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Accounting & Bookkeeping

Latest Questions

Sue L.
Sue L.
Bli Bli, QLD
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Q:

I'm helping an elderly friend keep track of their shares for taxation purposes. Their accountant gave them a form to complete for which they did remember what information needs to be put in each column. However on the sales side of this particular form is a column called Sales Value. They have forgotten what figure goes in here. Do they put the gross figure of the sale of shares which includes the brokers fees or is it the net figure excluding the brokers fee into this column?

3 days ago
Jack L.
Jack L.
Aveley, WA
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Q:

The transaction that could not result in a credit balance in a debtor's account is:

sale of goods on credit that will be paid for in the next accounting period
receipt of a deposit for work ordered
return of faulty goods by a customer after payment had been made
payment by a customer after the debt had been written off as irrecoverable

I'm having trouble understanding this question. Could anyone please explain?

last week
Suzie D.
Suzie D.
Stony Chute, NSW
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Q:

I have a house in a good capital gains area and have moved into my partners house 6 months ago. He died and gifted me the house and 100 acre property. I have other income from smsf ( just turned 60), and another blue chip property shared with business partner. ( the rental provides a reasonable living for us both). My question is about the tax of the gift property in low capital gain area ( but where I choose to live) , and if I would best to rent the former dwelling, or sell it.?

2 weeks ago
Kartia K.
Kartia K.
Wallsend, NSW
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Q:

If there is a fuel rebate of per say 75.000
Do you add that into the 'Income' column when doing your financials?...My husband has had his aunt doing the Co financials the Co is in earthmoving they spend supposedly 170.000 for Fuel & Oil and get a rebate between 56.000 and 75.000. would that be classified as 'Other Income' which she has added onto the 'Trading Income' column

2 weeks ago
Tim M.
Tim M.
Lockleys, SA
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Q:

My mother has passed intestate and her superfund has determined to pay 100% of her super to her spouse, my step father. My step father intends dividing the super keeping 20% for himself and paying my mother's 4 adult children each 20%.
Can you advise whether it is appropriate I consider this as gifted funds and do not pay tax on my 20%, or should I pay the ATO the applicable tax which I believe is 15% of the inherited super funds?

3 weeks ago
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