What a Tax Accountant Can Do For You

You may be on the brink of lodging your income tax return and wondering, am I missing anything? Chances are that if you are doing your own taxes, you probably have missed something. Having a Tax Accountant do your taxes may be something you have never considered, but understanding what they do may make hiring one make a little more sense.

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Making Sure You Are Using Your Financial Advisor Properly

There are many areas your financial advisor should be covering for you in order to be certain your assets are working well. Making sure you are getting the most out of your financial advisor is important to reaping the rewards of good investments. Here are a few areas to address with your advisor to take full advantage all of your opportunities:

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5 Reasons Your Business Could Use a Company Accountant

Whether your business has just started or you are reaping the rewards of growth, if you do not use a company accountant, you could be costing your business money. Here are the top 5 reasons you should be hiring a service for your accounting needs:

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How to Get Tax Advisors and Tax accountants for the Best Tax Planning

For most people filling out their tax return forms is not their favourite time of the year. It is not only time consuming for some busy people, but it can also involve some technicalities that may be too confusing for others. This is where a Tax Accountant comes in handy to do all your tax related issues. They also offer services such as Tax Planning and Tax advisory services.

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How Financial Advisors Play An Influential Role

Financial advisors can make a huge influence on firms. Their nature of work is not complex but these are the individuals who give 100 percent of their efforts in helping firms and corporations to meet their financial objectives. Financial advisors enjoy a vast role. They help the firms and the individuals to determine and meet their financial objectives as well as assist in evaluating their monetary holdings and declared assets. Financial advisors can be considered as the backbone of any organization. From developing a plan for meeting the company’s financial goals to the execution of the plan by selecting the right services and products these people play an influential role in building the overall credibility of the firm.

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All You Need to Know About Accountants

What does it take to be a great accountant? Accounting as a profession is a highly analytical role which requires meticulous attention to detail. A passion for numbers and a core understanding of their practical application is also vital. Moreover, all great accountants will recognise and understand the fundamental accounting principles. This will not only ensure that the candidate graduates successfully, but has the opportunity to work for a distinguished accounting firm.

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Simplified Depcreciation

The new rules relating to simplified depreciation have been effective from 1 July 2012 and provide significant advantages to small business enterprise taxpayers who are defined as carrying on a business and have an annual net turnover of less than $2 million.

These rules do not apply to rental property assets, low value pool and software development assets, capital works (property) and horticultural plants.

The rules provide for an instant write-off, increasing the threshold from $1,000 to $6,500. It is available on an asset basis (not an aggregate of similar assets). In regard to motor vehicles, there is an instant deduction of up to $5,000. The vehicle does not need to be primarily used for business purposes and the definition for a motor vehicle is very broad and does apply to second-hand motor vehicles.

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Business Travel And ‘Otherwise Deductible Rule’

When an employer provides accommodation to an employee while they are away on business the benefit would be fully exempt from Fringe Benefits Tax (FBT) under the ‘Otherwise Deductable Rule’. Recently the ATO confirmed that when an employee’s spouse has accompanied an employee it is still exempt under the Otherwise Deductable Rule provided no extra cost has been charged for the spouse.

As an example, if the spouse pays his/her own airfare and stays in the hotel at the company’s expense with their spouse it is not considered private use of accommodation and therefore there is no FBT liability.

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Making Superannuation Contributions

In 2012, 30 June fell on a Saturday; this year it will fall on a Sunday. A number of people were caught out when they made their superannuation contributions on 30 June as it was not reflected in the bank until 1 July.

The relevant legislative provisions dealing with when a superannuation contribution is made do not ‘require or allow’ a contribution to be made or received by the last day of a particular year. Rather, they provide for a particular outcome if a contribution is made or received on or before the last day of a particular year.

When a contribution is made using cash or an equivalent the fund’s bank statement is generally indicative of when a contribution is received.

To ensure you do not exceed your contribution cap and the resulting tax consequences it is important that you check what contributions have been allocated to your account by your superannuation fund. They will confirm if it has been received in this financial year. Ensure you do not wait until Sunday 30 June to make your current year contribution.

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SMSF Investment Strategy Requirements

Amendments to section 4.09 in the Superannuation Industry Supervision Regulations (SIS) 2012 now require the trustees of an SMSF to ‘review regularly’ their fund’s investment strategy. They must consider as part of their investment strategy ‘whether the trustees of the fund should hold a contract of insurance that provides insurance cover for one or more members of the fund.’ Annual reviews are considered a ‘regular review’.

This new requirement means that if you have a self-managed superannuation fund you will need to ensure that you have updated your investment strategy for the 2012/13 financial year and provide a signed copy to your Chartered Accountant.

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