Accounting & Tax

Sharyn M.

Oxenford, QLD

1 Likes
0 Followers

I work overseas and live overseas more than 6 months a year. I want to take a loan from overseas to buy a house in Australia do I pay tax on the capital or just interest earned if any?

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7 years ago

Mark W.

Campbelltown, NSW

1 Likes
0 Followers

I need to ask about ways of reducing my taxable income and various deductions. I work for an outsource company who's head office is in Botany NSW but I am always onsite at clients presmises. Some days I am having to start work at Botany and then travel to the client (public transport both journeys). Am I able to claim a deduction for some of the public transport for this?

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7 years ago

Natasha G.

St Marys, NSW

2 Likes
0 Followers

My husband and I recently had a business which only lasted 18 months (wrong timing). We have poured alot of money into this business and find it hard to believe we will not receive anything back tax wise. We are not really sure how this works. Can somebody please explain this to me like i'm a 2 year old. Is he able to claim anything back through his personal tax?

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7 years ago

Adrian H.

Waterloo, NSW

1 Likes
0 Followers

What is the primary measure used for asset valuation (is it historic cost convention ?) on the statement of financial position ?
Also, what are the two exceptions to the usual method of asset valuation on the statement of financial position ?

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7 years ago

Taryn C.

Banksia Grove, WA

0 Likes
0 Followers

We have a house in Nz which was originally our primary home. We moved to Australia in 2008 and have rented it. We have declared it with Aus tax. We then brought in Perth 5 yr ago in which we live in now. If we are to sell how much capital gains would we have to pay? And if we were to move back to that house in Nz how long do we need to live in it to make it our primary home again .

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7 years ago

Aaron H.

Waterloo, NSW

2 Likes
0 Followers

This is about tax incentives - I currently live in a an apartment property that I have paid off to a degree but want to utilise the equity to buy a house. I understand that I can borrow 80% of the current properties value but unsure what sort of tax benefits I am going to be able to claim? Thanks in advance for your help.

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7 years ago

Zac H.

Burpengary, QLD

1 Likes
0 Followers

Hi,
I have just started a company with a business partner. I current am also a sole trader as a contract trainer. We want to start an RTO and think that this might be benficial to showing more financial viability.

Would it be smart to run the significant training income through the company?

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7 years ago

Michael P.

Narrabundah, ACT

2 Likes
0 Followers

Hello,
My partner and I have a rental property that is costing us a fortune in ACT Government Land Tax.
Our tenant is my partners son and we are looking at getting him to purchase a third of the property so it will no longer be a rental property.
There is still a mortgage on the property of around $310,000 and the property estimated value would be around $580,000.
What is the best way to go about this and is there any way of preventing (or minimising) Capital Gains Tax?
Regards,
Michael

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7 years ago

Aaron T.

Bellamack, NT

0 Likes
0 Followers

Just got my statement from my income protection which I was on for 5 months they didn't tell me I wasn't getting talked on it until my last payment in June .My question is I wasn't getting super or any allowances during the period and incurred medical cost whilst overseas when I returned to Australia had on going therapy is there anyway I can incorporate these into reducing my tax .I received 50.000 in the 5 months of which 20.000 was a lump sum .?

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7 years ago

Clive B.

Boonah, QLD

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0 Followers

Are repairs and maintenance to a fixed asset an expense or an increase in value to the asset?

If they are an expense, are they operating profit or non-operating profit.

Thanks in advance.

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7 years ago

Clive B.

Boonah, QLD

0 Likes
0 Followers

I am keeping the books for a club. When I get an annual membership payment, is that an income or capital account?

Thanks in advance.

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7 years ago

Tiffany M.

Wangaratta, VIC

5 Likes
0 Followers

My mum has a substantial amount of shares that were left to her by her father 840000 she is wanting to leave them to my sister and I in her will. She doesn't want to sell them as she said she would have to pay nearly half back in tax. as they were a lot cheaper when he bought them?. What happens with the price of them when left to us thanks?

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7 years ago

Alan M.

Branchview, QLD

1 Likes
0 Followers

I have started a handymen buisness I am purchasing a vechile can I claim 100% of the gst back if I register for gst and Can i claim 100% of the value over a period of time for depreciation . The car will be used for both personal and buisness ?

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7 years ago

Karen M.

Travancore, VIC

4 Likes
0 Followers

Hi,
I am over 55 and am planning on withdrawing my uk pension pot, value approx £20,000, and bringing into Australia. I would like to keep half in cash and pay the other half into my Super. The pension has grow by about £8,000 since we became residents. My question is -will I pay any extra tax other than the 15% concessional tax if I pay £10, 000 into my super as a personal contribution ? Am I correct in thinking that the £12,000 value before coming to Australia will be tax free? Thanks, Karen

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7 years ago

Justin G.

