ATO Delays in Issuing 2009 Refund Cheques - Mar 2010

The ATO yesterday issued the following statement regarding delays in issuing tax refund assessments.

“I would like to reassure tax agents and the community we are doing everything we can to issue outstanding notices of assessment for 2008-09 income tax returns and I apologise for any inconvenience you have experienced.

We know some people have experienced delays and frustration caused by our essential systems upgrade. Unfortunately, the size of the systems we deal with means they are incredibly complex. Also, given the importance of the tax and superannuation systems to Australia, we need to ensure the reliability of our processes. We appreciate the patience and support people have shown us.
In the information below you will find the status of our processing and answers to some of the questions we are hearing from tax agents and people who have been calling us.

Again, I apologise for any inconvenience by this systems upgrade.”

David Butler
Second Commissioner

First Home Owners Grant "Capped" in QLD

On 23 March 2010 the Queensland government introduced a bill limiting access to the First Home owners Grant to properties worth less than $750,000.

The Courier Mail said "While they did not vote against the Bill, several LNP MPs criticised the decision during the debate saying it was essentially an unfair tax on success."

Most Australians Still Use a Tax Agent

According to ATO statistics over 72% of Australians use a tax agent.

It seems online tax return lodgment has also grown by 73%. Of this growth the 18-24 age group increased by 34%, while the 70-74 age group increased by just 4%.

The ATO statistics also indicate the average cost of an individual to prepare a tax return was $301, an increase of 12%.

These statistics confirm our strategy to enter the online tax return preparation service. When they use a tax agent's online tax return service (as opposed to e-tax), they receive extra benefits:

1. Value for money - just $35 to prepare a simple online tax return.
2. Convenient professional system
3. Professional support
4. Extended lodgement deadlines allowed for tax agents
5. Easy to use online tax return preparation systems
6. No upfront fees
7. Money back guarantee
8. Maximum refund

Does e-tax offer these extras?

Medical Expenses Tax Offset 2010

Here are some tips for claiming medical expenses on your 2010 tax return. 

 

You can also compare health funds with  iSelect - Where Australians can Compare, Select and Buy Private Health Insurance. Compare health insurance policies from participating health funds.  

The medical expenses must be for:

• you
• your spouse – married or de facto – regardless of their income
• your children who were aged under 21 years, including adopted and stepchildren, regardless of their income
• any other child aged under 21 years – not a student – whom you maintained and whose separate net income (SNI) was less than $1,786 for the first child and less than $1,410 for the second child and any subsequent children
• a student aged under 25 years whom you maintained and whose SNI was less than $1,786
• child-housekeeper, but only if you can claim a tax offset for them at item T1 on your tax return, or
• an invalid relative, parent or spouse’s parent, but only if you can claim a dependant tax offset for Parent, Spouse’s parent or invalid relative.

You and your dependants must be Australian residents for tax purposes, but you can claim medical expenses paid while travelling overseas. You can also include the medical expenses of your spouse and dependent children if they were waiting to migrate to Australia in 2008–09 and if you were taking the steps necessary for their migration in a timely manner.

Medical expenses which qualify for the tax offset also include payments:

• to dentists, orthodontists or registered dental mechanics
• to opticians or optometrists, including for the cost of prescription spectacles or contact lenses
• to a carer who looks after a person who is blind or permanently confined to a bed or wheelchair
• for therapeutic treatment under the direction of a doctor
• for medical aids prescribed by a doctor
• for artificial limbs or eyes and hearing aids
• for maintaining a properly trained dog for guiding or assisting people with a disability (but not for social therapy)
• for laser eye surgery, and
• for treatment under an in-vitro fertilisation program.

