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Accounting & Tax

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Kirsty M.
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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2 months ago
Glory B.
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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3 months ago
Total F.
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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4 months ago
Tony O.
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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4 months ago
Jennifer T.
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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5 months ago
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