Entries by Allan Edmunds

Self-Education Expenses

Further study can improve an individual’s knowledge and skills which will hopefully improve earning capabilities. The decision to undertake further study can often come down to necessity to adapt, passion for knowledge and cost. Self-education expenses can be costly and it is important to know what costs may be deductible when preparing your personal tax […]

Claiming travel expenses using the substantiation exception

Work related travel expense claims have become an audit target in recent times. Especially for those claiming travel expenses who use the substantiation exception and claim deductions within the ATO’s published “reasonable” amounts. These claims can be quite significant and can result in large refunds which is why the ATO have set their sights on […]

Do I need to pay payroll tax?

Payroll tax is one of those taxes that can slip under the radar of small businesses. Employers don’t need to pay this tax until their wages reaches a threshold, and then the onus is on the business to register and pay the tax. Payroll tax is a state and territory tax based on the taxable […]

How much tax do I pay?

How much tax you pay depends on how much income you earn net of deductible expenses. Simply speaking, tax is paid to the Australian Taxation Office (ATO) based on your taxable income. When we prepare your tax return, our focus is to report the correct taxable income. The basic formula for calculating your taxable income […]

Employee travel expenses

Employees can claim a deduction for travel expenditure if they incur the expense in gaining and producing their assessable income and if the expense is not of a capital, private or domestic nature. To work out if you might be eligible to claim a tax deduction for your employee travel expenses answer the below questions: […]

First home buyers super saving scheme

Buying your first home is a milestone in anyone’s life. However, with housing prices, saving a large enough deposit can seem unmanageable. This is why in the 2017 Budget the Government announced a scheme to help first home buyers boost their deposit savings through superannuation. How will the Scheme work? From 1 July 2017 first […]

Do I need to register for GST?

If you are carrying on an enterprise and your turnover for the next 12 months is likely to be more than $75,000 you will be required to register for GST. If you are under that threshold you can choose to be registered for GST, unless you’re a Taxi or Uber driver in which case you […]

What is Division 7A?

As a business owner you may have heard your accountant talking about Division 7A and wondered what all the fuss it about. If you are operating your business through a company, you might expect that your hard earned efforts to be profitable would mean that the money is yours to access, right? This is somewhat […]

Methods to Claim Motor Vehicle Expenses

There are four methods you can use when claiming work-related motor vehicle expenses. Cents per kilometre This method allows you to claim a set rate for each work related kilometre travelled for the financial year. The set rate is based on the car engine size. You do not need evidence to show the business kilometres […]

Claiming Motor Vehicle Expenses Using Cents Per Kilometre

When using the cents per kilometre method your claim is based on a set rate for each work related kilometre travelled. It is an easy claim to make as it does not require you to maintain a log book or receipts for car expenses. However, you need to make a reasonable estimate on how many […]