Expenses which do not qualify for the tax offset include payments made for:

• cosmetic operations for which a Medicare benefit is not payable
• dental services or treatments that are solely cosmetic
• therapeutic treatment where the patient is not formally referred by a doctor – a mere suggestion or recommendation by a doctor to the patient is not enough for the treatment to qualify; the patient must be referred to a particular person for specific treatment
• chemist-type items – such as tablets for pain relief – purchased in retail outlets or health food stores
• inoculations for overseas travel
• non-prescribed vitamins or health foods
• travel or accommodation expenses associated with medical treatment
• contributions to a private health insurer
• purchases from a chemist that are not related to an illness or operation
• life insurance medical examinations
• ambulance charges and subscriptions, and
• funeral expenses.

(Source ATO)

Business Tax Deductions

Business Tax Deductions

To a large extent, tax deductions are a necessary element in reducing tax outgoings for small businesses.  While there are some tax rebates/incentives available to small businesses (eg. Entrepreneurs Tax Offset; Small Business Tax Break; R & D Concessions; CGT Concessions), many business will not have access to them and must rely on the every day transactions to reduce the tax burden.

For small and medium sized businesses, this can sometimes be a complicated task. Under Australia’s taxation laws, for a business to claim a deduction it must be incurred in the conduct of the business and not capital in nature.

Every business is different, so an exhaustive list of what is tax deductible will vary. But here are some pointers outside the normal deductions that will apply as to what is deductible.

Depreciation

Deductions for the decline in value of depreciating assets are available under the “uniform capital allowance system.”

Depreciation rules can be complex and can involve:

•  Various depreciation rates
•   “Pools” for different classes of assets
•  Balancing charges
•  Anti-avoidance provisions

Since the introduction of the uniform capital allowance system in 2001 there has been 28 technical amendments to the law According, professional advice may be necessary for SME’s with large investments in plant and equipment.

Research and development

If you are a small or medium sized business than R & D concessions and rebates can apply if:

• you created a new product, process or service? or
• you modified an existing product?

These are government incentives targeted at new and emerging technology based small businesses. Specific rules and regulations apply in assessing, maintaining and claiming such concessions for which professional advice should be sought.

Repairs

Expenditure incurred by an SME for repairs to its premises, part of premises or a depreciating asset (including plant) held or used solely for the purpose of producing assessable income is deductible.

Some care is needed however, because the word "repair" is not defined in the tax law and therefore takes its ordinary meaning of restoration by renewal or replacement of subsidiary parts of a whole.

So, the essential question is whether the particular work is the renewal or replacement of defective parts or the renewal or replacement of substantially the whole of the asset.

Where the asset repaired is only partly used for income-producing purposes, the cost of any repairs has to be apportioned between the income-producing and non-income-producing uses of the asset.

Initial repairs to a newly acquired asset, the replacement of the entire item and improvements are not deductible, but may qualify for a periodic write-off under the capital allowance provisions.

Trading stock

The valuation of trading stock is an important tax planning issue. This is particularly relevant if you are trading as a sole proprietor, partnership, or trust. If the value of closing trading stock on hand at the end of the year exceeds opening stock, the excess amount will be included in the assessable income of the business. Therefore, a reduction of closing stock on hand will reduce assessable income.

There are several methods for valuing trading stock – at cost, market selling value or replacement value – although there is no requirement to adopt permanently any of the three valuation methods.

Bad debts

A debt that is written off as "bad" in an income year is an allowable deduction, provided:

• The amount was either previously brought to account as assessable income in the current or a former income year.
• There must be a debt in existence at the time of writing off.
• The debt must be bad.
• The debt must in fact be written off as bad during the income year in which the deduction is claimed.

SMEs should review their debtors before the year-end and assess which debts may be written off as bad debts.

Borrowing expenses

The tax law allows a deduction for expenditure incurred by an SME in borrowing money to the extent that the borrowed money is used for the purpose of producing assessable income.

Note that this is a year-by-year test, allowing for changes in the use of the borrowed funds, rather than a test applied only at the time of borrowing. Borrowing expenses can include legal costs, search, valuation, survey and registration fees, fees paid for guaranteeing an overdraft, and commission paid to brokers.

