You’ve got a lot going on at the moment. Perhaps it’s a busy sales season, or you’ve just landed yourself a big client. It could even be something going on with your private life, such as planning for an upcoming holiday or a major purchase. And then you receive a letter. You open it, noticing the distinctive ATO letterhead and [...]
Division 7A: even the name sounds intimidating! As the owner or shareholder of a private company, it’s relatively normal (and completely legal) to receive or borrow money from your own business - assuming you do it properly, that is. Borrowing money from your own business comes with several unique accounting requirements. If these requirements aren’t followed, you may land yourself [...]
If you own land in Victoria, you may have to pay land tax. What you may not have known is that you may still be required to pay land tax even if the land in question is empty, vacant, or not being used at all! Despite the similar names, vacant residential land tax (which we’ll call “vacant land tax” for [...]
When it comes to business accounting, there are three main taxes you’ll need to contend with: Company tax (income) Goods and Services Tax Capital Gains Tax (CGT) While most are familiar with the first two, not everyone has to deal with the third very often. As a result, capital gains tax isn’t quite as well understood as the other two. [...]
With a handful of exceptions, GST is charged on every single purchase we make. Of course, you’ve only got experience with the customer side of the GST equation. Now that you’re opening up your own small business however, it’s important that you understand how the business side of GST works. It’s crucial that you understand your obligations and duties vis-a-vis [...]
There are countless misused tax terms that get thrown around by individuals and businesses alike. Three of these are: Tax evasion Tax avoidance Tax minimisation Despite the similar-sounding names, all three refer to completely different things - let a Melbourne tax accountant tell you the difference between them! Let’s start with tax evasion For those not in the know, [...]
You desperately need timber for some long-overdue home-improvement. Fortunately, your workshop has just gotten a shipment of timber that would perfect for the job. Alternatively, you need to refresh your summer wardrobe and there’s a pair of sunglasses that have caught your eye. It might even be a case where you forgot your lunch and decided to take something from [...]
Don't ever let your business get ahead of the financial side of your business. Accounting, accounting, accounting. Know your numbers. - Tilman Fertitta When it comes to business, we’re of the opinion that no truer words have been spoken. Accounting is a vital part of business. And as accountants ourselves, we here at Bruce Edmunds & Associates can’t emphasise enough [...]
Let’s face it, the tax code isn’t exactly a page-turner. Many of us mentally shut off every time the subject of personal tax accounting comes up. We can’t really blame you. While the ATO has taken steps in recent years to streamline the system and boost efficiency, nobody expects you to know it all. Case-in-point: the tax gap. What is [...]
Election years mean big promises from the major parties. And with that comes changes to the tax you pay, your entitlements, and your superannuation. This election cycle is no different. This time, many with self-managed super funds (SMSF) are approaching our SMSF accountants in Melbourne with concerns regarding the ALP’s plan to stop franking credit refunds. There has been a [...]