Mascot, NSW

22 Likes
2 Followers

Curious as to how a boarding house would be valued? Would it based on the asset or the income it generates? Or both?

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7 years ago

Joy J.

Mount Barker, SA

1 Likes
0 Followers

We receive full age pension, and have been offered 3 month contract at $1000 each per fortnight. I realise we will have to declare this amount to Centrelink, but am unsure as to what happens with tax, should we get an ABN?

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7 years ago

Karen M.

Travancore, VIC

4 Likes
0 Followers

Personal Services Income
Hi, could anyone help please? I have a question about personal services income. I have a new business as a sole trader repairing jewellery. Would my income be classed as personal services income? Thanks

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7 years ago

Anthony M.

Griffin, QLD

2 Likes
0 Followers

Hi,

I have been on workcover for the entire duration of the 2016-2017 fiinancial year. I am trying to complete my tax return, but cant seem to find anything that will tell me what or if there is anything I can claim for deductions. Can anyone help please?

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8 years ago

Peta C.

Gracemere, QLD

3 Likes
0 Followers

Wanting to know if I am required to work away from my main residence as in 5on/5off roster and I receive $160 a week travel allowance if I am able to claim the expenses on my tax return?
So logbook for car, costs for car travelling the distance every trip, food, accommodation and phone. All of this if receipted correcty would add up to over the $160 a week.

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8 years ago

Lou C.

Liverpool, NSW

1 Likes
0 Followers

I bought a property in 05 as owner occupied. Lived in it for 4 years but subleased it out from year 2 onwards then fully leased out from year 5.
It is now not recorded as rented out as my relatives are living there for free. I'd like to now sell it to a relative at the cost of the loan balance, first 12 years of mortgage as a gift, which is about half the market price. How do I minimise cgt in this case?

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8 years ago

I work overseas and live overseas more than 6 months a year. I want to take a loan from overseas to buy a house in Australia do I pay tax on the capital or just interest earned if any?

What is the primary measure used for asset valuation (is it historic cost convention ?) on the statement of financial position ?Also, what are the two exceptions to the usual method of asset valuation on the statement of financial position ?

Hi,I have just started a company with a business partner. I current am also a sole trader as a contract trainer. We want to start an RTO and think that this might be benficial to showing more financial viability.Would it be smart to run the significant training income through the company?

Are repairs and maintenance to a fixed asset an expense or an increase in value to the asset?If they are an expense, are they operating profit or non-operating profit.Thanks in advance.

I am keeping the books for a club. When I get an annual membership payment, is that an income or capital account?Thanks in advance.

I have started a handymen buisness I am purchasing a vechile can I claim 100% of the gst back if I register for gst and Can i claim 100% of the value over a period of time for depreciation . The car will be used for both personal and buisness ?

Curious as to how a boarding house would be valued? Would it based on the asset or the income it generates? Or both?

We receive full age pension, and have been offered 3 month contract at $1000 each per fortnight. I realise we will have to declare this amount to Centrelink, but am unsure as to what happens with tax, should we get an ABN?

Personal Services IncomeHi, could anyone help please? I have a question about personal services income. I have a new business as a sole trader repairing jewellery. Would my income be classed as personal services income? Thanks

Hi,I have been on workcover for the entire duration of the 2016-2017 fiinancial year. I am trying to complete my tax return, but cant seem to find anything that will tell me what or if there is anything I can claim for deductions. Can anyone help please?

What is the primary measure used for asset valuation (is it historic cost convention ?) on the statement of financial position ?
Also, what are the two exceptions to the usual method of asset valuation on the statement of financial position ?

Hi,
I have just started a company with a business partner. I current am also a sole trader as a contract trainer. We want to start an RTO and think that this might be benficial to showing more financial viability.

Would it be smart to run the significant training income through the company?

Are repairs and maintenance to a fixed asset an expense or an increase in value to the asset?

If they are an expense, are they operating profit or non-operating profit.

Thanks in advance.

I am keeping the books for a club. When I get an annual membership payment, is that an income or capital account?

Thanks in advance.

Personal Services Income
Hi, could anyone help please? I have a question about personal services income. I have a new business as a sole trader repairing jewellery. Would my income be classed as personal services income? Thanks

Hi,

I have been on workcover for the entire duration of the 2016-2017 fiinancial year. I am trying to complete my tax return, but cant seem to find anything that will tell me what or if there is anything I can claim for deductions. Can anyone help please?