Borrowing expenses can be written off over 5 years or the term of the loan (whichever is shorter). If major refinancing occurred during the financial year, a review of unclaimed/outstanding borrowing expenses will need to be performed.

The interest on loans used for income-producing purposes is also generally deductible – a “purpose test” applied to deductibility of interest.

Superannuation

For 2007-08 and later income years, superannuation contributions are subject to annual limits. Contributions above the annual contributions caps are subject to excess contributions tax levied on the individual who can, and in some cases must, withdraw from their superannuation fund an amount to meet the excess contributions tax liability.

Therefore, it is vital to check an individual's level of concessional contributions and non-concessional contributions for the financial year to ensure that any last-minute additional contributions will not exceed the individual's annual "caps".

The tax treatment and annual contribution limits for 2009-10 (that is, the year ending 30 June 2010) are summarised in a table below.

Type of contribution	Annual contribution cap - per person ($)	Excess contributions tax (%)
Concessional - under age 50	25,000	31.5
Concessional - age 50-74	50,000	31.5
Non-concessional	150,000 (or 450,000 over 3 years for under 65s)	46.5

(Note: the annual caps will increase over the next couple of years.)

Concessional contributions are essentially tax deductible contributions, which are included in the assessable income of the receiving superannuation fund. For example, employer contributions for superannuation guarantee purposes, salary sacrifice contributions and personal contributions for which the eligible person (that is, a self employed person) intends to claim a tax deduction.

Non-concessional contributions include contributions that are not included in the assessable income of the receiving superannuation fund, such as non-deductible personal contributions made from the fund member's after-tax income.

While superannuation has been “simplified”, there are still many traps to be wary of, and it is important SMEs consult their accountant and/or financial adviser.

Legal expenses

As noted above, legal expenses connected with borrowing money to use to derive assessable income are deductible. Legal expenses incurred by an SME in relation to the lease of business premises or defending its business practices are generally deductible.

Over the years, case law has also held certain legal expenses to be deductible (although each case must be considered on its merits) for example, a nursery business opposing an application by a neighbour to begin quarrying activities, obtaining a renewal of planning permission to carry on quarrying activities, and opposing a rezoning application by a neighbour of a business.

FBT issues

A change announced in the 2008-09 federal budget could also affect tax deductions concerning work-related items like laptop computers in the year to end on 30 June 2008 and subsequent years. The Government announced that the FBT exemption for eligible work-related items such as laptop computers and mobile phones would be limited.

Recruitment costs

Employers are entitled to a tax deduction for costs associated with seeking to obtain employees, such as advertising costs and agency fees.

Insurance

Premiums paid by a business for workers compensation insurance are deductible. Insurance paid for fire, theft, public/product liability, loss of profits and motor vehicle insurance (for cars used in the business) are also deductible. Keyman insurance is also deductibile.

Some taxes are deductible

Taxes other than income tax are generally deductible provided there is a sufficient connection to the SME’s income-producing activities and provided they are not of a capital or private nature. Taxes that are deductible include payroll tax, land tax and debits tax.

Tax advice costs

A wide range of deductions for tax advice and tax compliance costs is available under the tax law, including the costs of preparing income tax returns, preparing objections to tax office assessments or answering tax office queries, obtaining valuations required under tax laws, creating and maintaining records as required under tax laws, and tax planning advice.

Work-in-progress payments

An amount paid in respect of work-in-progress is deductible under the tax law. Conversely, the receipt of a work-in-progress payment is assessable income. Businesses need to be aware of ATO approved methods of valuing stock/work in progress (eg. FIFO method).

Small Business Tax Break

The small business tax break incentive during the financial crisis had a significant impact on small consumption during the 08/09 and 09/10 financial years.

This is not the first of such incentives offered by governments. Some years ago the “Investment Allowance” operated in much the same way.

Other expenses

The range of expenses incurred by SMEs can be large, so determining their tax deductibility will often require professional advice. In addition to claiming a straight-out tax deduction, reducing taxable income can also be achieved by taking advantage of the various concessions in the tax law, most notably the capital gains tax (CGT) small business concessions.

