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Accounting & Tax

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blyvon C.
blyvon C.
Sydney, NSW
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Expert Bookkeeping Services For You

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5 months ago
Kari M.
Kari M.
Armidale, NSW
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Can an employer who pays your super then take it out of your commission at the end of the month?

So the outcome being you end up paying your PAYG and Super and your wages back to the employer at the end of the month from your commissions?

This is a Debit credit system is the set up

Can an employer then start deducting other fees that you have not been Informed of in writing or advised ?
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2 years ago
Kari M.
Kari M.
Armidale, NSW
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0 Followers

Can an employee who pays your super then take it out of your commission at the end of the month?

So the outcome being you end up paying your PAYG and Super and your wages back to the employer at the end of the month from your commissions?

This is a Debit credit system is the set up

Can an employer then start deducting other fees that you have not been Informed of in writing or advised ?
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2 years ago
Peter W.
Peter W.
Forresters Beach, NSW
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0 Followers

Hi Creative accounts,

I’m looking for a way to reduce my taxable income by $6500 per annum. I currently keep earning to much, and it makes my wife in eligible for family tax benefit B.
I’m on wages and work for a large company that wont let me take a few weeks off without pay.
I Need some creative accounting ideas on how to reduce my income to just squeeze under the 100k threshold. I’m only aware of negativity gearing an investment loan to reduce income.
Any other advice/ideas would be greatly appreciated
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5 years ago
Peter W.
Peter W.
Forresters Beach, NSW
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0 Followers

Hi Tax People,

I have a joint equity loan with my wife. We both have individual online broking accounts.
I have been told by our accountant that my wife or myself can use money from that loan to buys shares individually and he would make “loan up” saying the money was borrowed from the account and therefore claiming the interest individually.
To keep this cleaner for tax purposes my bank said we can split the loan and call loan 1 ( wife investment loan) and say loan 2 ( Peter (me) investment loan).
My question is

1) if wife wants to pay her loan down , I’m wondering if that’s possible with the original “loan up” document written up at a certain amount and as it’s paid down obviously the loan has reduced and wouldn’t match the original loan amount.

Any help would be great.
Also if any one is a subject expert on these setups would love to make an appointment for advice happy to travel.

Regards Peter
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5 years ago
Michael F.
Michael F.
Parkdale, VIC
15 Likes
0 Followers

I have had the same accountant for years. They do my return and I'm sure it's done properly.

However, when I did my last return I asked my accountant a question ...

What could I / should I be doing to minimize the tax I pay?

Am I paying too much tax with my shares?

I claim as much as I can when I do my BAS & Tax Return, but is there a better way?

Any other strategies?

My accountant said they assess my return based on the information provided and they do not provide advice.

hmmm

wondering what your thoughts are? Also, I saw this website

https://taxfitness.com.au/ but it seems to be targeted towards accountants, is there something similar for individuals?
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5 years ago
Kirsty M.
Kirsty M.
Briar Hill, VIC
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Hello,

Currently on maternity leave and quite confused as to whether I have made the right choice on the way I have taken my leave.

I have chosen to take it at full pay and remove half myself and place in our mortgage offset account therefore pretending I am receiving it as half pay and saving on the interest.

Questions are:
If I hadve taken it at half pay, do I accumulate more superannuation through my employer? I think I would’ve accumulated an extra week of annual leave.

Also, would I pay less tax each pay being on half pay as opposed to full pay or does it work out the same as all my payments are received in one financial year?

One other reason I took the full pay was because I am on a contract which is due to expiry just after my leave at full pay therefore I was unsure if I was entitled to take it at half pay if my contract had expired half way through?

Thanks :)
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5 years ago
Glory B.
Glory B.
Curramore, QLD
1 Likes
0 Followers

We have a 108 acre farm in Qld which is registered for GST and has been in steady operation for 12 years as a beef cattle farm. We are planning to sell the farm and understand that GST will be payable unless we sell it to another party who wants to carry on farming. We are in an area where the lifestyle buyer will probably be the more likely buyer so we are wondering about ways to get around this. If we wind up the partnership and sell all the cattle and do not operate as a farm for say 6 months to a year and then sold to a private buyer, would the sale be GST exempt?
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5 years ago
Tony O.
Tony O.
Rowville, VIC
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Do i need an ABN?

I have a full time job and a side job managing a website. I spend about 12 hours a month working on the website and was told to send him an ‘invoice’ so does this mean i am a contractor? I personally think it is a hobby but my friends said to open an ABN ‘just to be safe’. If so how do i declare this additional income when i don’t have an ABN.
Thanks
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5 years ago
Jennifer T.
Jennifer T.
Mount Waverley, VIC
1 Likes
0 Followers

I am in Victoria and my baby is due end of June 2019.
Is it better to take maternity pay from work at half or full pay?
My work pays 10 weeks full or 20 weeks half pay. I have accrued 5 weeks of annual leave.
I am only planning to be on maternity leave until there is no income.
Therefore I am considering: 5 weeks annual leave (ends July), 10 weeks full work paid mat leave (ends Sept), then Govt paid leave to start in the last 2 weeks of Sept lasting until end of Jan).
This is 7 months of maternity leave, I return to work in February 2020
Does this arrangement work out better, or would half work pay at 20 weeks, in tandem with Govt Pay at 18 weeks work out better tax wise?
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6 years ago
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