Director ID: a requirement for company directors

Posted by Team AVS on 15 Jan, 2022 0 Comments

A director identification number (director ID) is a unique identifier that a director applies for once and keeps forever. Director ID is now a requirement for all directors.

Applications for a director ID are available at Australian Business Registry Services (ABRS). You'll need a myGovID with a Standard or Strong identity strength to apply for a director ID online.

Its important to note that you'll need to apply for your director ID yourse

On the road: How to treat work-related travel and living away from home costs

Posted by Team AVS on 23 Dec, 2021 0 Comments

The ATO has released new guidance to help clarify the tax treatment of costs and allowances incurred when an employee travels – or spends time living away from home – for work.

Certain conditions need to be met to ensure an allowance can be considered a travel allowance:

None of the individual absences from the employee’s usual place of residence exceed 21 days.
The employee is not present in the same work location for 90 or more d

Christmas and the Taxman

Posted by Team AVS on 13 Dec, 2021 0 Comments

When do employee gifts and celebrations attract fringe benefits tax (FBT)? And when are they exempt?

Christmas is traditionally a time of giving – including employers showing gratitude towards staff for a job well done. However, Christmas parties and gifts can attract the attention of the Taxman.

In certain circumstances, an employer can hold a Christmas party for staff and the cost of the party be exempt from Fringe Benefits Tax (FBT).

Home as a place of business during COVID: CGT implications

Posted by Team AVS on 4 Dec, 2021 0 Comments

The COVID-19 pandemic has resulted in more employees working from home than ever before. This, in turn, has resulted in such people being able to claim a range of deductions for various “running expenses” associated with working from home. These expenses include electricity, phone service, cleaning, decline in the value of equipment, furniture and furnishing repairs, and so on. To make things easier, the ATO even provided several “short-cut

When the taxman sends a bill, not a refund

Posted by Team AVS on 27 Jul, 2021 0 Comments

While most people look forward to receiving a tax refund once their return is processed by the ATO, it is also not unheard of to receive a tax bill on occasion.

Most people who earn income as employees have tax payments made on their behalf throughout the year through pay-as-you-go (PAYG) withholding to help them meet their annual tax obligations. But this withholding of amounts can sometimes miss the mark.

You may receive a tax bill if you

A business industry code may help with your tax outcome

Posted by Team AVS on 24 Jun, 2021 0 Comments

The ATO has a business industry code (BIC) tool to help small businesses speed up their tax return lodgement. The BIC is a five-digit number required for tax returns and schedules. Using the correct code helps businesses avoid delays by ensuring their return is lodged in the correct category. It is derived from the Australian and New Zealand Standard Industrial Classification (ANZSIC) codes.

The BIC provides information, advice, and a comparis

The tax treatment of cryptocurrency

Posted by Team AVS on 8 Jun, 2021 0 Comments

Cryptocurrencies, once again surging in popularity, have a unique tax treatment that every taxpayer dealing with cryptocurrency should be aware of.

It’s been more than 10-years since the advent of bitcoin and the term “cryptocurrency” entered the public consciousness. However, neither bitcoin nor the many thousands of cryptocurrencies that have followed have become widely used for payments by the general public. Instead, people are more

ATO warns on ‘copy/pasting’ claims

Posted by Team AVS on 28 May, 2021 0 Comments

The Australian Taxation Office (ATO) is alerting taxpayers that its sights are set on work-related expenses like car and travel claims that are predicted to decrease in this year’s tax returns.

Overall, around 8.5 million Australians claimed nearly $19.4 billion in work-related expenses in their 2020 tax returns.

Assistant Commissioner Tim Loh noted that COVID-19 has changed up people’s work habits, so we expect their work-related exp

Federal Budget 2021-22 : What it means for you

Posted by Team AVS on 12 May, 2021 0 Comments

The Government has decided not to go down the austerity path. The amount of net debt as a share of GDP is predicted to peak at around 40% by about 2025 when it was only at about 18% in 2017. Rather, the Government has decided to put its foot on the accelerator with the hope that the growth in the economy over a long period of time will help to pay down the debt that has been central to the Government’s response to COVID-19.

Key tax and supe

EOFY tips for your tax plan

Posted by Team AVS on 7 May, 2021 0 Comments

The financial year is almost over, but there are still effective strategies you may be able to put in place.

The aim is to make sure you pay no more tax than you have to for the 2020-21 year and maximise any refunds you may be entitled to. This is still the case, if not more so, in the on-going COVID-19 environment.

While the best strategies are adopted as early as possible in a financial year and not at the end, it’s worth remembering pr

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Aaron & Linda Henry A.B Henry Pty Ltd

“Team at AVS Business Services helped us set up our SMSF and put the correct structure in place for acquisition of real properties in our SMSF. AVS has exceeded our expectations and their specialist team has provided valuable support throughout the process of buying properties in our SMSF. We highly recommend their services. “

G.D Singh & Dr Jaskirat Singh SMSF Trustees

“I was looking to move away from accounting on spreadsheets so that I could have better control over my business. AVS Business Services looked in detail at my accounting needs and helped me choose the solution that is best for me. I am very pleased with the inputs I receive from them on a regular basis and would recommend their services to anyone without hesitation”

Deepak Kumar Director, D.S Webtech Pty Ltd

Being a layman with Tax and Accounting and new to Australia, I was looking for a professional and efficient tax accountant who can also help me understand the tax structure here and show some avenues to save money.I was recommended to AVS through my friend and it was no looking back since then.Team at AVS are diligent tax professionals with an eye to detail. They spend time in understanding the requirements and needs of clients, ensuring it aligns with all the legal aspects.I am very pleased working with AVS and would recommend to anyone who is looking for professional, efficient and personalized tax accounting services.

Som Mukherjee IT Professional - Project Manager - Banking and Finance

"AVS Business Services have been looking after our SMSF and our family’s tax affairs for a number of years. Their experience, professionalism and knowledge is of the highest order.Their personalized service and depth of understanding in setting up and managing a SMSF is excellent. They are also happy to go out of their way to assist in every way no matter how small it is."

We would be happy to recommend their services.

Glenn & Andrea Bouche SMSF Trustees