Workers and employers are benefiting from the burgeoning gig economy in which people work part-time or on a project basis, often for a stable of employers. However, this is creating some uncertainty around whether people are independent contractors or employees, or a hybrid of both. A recent article in accountantsdaily highlighted this issue. Misinterpreting the arrangements can lead to inadvertent breaches of various legislation, as was demonstrated in the Fair…
Let me clarify the scenario: Mr Gump is not a business owner but an employee. He purchases a piece of land and then commissions a developer to build one or more residences on it, which he then immediately sells with the intention of making a profit. You might think that this is a private transaction and therefore has nothing to do with GST, but BE CAUTIOUS. Surprise Surprise! Regulation defines…
Did You Know That If You Sell a New Residential Property You May Have To Register For GST? Let me clarify the scenario: Mr Gump is not a business owner but an employee. He purchases a piece of land and then commissions a developer to build one or more residences on it, which he then immediately sells with the intention of making a profit. You might think that this is…
Get your tax done NOW and take advantage of the reduced tax rates. Our PERSONAL INCOME TAX PREPARATION service is guaranteed to make your life easier. We will help you find applicable tax credits and deductions to REDUCE your tax bill. Have your Personal Income Tax prepared by Accolade Accounting today! Do you need help with your Small Business Tax? Contact Neil at 08 6263 4466 | 0421 824 137…
2019 Business Tax Planning Strategies The end of the 2018/19 financial year is almost here, so now’s the time to review what strategies you can use to minimise your tax for your Business. Below is one page of tips: • Bad debts Trade Debtors should be reviewed prior to 30 June to identify and write off any bad ones • Scrap assets Review your asset ledger and write off all…
The ATO have announced that the rate for work-related car expenses has increased for the 2019 tax year to 68 cents per km. This is applicable if you use the cents per km method for calculating the expense. Isn’t it great to have more money to spend on our families! Another tidbit from the Money Matters Made Easy for Small Business accountant. Accolade Accounting