Entries by Allan Edmunds

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 […]

Buying a property – Tenants in Common v Joint Tenants

When two or more people are buying a property it is important to identify which ownership structure will be used. Will you be a tenant in common or a joint tenant? I am a Joint Tenant. What does that mean? If you are a joint tenant then you and the other owners will have an […]