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Claiming working from home expenses

Posted by Team AVS on 7 Mar, 2024  0 Comments

Claiming working from home expenses

Two ways to calculate a work from home deduction for Tax Time 2024.

Before you know it, it will be tax time again. If your clients have been working from home this financial year, they'll probably have some work-related expenses they can claim.

There are 2 ways to calculate a work from home deduction:

fixed rate method
actual cost method

Using the fixed rate method, they can claim a rate of

Getting your business on the right track

Posted by Team AVS on 29 Feb, 2024  0 Comments

If you’re looking to start a new business, we want to help you get on the right track, right from the start. And if you are running an established business, it’s not too late to learn or refresh your tax and super knowledge.

 

Here’s a few essentials to consider when starting or running a business.

Register your business

When starting a business, you’ll need to think about tax registrations. Ask yourself:

Am I entitl

Market valuation disputes

Posted by Team AVS on 22 Feb, 2024  0 Comments

Market valuation disputes
Check your options to assist you in resolving valuation disputes.
Valuation disputes can arise during compliance activities, private binding ruling requests, objections or litigation where, for example, you rely on a different set of facts, assumptions, methodologies or understanding of the applicable law than we do.

When these disputes arise we want to resolve them as early and efficiently as possible, saving time

Record keeping

Posted by Team AVS on 16 Feb, 2024  0 Comments

Learn about record keeping – what records you need to keep, how to keep records and how long to keep them for.

Benefits of record keeping

There are many benefits to keeping good records. It can help you:

keep track of your business’s health, so you’re able to make good business decisions
meet your tax and superannuation obligations
manage your cash flow
demonstrate your financial position to banks or other lenders.

Tax an

Free cash flow resources for your small business

Posted by Team AVS on 6 Feb, 2024  0 Comments

Cash flow can be unpredictable. Things out of your control, such as a rise in the cost of materials, change the way money moves through your business.

Making small adjustments can help you stay resilient to change.

Before you decide on adjustments, test them out by:

visualising your cash flow with a cash flow canvas
forecasting with financial reports such as a cash flow statement
speaking to an adviser.


Consider your prici

Scam alert – fake TFN applications

Posted by Team AVS on 30 Jan, 2024  0 Comments

We're seeing an increase in scams involving fake tax file number (TFN) applications.

These scams tell people they can help them get a TFN for a fee. But instead of delivering this service, these fraudulent websites steal the person's money and personal information.

These scams are often advertised on social media platforms like Facebook, X (formerly Twitter) and Instagram.

Applying for a TFN is free. Find out how you can apply for a TFN

Amend your tax return

Posted by Team AVS on 23 Jan, 2024  0 Comments

Find out how to correct or fix a tax return if you make a mistake or, contact us if we've made an error.

When you need to correct your tax return

You may need to amend your tax return if you have:

made an error when answering a question
forgotten to include some income or a capital gain
forgotten to claim an offset or deduction
had something change after you lodged your tax return, such as


receiving a revised payment summary

Have you received support in difficult times

Posted by Team AVS on 16 Jan, 2024  0 Comments

Find out if your grant is assessable income or non-assessable income.

Many small businesses across Australia may be experiencing challenges due to recent weather events, so worrying about meeting your tax obligations will not be your highest priority. However, it is important to understand tax implications of a business support grant.

You may have received a grant to assist your business to navigate through this or another challenging time

Deductible gift recipient eligibility

Posted by Team AVS on 10 Jan, 2024  0 Comments

You must meet certain requirements to be endorsed as a deductible gift recipient (DGR).

Types of DGR endorsement

Work out if you are eligible to be endorsed as a deductible gift recipient (DGR).

There are 2 types of DGR endorsement:

where an organisation as a whole fall within a DGR category
where a fund, authority or institution that is operated by an organisation falls within a DGR category.

If an organisation as a whole fall

Dependants for Medicare levy exemption

Posted by Team AVS on 20 Dec, 2023  0 Comments

Medicare levy exemption dependants

For the Medicare levy exemption (but not for the Medicare levy reduction), dependant means an Australian resident for tax purposes you maintained who was either:

your spouse
your child under 21 years old
your child, 21 to 24 years old
receiving full-time education at a school, college or university, and
whose adjusted taxable income for the period was less than the total of $282 plus $28.9

Disclaimer : All the content (including Blogs, newsletters, Fact sheets, calculators etc.) provided on this website is general information only and is neither intended to nor be considered personal financial or taxation advice. The content has been prepared without taking into account your personal circumstances, financial situation or objectives. In making any financial, investment or taxation decision, information provided on this website should not be relied upon and you should seek personal advice. AVS Business Services Pty Ltd disclaims any responsibility for any decision that you make, based on the information provided on this website.All the information provided on this website is prepared in good faith and based on AVS’s knowledge and understanding of superannuation, taxation and other relevant laws and is believed to be correct at the time of writing the information. However as the laws, being dynamic by nature, keeps on changing, you should not rely on the information provided on this website without first obtaining advice from qualified professional.