Please note from June through to October the Melton Council is rejuvenating the area out the front of the Melton office which has resulted in Palmerston Street being closed and much of the area fenced off. Here is a MAP for our clients to find there way into the office. If you have any problems simply give us a call and we can assist.
Case study: for $35 per week, you could own an investment property too
Owning an investment property can be far more affordable for potential investors than they think, particularly when they claim all of the tax deductions available to them.
To explain how claiming these deductions can assist an investor to purchase a property, let’s examine the situation of two average Australian taxpayers; John who feels he currently is unable to afford an investment property and Lisa, who owns one investment property.
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Tax fraud is one of the quickest growing areas for scams which tax payers need to be aware and protect themselves against. One such scam which I have experienced many times is where the scammers call you claiming to be from the ATO and advise you that you have an outstanding debt. After making threats of investigations, charges and even jail they demand payment immediately for the debt.
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Ever since Budget Night on the 12 May 2015 any small business with turnover of less than $2,000,000 was able to purchase assets up to the value of $20,000 and get an immediate tax deduction for them rather than having to write them down over an extended period. Many business owners have forgotten this benefit is still open to them until 30 June 2017.
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Debt can be a crippling problem for small businesses wanting to grow or just break-even during difficult times. By reducing debt you’ll improve the value of your business, its financial situation, and its ability to continue operating into the future.
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Topics: business, Firm News, accounting, Blog, debt, small business, TAX, break even, cash flow
The current perception is that there are many businesses that deal in cash – particularly the service industry and many of us are aware of the scenario of a business offering a discount for cash transactions. This is what is known as the ‘hidden economy” – it benefits neither the provider nor the receiver to be involved in these transactions which amount to a fraudulent activity and the Inland Revenue has targeted this ‘hidden economy’ with heavy penalties.
In fact a month ago, the Revenue Minister announced that ‘compliance activity for ‘hidden economy’ tax evasion gave a return of $45million, $5.60 for every dollar spent” – that was in 2013. This means that ensuring compliance is really worthwhile for the IR and they will continue to invest in this area.
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Topics: benefits of Xero, business, Firm News, accounting, Blog, Inland Revenue, TAX, cash flow