There aren’t many children’s stories about a tax accountant, a bookkeeper or an bean counter.
We won’t use the word dull here, but it would be true to assert that those folks that do your accounting, ready your tax return, your business activity statement, who work out your PAYG and your capital gains tax, are not generally considered as exciting.
Youngsters can be captivated by anything, but maybe not a tax accountant. There are children’s stories about carpenters, farmers, doctors, train drivers, and obviously queens and kings. The children’s nursery rhyme tells that “the king was in the counting house, counting up his money”. But an tax accountant is someone who counts other peoples money, does other people's accounting and bookkeeping, and who can say what BAS and GST and CGT and linear depreciation schedules essentially are.
Accountants belong to collectives of accountants with names like Association of Accountants, Countrywide Tax and Accountants Association, the Financial Services Accountants Association. There are similarnames for groups of bookkeepers; there is even the “Australian Organisation of Pro Bookkeepers”, which might carry the implication that there's, somewhere, a bunch of amateur
bookkeepers, who process invoices and prepare fiscal reports exclusively for the fun of it.
We deserve to be thankful that there are folks willing to do this. There are plenty of jobs which are not fun, but which somebody has to do, and accountancy is one of these, for most people. Helpful, but infrequently inherently interesting. Your tax accountant, or if you (or he) like, your tax expert, will most likely have understanding of heaps of matters related to money, so he is set to provide fiscal advice; superannuation, family trust structures, self-managed funds, dividend imputation, tax return and franking credits -
this list could go on and on but you'll soon lose concentration, unless you are an accountant yourself.
We are told that the 2 great certainties in life are death and taxation. The Doomsday Book sounds like something to do with death, but it was really about taxes. A giant book too, like the Earnings Tax Assessment Act. It’s your tax accountant’s task to keep abreast of that continually changing publication, reputedly of over five thousand pages.
There’s no doubt that tax accountants are critical in keeping the wheels of business humming. It's because of this that many young people leaving college go into bookkeeping, then actuarial studies, and on to chartered accountancy. And the CPA - the Certified Practicing Accountant - is a qualification valued in business and respected locally. That is your tax accountant - authorized, and practicing on your tax return.
Finishing highschool and not sure what to do? Get a job as assistant to a bookkeeper, and so start your working life as a sub-bookkeeper. Allegedly that's the only word in the English language with 4 contiguous letter pairs -
your entree to the accountant’s special double entry system.
Search out a tax accountant in Sydney urban and surrounds using online directory dLook.
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Filed under Accounting, Bookkeeping by on Apr 24th, 2011. Comment. 
The business structure you operate, determines which tax returns Australia you may be required to lodge. The rules and guidelines provided by Australian tax laws specify the reporting requirements that every business person needs to be aware of in order to escape hefty fines and penalties.
Note: The information in this article is of a general nature. It’s important to consult a small business accountant before acting on any of the information in this article to ensure your specific situation is considered.
Income tax return
Sole trader: Sole traders must lodge an individual tax return to report your taxable income or loss as well as any business income and other income in the form of salary and wages, dividends and rental income, less any allowable deductions that you are allowed to claim against these amounts.
Partnership: The entity must lodge a partnership tax return. The return show the net taxable income after providing for for any allowable deductions. Your share of all parts of a partnership income such as rental income, dividends and salary must be reported in your own tax return.
Trust: This trust entity must lodge a trust tax return. Deducting the allowable deductions from the gross income results in the final net income. It is a requirement to report assessable income received from a trust by its beneficiaries.
Company: The company must lodge a company tax return. Net income is worked out by subtracting the deductible expenses from the original gross income value. A tax rate of 30% applies to company net income. The individuals working for a company must lodge their own tax returns as distinct from the company tax return.
Fringe Benefit Tax Return
Benefits given by employers to employees such as company cars, low interest loans, gym membership and free tickets to concerts as entertainment benefits are usually classed as fringe benefits. Appropriate items for FBT are.
GST Return
Businesses with a projected annual turnover of at least $75,000 ($150,000 for non-profit organisations) are required to lodge a GST return. Some businesses choose to register for GST purposes even though their turnover is below the minimum amounts and would therefore need to lodge GST returns.
PAYG
If you have employees or pay employees of another business, you are required to withhold an amount from payments you make to them and report these under the PAYG withholding system. It is up to employers to fulfil their reporting obligations regarding PAYG withholding tax in as well as the tax returns specified above.
Payments requiring withholding tax include:
- If you operate a company – payments made to company directors;
- royalty and interest payments to foreign entities;
- payments for invoices where there is no ABN.
In summary Australian tax return types include individual tax returns, partnership tax returns, company tax returns and trust tax returns. This guide also comprised of a short introduction to FBT and PAYG.
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Filed under Accounting, Bookkeeping by on Sep 8th, 2010. Comment.
The current computer industry is under going remarkable economic and technological growth, as the industry constantly expands. Due to these advances, computers have become a necessity of nearly every person. As this demand has lead to a requirement of computers in large quantities, purchasing all these could prove to be a very burdensome task. Hence computer financing is a perfect way to solve this ever growing problem.
There are currently several different types of computers, varying in brand, configuration, format, and several other specifications. Due the ever expanding growth in technology, buying computers in larger quantities can contain a risk of becoming improved upon. And nearly every quarter of the year, new computer technology is introduced. This causes certain computers to become outdated at an alarming rate.
Investing large amounts on a single type of computer can be a bad choice due to this fact. Upgrading computer peripherals for an office can be very costly. This has increased the demand for computer financing options. One could finance for a single computer and up to as many computers as needed. These options can save a huge amount of money. The different types of financing include lease, fix purchase, discount and soft loan.
The varying computer financing companies can provide the best financing options for both computer buyers and vendors. These differing financing options provide the much needed flexibility for bother vender and computer buyer alike. Financing companies offer programs to vendors the increase sales and bind customers for a longer period of time. Mass purchasing is also available to increase the profit of the participating vendor.
One of the best financing options for computer buyers such as corporate offices or other private organizations would be lease operating. Another option, full financing, can cover any and all of your fright of expenses, including; sales tax, installation, and other secondary investments. These options help decrease the initial cash outlay.
With lease financing one attain the use of computers at preset cost, but your payment of installments is made with tomorrow’s overblown price. That is why people opt for such computers and equipment financing.
Also, due to constant advancements in computer technology, you get for the latest upgrades. This diminishes the need to worry about future investments. Another plus to this option is, when filing tax returns, computer financing can be written off 100% as operation expenditure. The cost on current value is lowered, and tax liabilities are reduced. Leasing provides exceptional flexibility to overall financial preparation by off balance sheet financing.
In addition, soft loan is also beneficial in computer financing. You pay variable or fixed o interest rates. You also gain complete ownership of the assets at he end of the term. Also, you get rental rebate from the reselling of those assets, however, it is not that profitable in case of computer business. Moreover, the loan scheme includes maintenance cost for your machines. Thus, you can keep abreast yourself with latest technology.
A fast application process, various modes of payment, and quality services, and quick sanctions are all provided to your business by all the companies offering financing. These are all important factors when selecting computer financing services including peripherals and other relating components.
Chris Fletcher
Filed under Finances by on Dec 4th, 2008. Comment.
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