Accounting & Tax

Rayna G.

Mona Vale, NSW

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We are a building company charging a client labour and materials that were putchased on their behalf. My question is when we invoice for material reimbursement, do we use the price we paid to our supplier with Gst, and add snother 10% Gst, or the net price of the material, then gst which is the same amt as we paid?
Im hearing lots of opinions on this but need to know what the law actually is on this?
Thanks,
Rayna

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7 years ago

paul c.

Seaford, VIC

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I sold 1 product for $4
I have made $2 profit but I want to purchase more products with the $2 profit and original $4 = $6
Because I reinvested the money in the business do I have to declare any income to centerlink because in theory I now have $0 ?
Thank you in advance
Paul

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7 years ago

paul c.

Seaford, VIC

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I would like to start a small online business I would like to know if this will affect our family benifit , a simple example.
I purchase a product for say $10 I then sell the item for $20 including free delivery which cost me $8 so I have only made $2 profit but I recieved $20 .
when I declare earned income to centerlink is it $20 or $2 ?
Regards
Paul

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7 years ago

Sarah L.

Glen Waverley, VIC

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A client has recently purchased a new business. Should the preliminary expenses incurred such as legal fees, site valuation, stocktaking fees, web/domain and business registration fees be expensed in the P&L or should I capitalise those items in the balance sheet because they relate to setting up a new business?

Thanks,

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7 years ago

RICHARD D.

Maroubra, NSW

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in a trial balance for end of year, do I show the credit card opening balance or the amount spent on the credit card for the year?

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7 years ago

James D.

Sydney, NSW

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Hi, is there any 'pay per hour' accountancy services ie. need a 20 minute call to ask questions and pay a fee for that...without having to buy a years worth of services or the like?

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7 years ago

James D.

Sydney, NSW

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Hi, I am completing my R&D form, and it asks if "Is the R&D entity that is registering the head company of a consolidated or multiple entry consolidated (MEC) group?" - During the year we created a wholley owned 'sub' company for trading, and some R&D expenses were spent through that entity. Is it simple just to assign those expenses to the head company or do we need to merge for tax purposes?

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7 years ago

Amy S.

Gymea Bay, NSW

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I would like to do some work through an online work marketplace like freelancer.com or Fiverr. Do I need to get an ABN to do this kind of work? I already have a full-time job, this would be more of a side-hustle. Thanks,

Amy

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7 years ago

Mary D.

Aitkenvale, QLD

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Is it better to take maternity pay at half or full pay? My work provides 14 weeks full pay or 28 weeks at half pay. I have no concerns over my ability to budget I am just trying to work out which approach will work better financially. Factors to consider.
1. My pay goes straight onto my mortgage which has interest calculated daily
2. Maternity leave begins in December if I take it at full pay it will all be used by the end of the financial yearn half pay will roll into next year.

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7 years ago

Kraig D.

Port Sorell, TAS

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Hi
My daughter is a second year apprentice earning $10 per hour. She has just started doing a second job working in a bar and they are not taking any tax out of her $600 approx a month she earns from this.
Will she get a tax bill ??

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7 years ago

Craig L.

Dural, NSW

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Why is an investment loan on a residential unit block viewed as a commercial loan although the income and expenses are viewed as individual as per the tax office?

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7 years ago

John R.

Camp Hill, QLD

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My company made a loss last year. This year a profit for the year was made, but not enough to offset the the previous years loss. In the current company tax return do I include the previous losses in 7R (Tax Losses Deducted)? and do I put zero in 7T (Taxable/net income or loss)?
ie
Loss for 2016 was 46000
Profit for 2017 was 33000
I understand that 13U will include all losses carried forward.
So for the current years company tax return I would make the following entries?
7R (Tax Losses Deducted)=46000
7T (Taxable/net income or loss)=0 or 33000?
13U (Tax Losses carried forward)=13000 (less than 100k, so no Losses Schedule?)
Regards

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7 years ago

Jule W.

Broadbeach Waters, QLD

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Hi,
If I sell my own principal place of residence after I have renovated it under one year, Will I have to pay capital gains tax? I know if it's your principal place of residence everyone has told me No, however, I don't trust this because it would be 10 mths later and a capital gain of around $60,000 and I don't trust that the ATO will not add tax to that?

Appreciate your feedback

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7 years ago

Stephen K.

