Accounting & Tax

Sue L.

Bli Bli, QLD

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I'm helping an elderly friend keep track of their shares for taxation purposes. Their accountant gave them a form to complete for which they did remember what information needs to be put in each column. However on the sales side of this particular form is a column called Sales Value. They have forgotten what figure goes in here. Do they put the gross figure of the sale of shares which includes the brokers fees or is it the net figure excluding the brokers fee into this column?

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7 years ago

Courtney T.

Camden Head, NSW

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I'm looking at an Income Statement. Inventory obsolescence is $990,000 while provision for inventory obsolescence is $1,133,000. Can you explain to me why the provision is higher than the expense account?

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7 years ago

Jack L.

Aveley, WA

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The transaction that could not result in a credit balance in a debtor's account is:

sale of goods on credit that will be paid for in the next accounting period
receipt of a deposit for work ordered
return of faulty goods by a customer after payment had been made
payment by a customer after the debt had been written off as irrecoverable

I'm having trouble understanding this question. Could anyone please explain?

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7 years ago

Caroline S.

Cairns City, QLD

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Can I legally include a private transaction that was made by me several months before the date I founded my business in my company tax return?

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7 years ago

Jude S.

Geeveston, TAS

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Can primary production land in a trust for a child qualify for farm expenditure deductions from the trustees personal income tax ?

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7 years ago

Rebecca J.

East Killara, NSW

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I am looking for a small business tax adviser that understands fintech startups and the concessions and grants that are available and also research and development in investment start up businesses?

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7 years ago

Joanna S.

Mckinnon, VIC

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Hi, my family sold a property overseas and want to send me money as a gift. Do I pay tax on money received as gift from an overseas account and is there an amount that is free of tax? Thank you!

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7 years ago

Debbie R.

Urana, NSW

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Hi we are a family of 3, Mum, Dad & Daughter. We are going to run a caravan park which pays $350pw retainer plus 30% of income. (Average annual income is only $110,000 so we will get about $33k pa plus retainer).
We know we have to set up an abn but how would we do that so it shows each of us earns a third to reduce the tax?

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7 years ago

Daniela G.

Geebung, QLD

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I am a graduate accountant who is interested in commencing either the CA or CPA programs. The only thing that is holding me back is finding an external mentor. Unfortunately, in the company that I currently work none of my managers are accredited.
How can I find an accredited mentor?

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7 years ago

Suzie D.

Stony Chute, NSW

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I have a house in a good capital gains area and have moved into my partners house 6 months ago. He died and gifted me the house and 100 acre property. I have other income from smsf ( just turned 60), and another blue chip property shared with business partner. ( the rental provides a reasonable living for us both). My question is about the tax of the gift property in low capital gain area ( but where I choose to live) , and if I would best to rent the former dwelling, or sell it.?

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7 years ago

Pal P.

Springfield Lakes, QLD

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Hi just wanting to know if got shares for free and have now sold them for about $16000 what are the capital gains implications what is my cost base is it nil? Also I probably qualify for 12mths discount on the gain. Thanks in advance for your answers.

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7 years ago

Andrew K.

Sussex Inlet, NSW

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Can a child of 7 Years old buy a property using her deceased mothers life insurance/super payout?

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7 years ago

Oz M.

Oxley Park, NSW

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Would like some recommendations for a quantity surveyor.

I've contacted BMT and Washington Brown, BMT will carry out a home inspection for the report while Washington Brown stated that they'll do report without an inspection, Fittings details needed only?

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7 years ago

Oz M.

Oxley Park, NSW

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Is a Quantity Surveyors Report required for a positive geared investment home ?

Was looking to get one done but now im confused as I've been told that i may not need one as the home is positve geared, will it be beneficial to get one done anyway?

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7 years ago

Kartia K.

Wallsend, NSW

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If there is a fuel rebate of per say 75.000
Do you add that into the 'Income' column when doing your financials?...My husband has had his aunt doing the Co financials the Co is in earthmoving they spend supposedly 170.000 for Fuel & Oil and get a rebate between 56.000 and 75.000. would that be classified as 'Other Income' which she has added onto the 'Trading Income' column

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7 years ago

Michael G.

Mascot, NSW

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Am I still able to claim tax deductions that are billed under my personal name after I set up a PTY LTD company?

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7 years ago

Jonathan W.

Singleton, NSW

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I am starting a travel blog and hoping to use it as a tax write off. I'm currently spending approximately $40k a year on travel and thought that if I start a business I might be able to claim some of the expenses on tax. My question is, what company structure best suits my needs?

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7 years ago

Tim M.

Lockleys, SA

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My mother has passed intestate and her superfund has determined to pay 100% of her super to her spouse, my step father. My step father intends dividing the super keeping 20% for himself and paying my mother's 4 adult children each 20%.
Can you advise whether it is appropriate I consider this as gifted funds and do not pay tax on my 20%, or should I pay the ATO the applicable tax which I believe is 15% of the inherited super funds?

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7 years ago

Angela L.

Howard Springs, NT

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What is the tax rate for ETP termination of employment for an individual who is over 56 - is it 32% or 17%?

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7 years ago

Tammy B.

Kuridala, QLD

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Hi, I have recently purchased half of the Family farm. For accounting/ bookkeeping purpose, is it best to set up a partnership or trust? Open to other suggestions

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7 years ago