use

A big tax refund isn’t always a great news for you

Posted by Team AVS on 19 Jul, 2017  0 Comments

A large tax refund may feel like free money, but it isn’t. During 2015-16, ATO has refunded close to $28b to individuals. Many tax refund recipients are putting that money to work. Some taxpayers getting a refund expect to save or invest the money, while others may use the money to pay down the debt.
Here’s the bad news: If the ATO sends you a huge check, it means you’ve likely overpaid on taxes throughout the year.

5 Must-dos for Small Business Owners for EOFY – by Intuit Quickbooks

Posted by Team AVS on 23 Jun, 2016  0 Comments

If you work on your accounts regularly, this won’t be such a problem. But if you tend to push everything to one side, you may have a large backlog to catch up on. Moving from paper or Excel accounts to professional accounting software can help you here, as it will automate a lot of tasks such as bank transactions. Miscoding these is the top mistake made by small businesses, according to a survey of members of the Institute of Public Accountants (IPA).

Medical practitioners and tax deductions

Posted by Team AVS on 23 Jun, 2016  0 Comments

Going to basics, income tax is levied on the taxable income which is the resultant amount of assessable income minus allowable deductions. Assessable income is which we receive for services rendered and allowable deductions are expenses which are incurred for earning the assessable income. Balance amount which remains is taxable income on which tax rate is applied. So, in order to lower the tax liability one has to maximize the allowable tax deductions.

Growing Your Business Sucessfully – by Intuit Quickbooks

Posted by Team AVS on 6 Apr, 2016  0 Comments

Growth in a small business is a great sign, but it’s important to know how it changes operations.

It’s an exciting time when your small business begins to grow – from gaining new clients to increasing your range of services, there are a number of areas your company can expand on. Growing your business can be challenging. Learn how to make it a smooth process.
Getting advice from a range of people is a smart way to see how the growth of your small business will affect the way you work and the operation as a whole. Speak with a financial consultant or accountant on cash flow planning,

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