Ditching the boss and working for yourself freelancer can be one of the most rewarding career moves out there, but with all that added flexibility comes more responsibility at EOFY. For many freelancers, tax time is met with feelings of dread and complete confusion. Thankfully, navigating your way through a successful tax return is not as hard as it sounds, and with a little preparation you may be looking at a much bigger tax return than you first expected. Getting the most f
'Tis the season to be jolly! But ho-ho-hold up before you start making spirits bright and rewarding your employees with gifts or parties this Christmas, as fringe benefits tax (FBT) may apply when providing all the trimmings. So you don't get your tinsel in a tangle for your work Christmas party, consider: how much it costs where and when it is held - a party held on work premises on a normal work day is treated differently to an event outside of work who is invited - is it j
1. “I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. 26 times I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life and that is why I succeed.” –Michael Jordan, NBA Legendary Basketball MVP 2. “Chase the vision, not the money; the money will end up following you.” –Tony Hsieh, Zappos CEO 3. “Trust your instincts.” –Estée Lauder, Founder, Estée Lauder 4. “Your work is going to fill a large p
Accountants are essentially paid for their skills, time, and the value they add to your business. The more organised you are, the less time it takes the accountant to get the work done. More importantly, it also means they can spend more time looking for opportunities to improve your business and fast track its growth. One of the biggest inefficiencies is when an accountant must revisit a job multiple times because they cannot get the information from clients to complete it.
Do you repair your own photocopier? While it’s a mechanical task that may be accomplished with the use of a manual, why do so few business owners do it? The answer is generally that they recognise that somebody else can do it more efficiently, reliably, and cost-effectively. So why do many overworked business owners take the reverse approach when it comes to business structure set up, tax planning, capital gains tax, financial analysis, and a host of other highly specialised
July 2018 overseas businesses that meet the GST registration threshold of A$75,000 will need to charge GST on goods that are: less than A$1,000 (low value) imported into Australia not GST-free (such as most basic food, alcohol, tobacco, or tobacco products). How will this affect you? You will be charged GST on low value goods that you import if you are: not registered for GST, or are GST registered but importing goods for personal use. You should not be charged GST if you: ar
If you buy an asset by 30 June and it costs less than $20,000, you can write off the business portion in your 2018 tax return. You are eligible to use simplified depreciation rules and claim an immediate deduction for the business portion of each asset (new or second hand) costing less than $20,000 if: you have a turnover less than $10 million (increased from $2 million on 1 July 2016), and the asset was first used or installed ready for use in the income year you are claimin
Hopefully your Legal Firms and practitioners are already aware that all Law Practice Trust Account External Examiners must have successfully completed an approved Legal Profession Uniform Law (LPUL) course and been re-appointed as an accredited LPUL Examiner, to conduct law practice trust account examinations for 2018 and onwards. Luckily all our current and future clients can rest assured that AGC auditors have completed the Legal Profession Uniform Law (LPUL) course and bee