Note that the rules to access these concessions have changed since last year. There is now a standard eligibility criterion that applies across the small business tax concessions. In essence, entities that satisfy an aggregated turnover test of $2 million a year are able to access those concessions.

CGT Small business concessions

The CGT small business concessions have been tweaked several times in recent years. The Government said that, with effect from the 2007-08 income year (from 1 July 2007), it will increase access to the concessions via the $2 million aggregated turnover test for taxpayers owning a CGT asset used in a business by a related entity, and for partners owning a CGT asset used in the partnership business.

2010 Income Tax Assessment Notice - New Look

Changes to the notice of assessment (NOA) for income tax transactions applied from the introduction of the ATO's new Income Tax processing system in February 2010. Some of the main changes are outlined below:

The assessment summary is grouped and formatted differently to the old NOA.

Debits and credits have been separated into two columns.

The summary is split into more categories. In the case of Individual and Trusts these may include:

• tax on taxable or net income 
• less non-refundable tax offsets
• less carry forward tax offsets
• less refundable tax offsets
• assessed tax
• plus other liabilities, for example, Medicare Levy, Medicare levy surcharge, Higher Education Loan Programme (HELP) repayment
• less PAYG credits and other entitlements.

The headings for these categories do not appear where there are no relevant amounts to include.

In some cases, the items included under each heading, above, are itemised in the ‘Detailed information’ section on page 3 of the NOA.

In the past this information was in various sections of the NOA and other ATO correspondence.

A sample of the new look income tax assessment for 2010 can be viewed here ==> samples of the new look and old notice of assessment.

The new look NOA is designed to be easier to understand and to provide more detailed information about your income tax assessment.

The changes made to the NOA also apply to the notice of amended assessment.
Your notice of assessment will not always come together in the same envelope or at the same time as your statement of account.

You may also receive a statement of account at other times throughout the year, especially if you have an outstanding balance on your account.

Refund Cheque Delays

Last week, the ATO experienced an issue with their IT ugrade that meant they had to stop a significant number of refund cheques from being sent out. This did not affect refunds paid by electronic funds transfer (EFT).

The majority of the affected refunds will be delivered by the end of this week (26 March 2010).

(Source: ATO)

Claiming interest on home loan?

"Schemes that are promoted as "mortgage management plans" are promising to help home owners repay their home loan sooner and claim tax deductions to which they are not entitled, the Tax Office has warned.

Tax commissioner Michael D'Ascenzo said the arrangements are essentially about people refinancing their home loan and establishing what what appears to be an investment loan to fund the purchases of shares in a bogus company.

The Tax office is contacting more that 140 people involved in the schemes." (source "Tax Practice" - Autumn 2010 ATMA)

The current scheme involving claiming deductions for home loan on private residences is not new. Tax law is quite clear on interest deductibility and home loans on the principle place of residence. For further information on taxation and investment properties, here is a link to an eBook on this topic:

==>Taxation and Investment Properties in Australia Explained

Court Allows Student to Claim Self-education Expenses

The Tax Office is seeking to appeal a decision by the Federal Court that ruled education expenses could be claimed as a tax deduction by a university student who received a Youth Allowance.

The student was successful in her bid to claim $920 as self-education expenses, including travel costs, student administration fees and depreciation on her compuiter.

In the year she claimed the expenses, she earned $14946 and also received a Youth Allowance of $3622.

The Tax Office has sought special leave to appeal the decision in the Hight Court.

"Until the matter is resolved, the Tax Office will continue to apply the view set out in Income Tax Ruling TR 98/9. That is, education expenses are not deductible against various Commonwealth education assistance schemes," the Tax Office said in a statement.

