Accounting & Tax

Kirsty M.

Briar Hill, VIC

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Hello,

Currently on maternity leave and quite confused as to whether I have made the right choice on the way I have taken my leave.

I have chosen to take it at full pay and remove half myself and place in our mortgage offset account therefore pretending I am receiving it as half pay and saving on the interest.

Questions are:
If I hadve taken it at half pay, do I accumulate more superannuation through my employer? I think I would’ve accumulated an extra week of annual leave.

Also, would I pay less tax each pay being on half pay as opposed to full pay or does it work out the same as all my payments are received in one financial year?

One other reason I took the full pay was because I am on a contract which is due to expiry just after my leave at full pay therefore I was unsure if I was entitled to take it at half pay if my contract had expired half way through?

Thanks :)

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last week

Glory B.

Curramore, QLD

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We have a 108 acre farm in Qld which is registered for GST and has been in steady operation for 12 years as a beef cattle farm. We are planning to sell the farm and understand that GST will be payable unless we sell it to another party who wants to carry on farming. We are in an area where the lifestyle buyer will probably be the more likely buyer so we are wondering about ways to get around this. If we wind up the partnership and sell all the cattle and do not operate as a farm for say 6 months to a year and then sold to a private buyer, would the sale be GST exempt?

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last month

Total F.

Bentleigh East, VIC

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As a builder using non-GST-registered contractors, do I add GST to the principal (before margin) when charging the client? Or does the client not pay GST for that service, as the contractor is exempt?
e.g.
Scenario A:
Contractor GST exempt -$100
Margin 15% - $15
GST - $11.50
Total - $126.50

or, Scenario B:
Contractor GST exempt -$100
Margin 15% - $15
GST - $1.50
Total - $116.50

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last month

Tony O.

Rowville, VIC

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Do i need an ABN?

I have a full time job and a side job managing a website. I spend about 12 hours a month working on the website and was told to send him an ‘invoice’ so does this mean i am a contractor? I personally think it is a hobby but my friends said to open an ABN ‘just to be safe’. If so how do i declare this additional income when i don’t have an ABN.
Thanks

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last month

Demi R.

Kensington, NSW

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Just started my own business and wondering if there a rating system or platform where I can find a good accountant. There’s only two of us in the business but we will be looking to expand in the coming months with a number of new contracts being negotiated. Any help would be great

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2 months ago

Jennifer T.

Mount Waverley, VIC

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I am in Victoria and my baby is due end of June 2019.
Is it better to take maternity pay from work at half or full pay?
My work pays 10 weeks full or 20 weeks half pay. I have accrued 5 weeks of annual leave.
I am only planning to be on maternity leave until there is no income.
Therefore I am considering: 5 weeks annual leave (ends July), 10 weeks full work paid mat leave (ends Sept), then Govt paid leave to start in the last 2 weeks of Sept lasting until end of Jan).
This is 7 months of maternity leave, I return to work in February 2020
Does this arrangement work out better, or would half work pay at 20 weeks, in tandem with Govt Pay at 18 weeks work out better tax wise?

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3 months ago

Mario G.

Haberfield, NSW

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Does the government tax benefit of 20,000 prior to 30 June 2019 still exist? What happens if we spend $22-23,000, is it the first $20,000 we can claim or none at all?

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4 months ago

Julie V.

Traveston, QLD

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my husband earns $110000 on investment income and we earn together in our super $70000 all before GST. (PASSIVE INCOME) what we need to know is can we register our goat hobby farm and claim some tax benefits, plus we wish to employ someone ( with experience) and want to know can we claim for the wages we pay them. thank you for your time Julie

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4 months ago

Stephen A.

Raworth, NSW

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I have a partnership with my wife but will be eligible for the age pension in 12 mths. If we close the partnership and she continues as a sole trader can I still get the pension

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4 months ago

Pip S.

Paddington, QLD

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What is the primary measure used for asset valuation on the statement of financial​ position? What is the source of this measure and justification for its​ use?

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4 months ago

Susan B.

Wanganella, NSW

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I have been working on contract for the last two years for the NSW government, my contract is due to finish in November 2019. I am due to take maternity leave on the 1st of June. If I take half pay for 28 weeks do I still get paid that after my contract end date? 1st of June to November 1 is only 21 weeks and 6 days. Do I have any other options?

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4 months ago

Yasmin T.

Morley, WA

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Hi, I'm starting my own business and have registered a business name, ABN and for GST and hoping to start in early May. My question is will l have to pay tax in June this year or could it be held over until June 2020 to help with cashflow stating up... thank you

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5 months ago

Stephen M.

Maitland, NSW

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We have a business and try and keep the business assets separate from the business income as the income is shared with family members. We have been advised to set up two trusts, one for the assets of the business and one to run the business. Is this the right option or are there others........... thank you?

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5 months ago

PJ M.

New Farm, QLD

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If my partner & I buy an investment property together where I provide the deposit via a line of credit & she provides the main loan (80% value), what would be the best way to structure ownership to ensure we both claim our % of interest in our own names?

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5 months ago

Maile R.

Gosford, NSW

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Hi, I started my own marketing consultancy business 2 years ago and have a question about GST. Are you required to pay GST when your turnover reaches $75,000 or is turnover less expenses?

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5 months ago

Carmel T.

Five Dock, NSW

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Hello,

About to start a business with 2 other business partners and we’ve been to see an accountant to make sure the structure is correct. We have each had a discussion separately and I would like to ask other people if they think it is wise for us to share the same accountant for our personal stuff?

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5 months ago

Penny A.

Springvale, VIC

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Hi, finally I am taking the plunge and will launch my own business from July this year. My question is if I incur expenses in setting up the business like website, marketing material before July will I be able to claim the expenses in this financial year?

Thank you

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5 months ago

AnneMarie K.

Burnside Heights, VIC

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I have received a fine for not cutting the grass on my vacant block of land which I paid. My question is: with the money that I paid the fine, can I claim it back in tax because we use that block of land as an investment.

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6 months ago

Pru T.

Terrigal, NSW

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Hi,
I started my own beauty salon 6 months ago and would like to ask what budgeting tools people find helpful. I am finding it difficult to manage cashflow with suppliers and orders, thank you

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6 months ago

Carmel C.

Newton, SA

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I play soccer for a local club and get paid some money if my name is on the Team Sheet for season games. I have provided the club with a Statemtent by a Supplier and ticked private recreational pursuit and hobby as my selection. The club has sought permission from me for them to create a RCTI so that they can claim GST credits. Is this okay?

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6 months ago