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Trusts are often favoured for asset… read more » You can use a family (discretionary) trust to facilitate investments, hold assets or as structure to facilitate the operation and ownership of a business. For businesses registered for GST invoices need… read more »įamily (Discretionary) Trusts - Pros & Cons Invoices can be hand-written, carbon copies or computer generated from programs like Xero or MYOB, but they all need to include certain details. These agreements can regulate the arrangements between partners,… read more » When first setting up your partnership, company or trust there may be a requirement to draw up and sign an agreement or deed. Registration of a business name lasts for either one or three years, depending on the… read more » When you first get started in a business you should register your business name with ASIC. If you decide on a company or trust structure for your new business AFYF can assist you in meeting the various legal, ATO and ASIC documentation necessary for registration and… read more » Business PlanBefore you register for an ABN and start trading it is vital to sit down and flesh out the finer points of your business idea: Consider the different… read more » Keep track of share values over time and record the details necessary for capital gain or loss calculations… read more »ġ0 Most Important Things for New Businessesġ. This spreadsheet is a useful tool for recording your share purchases, sales and transfers. Download this template so you can keep track of each business or work-related trip… read more » Keep track of your quarterly expenditure, including lease payments and interest on loans… read more »Ī logbook can help you get the most from your business or work-related motor vehicle use. This spreadsheet is a useful tool for monitoring and recording your motor vehicle expenses for your year-end tax return.
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This spreadsheet is a useful tool for monitoring your rental property's income and expenses for your year end tax return. Keep track of your quarterly earnings and expenditure, as well as capital purchases… read more » It's not always necessary to purchase, install, create and update complicated accounting package programs when starting up a business. Sometimes a simple Excel spreadsheet can be more suitable, particularly with sole traders and… read more » Spreadsheets - Business Income & Expenses … read more »īelow is a list of the detail required to be able to process BAS documentation for lodgement:Bank statements for the full BAS period – Make sure you have all the… read more ».Rental statements from property agents – these will include the rental income, property agent fees and commissions, and advertising expenses.Tax Return Checklist for Rental Property Income Please get in touch if you'd like instructions on how… read more » We have been rolling out our new system over the past months, which also includes a… read more »Īll documents for your tax return can now be sent to us via your client portal, using the upload function. You may have noticed access to our old Portal is no longer active. With the increase in people using the sharing economy to supplement their income, for instance with AirBnb and Stayz, it’s helpful to keep in mind the tax implications these sorts… read more »
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What is Division 293 Tax?The Division 293 tax was introduced on 1 July 2012 for individuals with an annual income greater than a threshold of $300,000, in an effort to… read more » When purchasing a property for investment purposes or changing the status of your main residence to an investment property there are several important steps you should take and documents you… read more » Investment Properties - things to do, items to keep It generally only applies if you earn business… read more » What are PAYG Instalments?Pay As You Go (PAYG) instalments is a system for making regular payments towards your expected income tax liability. Private Health Insurance Rebate 2023/24The private health cover rebate changed on 1 July 2023:It is income tested on a single income or family income basis.The… read more » Since 1 July 2015 there are only two methods available for claiming a deduction for motor vehicle expenses:Logbook, orCents per kilometre All motor vehicle claims need to be supported by… read more » Purchasing a rental propertyWhen purchasing a financed rental property you may consider:o The interest on the debt is deductible in contrast to the interest on the debt for your main… read more » Non-residents are not subject to the $18,200 tax free threshold and are not required to pay the Medicare levy. These rates apply to individuals who are Australian residents for tax purposes: read more » Residents: Personal tax rates and thresholds