(source "Tax Practice" Autumn 2010 ATMA)

2010 Tax Rates - Non Residents

2010 Tax rates for Non-residents

These 2010 tax rates for individuals - Non residents, apply from 1 July 2009 to 30 June 2010:

Taxable income	Tax on this income
$0 – $35,000	29c for each $1
$35,001 – $80,000	$10,150 plus 30c for each $1 over $35,000
$80,001 – $180,000	$23,650 plus 38c for each $1 over $80,000
$180,001 and over	$61,650 plus 45c for each $1 over $180,000

Non-residents are not required to pay the Medicare levy.

2010 Tax Rates

Residents: 
These 2010 tax rates apply to individuals who are residents of Australia for tax purposes.

The following rates for 2009-10 apply from 1 July 2009.

Tax rates 2009-10

Taxable income	Tax on this income
$1 – $6,000	Nil
$6,001 – $35,000	15c for each $1 over $6,000
$35,001 – $80,000	$4,350 plus 30c for each $1 over $35,000
$80,001 – $180,000	$17,850 plus 38c for each $1 over $80,000
$180,001 and over	$55,850 plus 45c for each $1 over $180,000

 

For 2009-10, the upper threshold for the Low Income Tax Ofset will increase from $60,000 to $63,750, and from 1 July 2010, to $67,500. The maximum Low Income Tax Offset is $1,350 for the 2009/10 year, up from $1200 for 2009.

The following table is an indication of tax savings over the 2008-09 year:

Gross Income	2008/09 tax	2009/10 tax	Saving
$20,000	$900	$750	$150
$40,000	$5,200	$4,900	$300
$60,000	$12,000	$11,700	$300
$80,000	418,000	$17,850	$150
$100,000	$26,000	$25,450	$550
$120,000	$34,000	$33,050	$950
$140,000	$42,000	$40,650	$1,350
$160,000	$50,000	$48,250	$1,750
$180,000	$58,000	$55,850	$2,150
$200,000	$67,000	$64,850	$2,150

2010 Tax Refund Calculator

You can see what your 2010 tax refund will be using this 2010 tax refund calculator tool: 2010 Tax Refund Calculator

Online Tax Return service - In addition to generating a FREE tax refund calculation, what ezTax does is present you with easy step-by-step instructions, detailed but simple explanations, intuitive processes, easy payment methods, supported by a comprehensive knowledge base and access to a certified accountant and registered tax agent online – all from your own home.

Read more >

Tax Return Checklist 2010

2010 TAX RETURN CHECKLIST:

FREE fact sheet ==> Education Tax Refund

FREE fact sheet ==> Deductions Q & A's

Information required relating to Income:

• Gross salary, wages, allowances, benefits, earnings, tips and director's fees
• Income from business activities
• PAYG payment summary amounts
• Any non-cash benefits received
• Lump sum and termination payments [All documentation should be provided, including an ETP payment summary from the employer or fund]
• Government social security payments, including pensions, unemployment and sicknessbenefits
• Capital gains from CGT asset sales (e.g. shares and real estate) [Information relating to dates and costs associated with acquisition and disposal will be required to determine the capital gain (if any). Remember that individuals, companies, trusts and superannuation funds can save tax if they qualify for the various CGT concessions]
• Annuities, including allocated pensions
• Income from trusts and partnerships [Statements of distribution should be provided]
• Rental income eg: Summary from estate agent and period the property was available forrental
• Interest and dividends (franked or unfranked) including any tax deducted [Dividenddistribution statement will be required to confirm the dividend received]
• All papers regarding buy back of public shares e.g. Coles Myer
• Foreign source (employment and pension) income [Details of any foreign tax paid will berequired]
• Personal services income [Individual contractors who operate through a company or trust can potentially be taxed personally on the income instead of income being taxed at the company or trust level]

Information relating to Deductions:

