Accounting & Tax

Jason F.

Hamilton, NSW

2 Likes
0 Followers

I have been running my online business for 2 years ago and 6 months ago an old business colleague started helping out with advice. I haven’t been able to pay him a full salary but we’ve spoken about having some equity as a reward and ongoing incentive. Some of the advice relates to him having to pay capital gains tax straight away of the value of the shares. Is this correct and what other options are available?

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6 years ago

Mark T.

Charlestown, NSW

0 Likes
0 Followers

Hi, we are putting our business on the market and want to ask if a buyer gets any benefits from the carried forward loses from our first 2 years setting up the business. Thanks?

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6 years ago

Daniela P.

Taren Point, NSW

1 Likes
0 Followers

We have been trying to find out if there is a limit to how much we can gift our eldest son and remain tax free. We have been getting mixed messages as it is a significant amount, is there a limit… thanks in advance

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6 years ago

Tony M.

Gymea, NSW

2 Likes
0 Followers

Hi, we are about to engage a builder for renovations and the quote has come in at $600,000. The builder is buying the materials on our behalf and we assume paying GST on the costs so if we breakdown the quotes should we then be paying further GST based on the builders overall quote?

View responses or answer (3)

6 years ago

Mel W.

Dee Why, NSW

1 Likes
0 Followers

Hi - I have been contracting for 4 years and just been using a business name and ABN. My income is now consistently $12-13,000 a month and wondering whether it’s time to set it up under a company – what would be the benefits to do so?

View responses or answer (3)

6 years ago

Sam D.

Glenorie, NSW

2 Likes
0 Followers

Hi
2 years ago we started a new business and spent about $300,000 so far. It’s not working out as well as we hoped and now thinking about closing it down and getting a job – the question we have is about the losses we have in business… can they be offset against the future income when we find employment?

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6 years ago

Nicholas Y.

Ringwood, VIC

3 Likes
0 Followers

Our business uses Xero accounting and about to set up another business with an investor. As the financial reports will be different is there a way around having to set up another Xero account, could we just use the one?

View responses or answer (2)

6 years ago

Mel G.

Ormond, VIC

1 Likes
0 Followers

Hi,
A year ago I started a new job and needed a car, my employer suggested a novated lease. I was made redundant last week and now they are saying the car is in my name so I have to keep making the repayments. Is this right… what are my options?

View responses or answer (2)

6 years ago

Joseph M.

Abbotsford, NSW

1 Likes
0 Followers

My family just inherited a large sum of money and i know we don't pay tax in the inheritance but if we invest in managed funds do we pay tax on the returns we get?

View responses or answer (4)

6 years ago

Ben H.

Castle Hill, NSW

2 Likes
0 Followers

Currently looking at a couple of commercial properties as an investment and want to know if the contracts have to say if the sale price is inclusive or exclusive of GST ..... do we also have to register for GST?

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6 years ago

Leo T.

Hamilton, NSW

1 Likes
0 Followers

About to complete our first development of 4 units and so far have sold three and thinking of keeping one. Our question is do we have to pay CGT on the unit we keep… how does it work?

View responses or answer (3)

6 years ago

Jamie C.

Five Dock, NSW

3 Likes
0 Followers

Hi
I work full time as digital marketer and do some freelance work after hours. My work salary is $78,000 so do I need an ABN and register for GST for my own work?

View responses or answer (5)

7 years ago

Scott A.

Menai, NSW

2 Likes
0 Followers

Does the governments fuel tax rebates include small owner operators?
I have just started a small furniture delivery business and getting conflicting information from two different accountants… what are the rules?

View responses or answer (1)

7 years ago

Peta C.

Elwood, VIC

1 Likes
0 Followers

hi ..I work as a shop assistant in a clothing store and we are told we have to wear the clothes from the shop. We do get the clothes at a discount …can I claim the cost as a tax deduction

View responses or answer (2)

7 years ago

Vlad M.

Zetland, NSW

1 Likes
0 Followers

Hello
I recently became an Australian citizen and have a full time employment in I.T software. If I do some freelancing work for overseas companies do I have to pay tax on the money I get paid

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7 years ago

Penny H.

Dandenong, VIC

2 Likes
0 Followers

We operate a transport business and have been using ABM accounting software for many years. Finding it very manually reliant and our accountant had said their moving all their clients across to Xero but we would like to get some opinions on how they find Xero , MYOB, Quickbooks or others – thank you

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7 years ago

Frank Wong

Finance Broker

North Sydney, NSW

18 Likes
8 Followers

Hi All,

I hope you're all winning!

I have a tax question for the accountants here.

If someone has held a company for over 12 months and is now selling the business, will they be up for full CGT? Or do they get a similar concession to a real estate asset?

