Accounting & Tax

April W.

Adelaide, SA

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I am shortly going to be doing freelance writing in addition to my normal full time job. I have my own ABN. Do I need to include GST in my invoicing or does this apply only after reaching a certain level of income? If so, is that income purely from my business, or including the income from my normal day to day job?

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6 years ago

Selina D.

Safety Bay, WA

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We are a Strata of 6 villas. We have a council of owner and a Strata manager. We are applying for a tax file number. Do we have to have a ABN number?
We collect Strata fees and have a sinking fund of $5000. We will be below taxable income

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6 years ago

ANDREA P.

North Ryde, NSW

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Identify and describe the Accounting Standard that governs the presentation of financial statements?

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6 years ago

Louise L.

Hastings, VIC

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If a company goes bankrupt does it impact the director/owner credit history as well or just the company as it is an entity itself ?

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6 years ago

Paul J.

Epping Dc, VIC

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Hi, my kids mother left them a house in her will and made her brother the executor. The will was to have house sold and divided between the 2 kids at age 21. Her bother transferred house into his name (8 years ago) and my son lived in the house since. They have now sold the house but we need to find if cgt is payable?

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6 years ago

Justin G.

Mascot, NSW

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What are the tax rules around gifting a large sum of money? Eg. $200k

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6 years ago

Frank P.

Mona Vale, NSW

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I am looking to start a small business and do my own accounting. If I receive an APPROVAL for an overdraft, but don't need it yet, does that APPROVAL need t be recorded in the books or only when it is activated?

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6 years ago

Lina T.

West End, QLD

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Hello. I am working on a 2018/19 draft budget for my Marketing team at a new company. I’ve been give a report, which shows these columns
1) 2016/17 Total Actuals...
2) YTD Actuals...
3) Current Budget...
4) 2018/19 Draft Budget... and
5) 2018/19 Variation.

I’m a bit confused as to what each colum means especially 1), 2) and 3).

Can someone help explain. Thx?

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6 years ago

Emma W.

Dunkirk, VIC

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In the following situations state and explain the accounting principle that has been breached.
Rhino recorded the payment of her daughters orthodontist fees as a business expense?

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6 years ago

Kellie D.

Maida Vale, WA

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Hi, I am employed by a trading platform in USA, money will be getting transferred to my account to purchase iTunes cards and traded for bitcoin. I will be getting a monthly wage. My question is, will I only need to pay tax on my wage of $3500 per month ? OR will I get slammed paying tax on the massive amount of money this company are putting into my account to purchase the iTunes cards for them?

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6 years ago

Martin T.

Yallambie, VIC

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I started an electrical business a few months ago that is going well. In need of a new car but unsure of which way to go about getting it. As a new business is leasing a car the way to go? Or fronting up the cash and buying outright? Also brand new or used?
Thanks in advance

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6 years ago

Peter A.

Morphett Vale, SA

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Six years ago, I took out a residential property investment loan over two like properties, one of which is my residence, the other rented. Three years ago, I ended the tenancy of the rental property, and swapped properties ie rented my original residence. Up to that point , my loan interest was deductible. When I swapped homes I have been advised I cannot claim any of the home loan interest, only maintenance costs. I think this is incorrect advice as the loan is non-specific? Thank you!

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6 years ago

Bettina N.

Townsville, QLD

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I paid an invoice in July 17 and the company has today contacted me to advise that accountant just completed their annual audit and discovered that their invoice was incorrect and that I owe the business $AUD 600. Do I have to pay this? If yes, the invoice I was provided with today only gives me 2 1/2 days to pay which i find completely unreasonable. What would be reasonable?

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6 years ago

Michael B.

Noraville, NSW

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Im interested in bitcoin starting it up soon but i want to know the tax's involved. As far as i e heard there is no tax on the coin itself in australia but something about capital gains? please explain

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6 years ago

Sarah H.

Browns Plains Bc, QLD

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My husband is self employed and looking at buying a new vehicle for work. Our accountant was saying that if he pays less than $20k for the van it will lower his taxable income. Didn't quite understand what he meant. Can you please explain or clarify a bit more so we can make an informed decision moving forward? Thanks for your time. Sarah

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6 years ago

Daryl M.

Lilydale, VIC

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Hi just wanted to know about CPG tax when selling your primary residence.We have purchased a home in Qld which is rented out at the moment but will be available at the end of the year.If we move up into that residence and then rent out our current home in Vic do we have to pay CPG Tax on the Vic property when it comes to selling it?
We have heard that if we rent out both properties and find a place to rent in Qld then we can sell our current home in Vic before six years is up and not pay CPG Ta

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6 years ago

Sahar S.

Preston, VIC

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Hi - I am a permanent resident in Australia and I live and work in Melbourne. I pay around $2,000 every months towards a land purchase mortgage. Please advise if that is a tax deductible expense?

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6 years ago

Paolo V.

Melbourne, VIC

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Does the computation for diminishing value depreciation shown in http://www.ird.govt.nz/tool-for-business/examples/example-diminishing-value.html
apply to Australia?

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6 years ago

Ali s.

Newnham, TAS

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I have just started my education in Australia, I am living with my wife, and should cover most of our cost by ourselves, I have saving in my country, and I want to transfer my saving to an account in one Australian bank. Could you please guide me whether this amount will be included tax or not?

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6 years ago

Pati K.

Glenelg, SA

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Just started our own business and wondering which accounting solution other business owners prefer to use Xero or MYOB?

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6 years ago