• Investment and property expenses [Carefully detail interest claims]
• Professional subscriptions (not including sporting or social clubs)
• Expenditure records related to a taxpayer's employment, such as work-related motorvehicles, self-education, protective clothing, uniform expenses and home office expenses
• Donations of $2 and over, depending on the recipient
• Superannuation contributions made by self-employed persons and those without employer superannuation support
• Tax agent's fees and other accounting and tax audit fees associated with managing tax affairs
• Special deductions (e.g. Australian films, investment shelters and forestry-type schemes)
• Bank fees (where the credit or deposit represents assessable income)
• Un-recouped prior year losses - if you used a tax agent the previous year you may need to obtain a copy of your last income tax return)
• Non-commercial losses [Individuals must satisfy one of four tests to offset losses from certain non-commercial business activities against other income. A prime example is an employee who seeks to offset hobby-type farming or other business losses against salary or investment income]
• Sickness and accident insurance premiums, provided the premium incurred is against the loss of income

Information relating to Rebates:

• Details of private health insurance, unless the premium is net of the rebate [Statement from health insurance provider will be required to determine entitlement to rebate]
• details of superannuation contributions where no tax deduction can be claimed (maximumrebate of $540 for $3,000 superannuation spouse contribution)
• Any changes in dependants [Income of spouse will be required]
• Details of any income received in a lump sum which was accrued in earlier income years (e.g. assessable pensions)
• Details of medical expenses where the total exceeds $1,500 [Tax offset of 20% available]
• Superannuation co-contri­butions for contributions made by eligible employees [Assessable income must be less than $58,000]
• All taxpayers with a dependent child (under 21) or full time dependent student (under 25)should provide full names and dates of birth - Family Tax Benefit might be relevant
• Cost of child care since 1st July 2005 from an appropriate supplier and the name of the primary carer registered with Family Assistance Office

By David Maynard

CEO - My TAx Zone

Australia Tax Refund Scheme

In Australia, the tax system is geared so most employees receive money through the Australia tax refund scheme.

How does it work?

The Australia tax refund scheme requires employers to withhold (or deduct) an amount of tax from each pay and remit that tax to the tax office each quarter.

At the end of the year, the employer issues a PAYG Payment Summary, detailing the amount of income earned and the amount of PAYG tax withheld (deducted) from the gross income for the year. It is this amount withheld that forms part of the Australia tax refund scheme..

When submitted to the tax office with the annual income tax return, under the Australia tax refund scheme a refund is calculated from the net or "taxable" income and the amount of tax withheld.

Put simply, if you have had more PAYG tax withheld from your pay than you needed, you get a refund through the Australia tax refund scheme.

Disclaimer

DISCLAIMER – Taxation, financial and property regulations are subject to change and individual circumstances can vary. Accordingly, we recommend readers obtain taxation advice that relates to their specific circumstances and that reflect taxation and associated rulings, regulations and guidelines at the time of seeking the advice. Further, Elyon Enterprises Pty Ltd (trading as My Tax Zone/EzTax) does not hold an Australian Services Licence to provide financial product advice under the Corporations Act 2001. The material in this web site covers general taxation information which is only one of the factors to consider when making a decision on any financial product.

Elyon Enterprises Pty Ltd, its directors, employees, consultants, contractors and author expressly disclaim any and all liability to any person, whether a purchaser or not, for the consequences of anything done or omitted to be done by any such person relying on a part or the whole of the contents of this publication.

Preparation for Tax Time 2010

Preparation  for Tax Time 2010 by the ATO is nearly complete.

David Butlet, Second Commissioner for the ATO, says  "We receive over 16 million income tax returns from individuals, funds, companies, trusts and partnerships each year. In total, we manage around 40 million forms, 12 million phone calls and four million incoming correspondence items on an annual basis.

"Until recently we have been working with an income tax processing system that was over 30-years-old and in need of replacement. This was our largest ever IT overhaul."

On 2 March 2010, the ATO said "From now on we are back to our normal processing service standards".

For details of the changes to income tax assessments see this post: Changes to Notice of Assessment Taxtime 2010.

Tax Australia 2010

Now is the time to remind Australia’s 11.8 million taxpayers to start getting ready to lodge their tax in Australia 2010 returns.

From 1 July 2010, people can prepare and lodge their tax Australia 2010 online using eZtax, which is free to try, secure and easy to use software which in most cases processes your return within 14 days.

