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

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

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

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

“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

“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

"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

Archive