Why super can help save for your retirement

Posted by Team AVS on 5 May, 2022 0 Comments

Superannuation is an investment vehicle specifically designed to help you save for retirement – this is one of the key reasons why you should take an interest in your superannuation. Whether you’re employed, self-employed or even nearing retirement, it’s never too late to build up your superannuation to boost your retirement savings.

Concessional tax environment

Superannuation provides tax concessions on superannuation contributions a

How to support the charity of your choice while claiming a tax deduction

Posted by Team AVS on 28 Apr, 2022 0 Comments

With Australians expected to make significant charitable donations to support flood-impacted areas, the Australian Taxation Office (ATO) is urging taxpayers to make sure that if they want to claim a deduction in their tax return for a donation they have made, it meets the criteria to be tax-deductible.

Assistant Commissioner Tim Loh said, “We know Aussies are very charitable and after the recent floods, we are expecting to see a lot of donat

ATO’s new crackdown on Discretionary Trusts

Posted by Team AVS on 22 Apr, 2022 0 Comments

The ATO has just updated its guidance around trust distributions made to adult children, corporate beneficiaries and entities that are carrying losses. Depending on the structure of these arrangements, there is a potential that the ATO may take an unfavourable view on what were previously understood to be legitimate arrangements.

Background

For various reasons, including legal tax minimisation and asset protection, many business owners oper

FBT year-end checklist

Posted by Team AVS on 9 Apr, 2022 0 Comments

March 31 marks the end of the 2021/2022 fringe benefits tax (FBT) year which commenced 1 April 2021. It’s time now for employers and their advisors to turn their attention to instances where non-cash benefits have been provided to employees, and also where private expenses have been paid on their behalf.

Although it will generally fall to your accountant to prepare the FBT return, from your software file or other records, all of the instance

Federal Budget 2022-23 – What it’s have in store for you?

Posted by Team AVS on 30 Mar, 2022 0 Comments

The 2022/23 Budget was handed down last night by the government.

While there was some targeted, boutique assistance for small business, the Budget was very much focused on addressing cost of living pressures faced by individuals and families. In a departure from recent years, the Budget was relatively silent on the superannuation front.

Business

The headline measures included:

20% Additional Deduction for Skills Training and Digi

Varying Payg instalments: What you need to know

Posted by Team AVS on 23 Mar, 2022 0 Comments

Pay as you go (PAYG) instalments allow you to make regular prepayments throughout the year towards the expected tax on your business and investment income. By paying regular instalments throughout the year, you should not have a large tax bill when you lodge your tax return.

You can vary your PAYG instalments if you think your current payments will result in you paying too much or too little tax for the income year. You must make variations on

Claimimg a tax loss for your business

Posted by Team AVS on 9 Mar, 2022 0 Comments

Before you claim a tax loss, make sure you have correctly claimed expenses that you are entitled to. Overclaiming expenses can put your business in an incorrect tax loss situation.

It’s also important to remember to apportion your expenses correctly, so that only the business portion of the expense is claimed, and not any personal component of the expense.

Keeping accurate and complete records will help you keep track of your tax loss

Do your clients have ATO debts of $100k+?

Posted by Team AVS on 23 Feb, 2022 0 Comments

Many accountants will know a client whose business has struggled due to COVID-19 and they are unable to pay their tax bills and are in huge debt. How can clients be helped out of this situation?

As you would be aware, the ATO has been focussing its attention on compliance as a result of thousands of business owners neglecting to lodge returns over the past 18 months.

Legislation was recently enabled to allow the ATO to disclose to credit

Tax deductibility of Covid-19 test expenses

Posted by Team AVS on 14 Feb, 2022 0 Comments

The Morrison Government is taking action to ensure that COVID‑19 tests (including Polymerase Chain Reaction and Rapid Antigen Tests) are tax deductible for hard‑working Australians, and exempt from fringe benefit tax for businesses, where they are purchased for work‑related purposes.

To remove any doubt, the Government will introduce legislation to make clear that work‑related COVID‑19 test expenses incurred by individuals will be ta

Getting it right for super

Posted by Team AVS on 2 Feb, 2022 0 Comments

Paying super is an important part of being an employer. We know you do your best to keep up with paying your employees super, but things don’t always go to plan.

If you missed, or didn’t pay the full amount of your employees' super guarantee (SG) for the quarter ended 31 December 2021, you'll need to:

lodge a Super guarantee charge statement to us by 28 February 2022
pay the SG charge to the ATO.

By law, the ATO is unable to ex

AVS Business Services have been our Accountant for couple of years now. This technical expertise coupled with personalised service is an excellent combination. I would happily recommend them to anyone looking for an accountant.

Atul Narang Designworxz Australia Pty Ltd

AVS Business Services have been our tax advisers and accountants for more than 3 years now. We have a great working relationship and constantly receive industry updates and useful information for our business. I would recommend AVS to any one as I feel they provide a very professional, timely and accurate service. They are well versed in Tax and superannuation legislation and support all of our business needs. They are a pleasure to deal with and we are sure that we are always dealing with advisers who understand business very well.

Justin Wilson CEO, J.W.W Trading Pty Ltd

"We've utilised the services of AVS Business Services for a few years now and can honestly say the team of AVS have always provided excellent service on a personal and business level. Nothing is too much trouble and they're readily available to assist at the drop of a hat. Their service sets them apart from previous accountants worked with. We would definitely recommend their service to anyone looking for an accountant.”

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

"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

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