As well as calculators, help screens and FREE access to our tax Australia 2010 knowledge base, through the Pre-filling report (accessible only by registered tax agents) available directly from the ATO, we can also download information from third parties directly into your tax return, including payment summaries, government payments such as pensions and allowances, bank interest and private health insurance details.

EZtax can be accessed free of charge 24 hours a day, seven days a week from our website at www.eztax.com.au.

For tax Australia 2010, government and third party information (Pre-filling Report) will be available to download progressively from 1 July. You can let us know if you feel you are missing information to complete your Australia tax 2010 and we can check the Pre-filling Report for you.

Property Investors Dictating the Property Market

House prices in Australia have reportedly increased by nearly 10% in the past year.

So how are property investors impacting the housing market?

According to Peter Boehm, of Our Home Sweet Home,  "...property investors accounted for around 25% of all dwellings financed last year [2009] making them a substantial purchaser of residential property in Australia.

"Significantly, the ABS [Australian Bureau of Statistics] also reported that over 90% of investment properties

Read more >

Australia Tax Refunds

In Australia, the tax system is geared so most employees receive Australia tax refunds.

How does it work?

The Australian tax system requires employers to withhold (or deduct) an amount of tax from each pay and remit that tax to the tax office each quarter.

At the end of the year, the employer issues a PAYG Payment Summary, detailing the amount of income earned and the amount of PAYG tax withheld (deducted) from the gross income for the year. It is this amount withhgel that contributes to Australia tax refunds.

When submitted to the tax office with the annual income tax return, Australia tax refunds are calculated from the net or "taxable" income and the amount of tax withheld.

Put simply, if you have had more PAYG tax withheld from your pay than you needed, you get Australia tax refunds.

Starting a New Business and need business accounting support?

People are starting their own businesses every day. If you're thinking about joining them, you probably have a vision of what you want that business to be.

What may excite you about your business is the product or service you have to offer, the success that you imagine, and the freedom of lifestyle that you are sure will come - in time.

What may bore or even frighten you is the myriad of numbers, business accounting systems and support people you have to wrestle with. What if you are asked about:

• ABN?
• GST?
• Cash accounting? 
• Accrual basis? 
• Profit and loss statement? 
• BAS statements?
• Employing staff?
• Projections? 
• Cash flow?

If you are new to business, questions about your business accounting needs can contribute to the anxiety you may already feel. But, accounting is more than numbers -  It is a tool that will help you "account for" what your business has done, is doing, and hopes to do in the future. That is what effective business accounting can do.

Whether you want to sell antiques or lay concrete, your business will require some form of accounting. Leaving it to the experts to look after your business accounting will FREE you up to focus on your job - the business of making money and achieving your goals.

Business Accounting Service

My Tax Zone has a experienced team focusing on Business Accounting. Our Business accounting team assists business owners to meet both compliance obligations as well as working closely to identify opportunities to refine business accounting processes, interpret results and assist with the achievement of your goals in business.

We believe the secret to providing relevant services lies in the value we place on our client relationships. Client premises are visited to gain an understanding of the business environment. Meeting key personnel and stakeholders provide invaluable opportunities to develop a sound working relationship betweenyour business and our accounting team.

General Accountancy Services Offered

• Monthly / Quarterly financial reporting
• Budgets
• Cash flows
• Finance applications
• GST / BAS preparation, lodgment
• Income Tax
• Tax planning
• Acquisition
• Self Managed Superannuation Fund (SMSF) administration and complience

How do we deliver our business accounting services?

• Agreed fixed price standard services
• No hidden costs in transitioning to your new business accounting experts
• We guarantee same business day return of your phone calls
• Commitment to delivery time of your work
• Regular client contact

My Tax Zone can support and use most accounting packages. We are a MYOB professional partner, and are also able to support Cashflow Manager and Bank Link.

Contact us today to discuss how we can assist you with your business accounting requirements.