Nundah, QLD

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I bought a $2,500 laptop for a University Thesis in 2014/15 financial year. I've realised that I've actually been using it to work from home from 2015 to present (2017). My questions are:

a) I didn't initially purchase it for work use. Because I have been, is this claimable?
b) If it claimable, I've never claimed this expense previously, can I claim depreciation for the past years as well?

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7 years ago

Penny J.

Molendinar, QLD

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Hello. Could you give me the accounting entries when a client pays a deposit in a client deposit held account right through to when a sales invoice is done and the customer pays? I need to know all the debits and credits for this with the corresponding accounts. Thank you.

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7 years ago

Terence L.

Bassendean, WA

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I'm looking to start a new company with two others. Our new accountant recommended that we use a unit trust as the business entity. The reasons being is that we have varied business billing amounts, frequency and scenarios so we will operating and managing cost centres within the company. The idea is that the unit trust is a distribution mechanism and we are operating like individual businesses within. Tax implications? Is this a weird business structure?

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7 years ago

Rod B.

Bayswater, WA

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Same Unit. I have an equity line and the unit is the surety over the loan.We paid back the equity loan to 0 dollars.
We then purchased a house that is now our residential home.We borrowed more money on the equity loan to buy the house. We use the equity loan for normal day to day use as well.The unit is now rented out.The unit is still the surety over the loan. Can we claim any interest off the unit for tax purposes or is it not possible because we paid the loan down before?
Rod B

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7 years ago

Rod B.

Bayswater, WA

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I have an investment unit.It was rented for one month in the 2015/16 financial year.If I get a depreciation s chedule done for the property can I claim for a full 12 months or only one month.?
Thanks,
Rod , WA

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7 years ago

Satish B.

Rockdale, NSW

1 Likes
0 Followers

Hi, My organisation changed from Incorporation to Limited, but the bookkeeper before me kept using the same ABN number, though a different ABN was available. The IAS, BAS has been lodged with old ABN as well. Wondering what are the consequences? and if there are some, how can I do this. I have start using the correct ABN from onwards.

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7 years ago

Alex G.

West Pennant Hills, NSW

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I use a vehicle for my job as I am required to travel to multiple sites each day, and I am also required to carry around a stepladder as well as multiple tools and safety equipment. Am I allowed to claim tax deductions on toll roads traveling to and from my first and last site of the day, as well as travelling between sites? Cheers.

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7 years ago

I sold 1 product for $4 I have made $2 profit but I want to purchase more products with the $2 profit and original $4 = $6Because I reinvested the money in the business do I have to declare any income to centerlink because in theory I now have $0 ?Thank you in advance Paul

in a trial balance for end of year, do I show the credit card opening balance or the amount spent on the credit card for the year?

Hi, is there any 'pay per hour' accountancy services ie. need a 20 minute call to ask questions and pay a fee for that...without having to buy a years worth of services or the like?

I would like to do some work through an online work marketplace like freelancer.com or Fiverr. Do I need to get an ABN to do this kind of work? I already have a full-time job, this would be more of a side-hustle. Thanks,Amy

Hi My daughter is a second year apprentice earning $10 per hour. She has just started doing a second job working in a bar and they are not taking any tax out of her $600 approx a month she earns from this. Will she get a tax bill ??

Why is an investment loan on a residential unit block viewed as a commercial loan although the income and expenses are viewed as individual as per the tax office?

Hello. Could you give me the accounting entries when a client pays a deposit in a client deposit held account right through to when a sales invoice is done and the customer pays? I need to know all the debits and credits for this with the corresponding accounts. Thank you.

I have an investment unit.It was rented for one month in the 2015/16 financial year.If I get a depreciation s chedule done for the property can I claim for a full 12 months or only one month.?Thanks,Rod , WA

I sold 1 product for $4
I have made $2 profit but I want to purchase more products with the $2 profit and original $4 = $6
Because I reinvested the money in the business do I have to declare any income to centerlink because in theory I now have $0 ?
Thank you in advance
Paul

I would like to do some work through an online work marketplace like freelancer.com or Fiverr. Do I need to get an ABN to do this kind of work? I already have a full-time job, this would be more of a side-hustle. Thanks,

Amy

Hi
My daughter is a second year apprentice earning $10 per hour. She has just started doing a second job working in a bar and they are not taking any tax out of her $600 approx a month she earns from this.
Will she get a tax bill ??

I have an investment unit.It was rented for one month in the 2015/16 financial year.If I get a depreciation s chedule done for the property can I claim for a full 12 months or only one month.?
Thanks,
Rod , WA