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Accounting & Tax

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Peter B.
Peter B.
Birchs Bay, TAS
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I’ve been on the aged pension for 2 years. I have my own company I’ve lent $20k to over many years but want to close/wind up the company. If I prepare a Deed of Debt Forgiveness for the $20k between me as the lender and my company as the borrower, what are the tax implications (if any) for me and the company? Also would this affect my aged pension entitlements? (I’m paid under Centrelink’s “assets test” not “income test”)
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7 years ago
Chris B.
Chris B.
Warana, QLD
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Hi I have been trying to change accountants from a Melbourne firm to a Sunshine Coast Firm the new Accountants have sent a ethical Letter to the old accountants to release documents and tax records but an outstanding bill of my ex wifes hasn't been paid and they wont release any information or even respond to my emails and phone calls by business and tax returns are being held up by this. Can you please advise what I can do ?
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7 years ago
mohinish s.
mohinish s.
Bella Vista, NSW
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We had a old company with credit card balance of $25000 then we opened a new company on august 2017 with new myob file.

For some reason i made mistake, instead of paying the old card from old bank account and entering in old myob file, i paid it from the new bank account which is for new myob file and new company.

My boss doesnt know this yet because he did not want anything with old company to go in new myob. how do i fix this without raising red flag?
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7 years ago
Sheree S.
Sheree S.
Barrack Heights, NSW
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I work in a job where I travel a lot of for. I use my own personal car and record all my kilometres travelled for work purposes. My employer pays me for kilometers travelled but it's not all taxable so I dont get taxed on all money earned each fortnight.
For example I may earn $1300 gross for a fortnight, I should be taxed $138 but I'm only taxed $90. Come the end of financial year will I end up with a tax debt, or can I claim all of the kilometres at tax time? Thanks
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7 years ago
Sarah M.
Sarah M.
Nerang, QLD
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I am wondering how tax works with deceased estates. In particular taxing super annuation balances and insurance. My Dad died this year and my family and I have been given the option of transferring the money to us directly or to transfer it to the estate, as we haven’t yet sold his house and it’s in trust. We’ve been told that if we transfer the balance of super annuation and insurance we will be charged up to 17% and up to 37% respectively for the money. Just wondering which way we’re better?
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7 years ago
Rob A.
Rob A.
Dolls Point, NSW
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1 Followers

I am a health professional, have my practice I have house owned and 2 investment properties, the loan on them 3.5 million with ANZ, my house is debt free worth 2 mil, but it is in a cross collateral security with one of my investment property that has a loan of 2.1 mil, I have a business loan of 830 k with ANZ, my repayments for loan investment 13K a month and business loan 4K I guess the loan is fixed for 2 years , I want to build my house knock down and rebuild for 1.2 Bank don’t lend ?
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7 years ago
brie b.
brie b.
Thornlands, QLD
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A company want to pay to put an advertising billboard in the front yard of the house I current live in and own (mortgage) as advertising. How should this work with tax? I understand I do not need to register for or charge GST as earnings from this will be under 75K. What other tax would I need to pay and at what rate? Is this included as income? Really struggling to find any information on this. Thanks
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7 years ago
Diane S.
Diane S.
Oxenford, QLD
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0 Followers

My accountant did not include total charity donation in last years return leaving $4000 for this year, then said oops, can't claim, can claim only in the year it is paid. Is this correct?
Then this year, supplied calculations to take to Centrelink re appeal for pension.
Centrelink reviewed calculations for profit on shares but said they were not interested in any Figures as they are DEEMED on total face value of shares. Have I got a totally useless account. $200 for useless, unusable advice??
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7 years ago
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