The business has been held by 2 directors and shareholders and will each have an equal share of the proceeds from the sale.

Cheers,
Frank

View responses or answer (5)

7 years ago

Will R.

Rockhampton, QLD

2 Likes
0 Followers

I contract full time to a company and have sub-contractors working for me. Hard to find the information I need to make sure I pay them properly. Do I pay their tax for them? Some sub guys want cash. I had a local accountant but it didn’t work out – do they need to be local?

View responses or answer (2)

7 years ago

Jade S.

Miranda, NSW

1 Likes
0 Followers

Hi,

I am currently transitioning jobs and I have been asked if I would prefer PAYG or to be paid as a Sole Trader.

Can you please tell me if I am financially better to PAYG or be a Sole trader?

Rate per day I will be earning is $550 including super.

Any advise would be greatly appreciated!

View responses or answer (4)

7 years ago

Silvana L.

East Cannington, WA

0 Likes
0 Followers

Hi I’m thinking of selling my home which I used to secure a loan for a investment property the bank told me I need to repay 80% of market value of investment property My loan is fixed interest only do i have to pay extra fees and charges ? Thanks

View responses or answer (3)

7 years ago

Hi, we are putting our business on the market and want to ask if a buyer gets any benefits from the carried forward loses from our first 2 years setting up the business. Thanks?

We have been trying to find out if there is a limit to how much we can gift our eldest son and remain tax free. We have been getting mixed messages as it is a significant amount, is there a limit… thanks in advance

Hi, we are about to engage a builder for renovations and the quote has come in at $600,000. The builder is buying the materials on our behalf and we assume paying GST on the costs so if we breakdown the quotes should we then be paying further GST based on the builders overall quote?

Hi - I have been contracting for 4 years and just been using a business name and ABN. My income is now consistently $12-13,000 a month and wondering whether it’s time to set it up under a company – what would be the benefits to do so?

Our business uses Xero accounting and about to set up another business with an investor. As the financial reports will be different is there a way around having to set up another Xero account, could we just use the one?

Hi,A year ago I started a new job and needed a car, my employer suggested a novated lease. I was made redundant last week and now they are saying the car is in my name so I have to keep making the repayments. Is this right… what are my options?

My family just inherited a large sum of money and i know we don't pay tax in the inheritance but if we invest in managed funds do we pay tax on the returns we get?

Currently looking at a couple of commercial properties as an investment and want to know if the contracts have to say if the sale price is inclusive or exclusive of GST ..... do we also have to register for GST?

About to complete our first development of 4 units and so far have sold three and thinking of keeping one. Our question is do we have to pay CGT on the unit we keep… how does it work?

HiI work full time as digital marketer and do some freelance work after hours. My work salary is $78,000 so do I need an ABN and register for GST for my own work?

Does the governments fuel tax rebates include small owner operators?I have just started a small furniture delivery business and getting conflicting information from two different accountants… what are the rules?

hi ..I work as a shop assistant in a clothing store and we are told we have to wear the clothes from the shop. We do get the clothes at a discount …can I claim the cost as a tax deduction

HelloI recently became an Australian citizen and have a full time employment in I.T software. If I do some freelancing work for overseas companies do I have to pay tax on the money I get paid

I contract full time to a company and have sub-contractors working for me. Hard to find the information I need to make sure I pay them properly. Do I pay their tax for them? Some sub guys want cash. I had a local accountant but it didn’t work out – do they need to be local?

Hi, I am currently transitioning jobs and I have been asked if I would prefer PAYG or to be paid as a Sole Trader. Can you please tell me if I am financially better to PAYG or be a Sole trader?Rate per day I will be earning is $550 including super.Any advise would be greatly appreciated!

Hi I’m thinking of selling my home which I used to secure a loan for a investment property the bank told me I need to repay 80% of market value of investment property My loan is fixed interest only do i have to pay extra fees and charges ? Thanks

Hi,
A year ago I started a new job and needed a car, my employer suggested a novated lease. I was made redundant last week and now they are saying the car is in my name so I have to keep making the repayments. Is this right… what are my options?

Hi
I work full time as digital marketer and do some freelance work after hours. My work salary is $78,000 so do I need an ABN and register for GST for my own work?

Does the governments fuel tax rebates include small owner operators?
I have just started a small furniture delivery business and getting conflicting information from two different accountants… what are the rules?

Hello
I recently became an Australian citizen and have a full time employment in I.T software. If I do some freelancing work for overseas companies do I have to pay tax on the money I get paid

Hi,

I am currently transitioning jobs and I have been asked if I would prefer PAYG or to be paid as a Sole Trader.

Can you please tell me if I am financially better to PAYG or be a Sole trader?

Rate per day I will be earning is $550 including super.

Any advise would be greatly appreciated!