Archive for the 'Book Keeping' Category
The ATO has announced that it will be undertaking a number of data matching programs to identify taxpayers who may not be meeting their taxation obligations.
The ATO will request and collect:
- details of approximately 2.5 million individuals or entities that have purchased or acquired a motor vehicle valued at $10,000 or higher, from the Roads and/or Traffic Authorities of each State and Territory;
- information on amounts paid to personal services entities by labour hire firms, placement agencies and computer consultancies; and
- information on amounts paid by mining companies to contractors and sub contractors.
If you have a few questions about data matching or any other taxation matter then please contact us on 9246 9055 and make an appointment.
Recently, the Federal Government announced that it would introduce a temporary ‘investment allowance’, providing an additional 10% deduction for tangible depreciating assets acquired between 13 December 2008 and 30 June 2009.
The Government has now ‘upped the ante’, increasing both the amount and the scope of this allowance.
In troubling times, the last thing your business needs is a GST audit and a visit from the Tax Office.
Are your records up to date? Are there any gaps, holes or incorrect entries? Are you certain everything has been recorded correctly?
Arthur McInnes worked at the Australian Tax Office for 19 years. He spent 8 years there as a GST auditor. Arthur knows and understands the system — and now that he’s joined Prouse Family Accountants, he’s available to help you!
GST CHECKUP FOR JUST $374
For just $374 Arthur will come to you and spend some time at your business premises reviewing your paper and electronic records and reports.
He will look for errors, gaps and incorrect information; explain how the ATO may view your business records; and provide suggestions for how you can improve your records and reduce your audit risk.
For small business owners, the services of an accountant can be of significant importance. As accountants we are involved in more than preparing financial statements and tax returns – we can provide assistance on everything from estate planning to business financing.
To make the most of our skills, knowledge and experience, its best to come prepared to every meeting with a few questions.
The ATO has developed a new free computer tool imaginatively called ‘Your small business tax calendar’ (Tax Calendar), to help small businesses (i.e., generally businesses with turnovers of less than $2 million) plan and manage their tax obligations.
It automatically builds a 12-month schedule tailored to small business taxpayers’ lodgment and payment needs, and can be personalised and updated depending on their business structure and reporting obligations.
Importantly, it can provide reminders when a lodgment or payment is due, and businesses can print out a one-page summary of their tax obligations and due dates for the year to use as a yearly planner.
Download the Tax Calendar from the ATO website
If you are interested in this tool and would like help installing and utilising it, please contact us.
