Coolum Accountants - Specialising in all types of Accounting, Taxation & Business Services - Phone 0754 462 422 - Email admin@coolumaccountants.com.au

Blog

Tax Deduction Checklist

TAX DEDUCTION CHECKLIST Tax deductible? Admission fees: For lawyers and other professionals. Disallowed as capital cost. No Airport lounge membership: Deductions to the extent used for work-related purposes. Yes Annual practising certificate: Applies to professional persons and other contractors who must pay an annual fee to practice in their chosen field. Yes Bank charges: Deductions […]

Now is the time to Prepare For EOFY

With less than three months left of the 2017 financial year, it’s time to start preparing for the dash to the finish line. By now you should have had your 2015/2016 financial statements and tax return prepared. If not, then that needs to be your priority. Sure, you may have a 15th May lodgement date, […]

Early Tax Planning Can Save You $$

All too often, tax planning is left to the last minute, which makes it difficult to effectively reduce your potential tax bill! Tax planning can have some great benefits for any business, large or small. It involves evaluating the business’s current financial situation, estimating probable profit or loss for the end of the financial year, […]

Tax Guide for Airbnb Hosts

If you are considering joining up with Airbnb in order to rent out a part of your residence, there are important things to consider regarding how you manage your taxes. Rental income The income you earn from Airbnb activities will be assessable income in the eyes of the ATO and should be reported on your […]

Christmas Party Fails – The Top Christmas Problem Areas

Christmas….that time of year when the festivities not only bring joy but excessive expenses, potential harassment claims, and other employer headaches. As Phyllis Diller once said, “What I don’t like about office Christmas parties is looking for a job the next day.” This month, we explore the top Christmas problem areas: Getting beyond merry: parties […]

What’s involved in selling your business?

Selling your business can be a stressful time and unless you’ve done it before, it’s hard to know what to expect or what’s required to get the right result.  We’ve put together the top issues for business owners or investors to maximise their results. Understand what you are selling and the tax implications What you […]

New Tax Rules For Property Sales Over $2M

New rules to prevent foreign residents avoiding tax when they sell Australian property will affect everyone buying or selling property with a market value of $2 million or more from 1 July 2016.  Many transactions involving shares in a company or units in a trust will also be caught. From 1 July, a 10% withholding […]

Tax Guide For Uber Drivers

Whether you are currently an Uber driver, or considering becoming an Uber driver, there are important things to consider regarding how you manage your taxes. Income Tax When you drive for Uber you are not an employee, you are a contractor and you must have an ABN. Uber do not withhold any taxes and individual […]

How To Complete a Motor Vehicle Logbook

When using the logbook method, your claim for motor vehicle expenses is based on the business use percentage of the expenses for the vehicle and covers running costs (fuel, repairs, rego, insurance etc.), depreciation, loan interest, lease payments (where applicable). In order to use this method, you MUST have completed a logbook for 12 consecutive […]

Why changing your business structure just got easier

New rules that apply from 1 July 2016 mean that small businesses can restructure their business operations without triggering adverse tax implications. Before the introduction of the new restructuring rules, if a business restructured from say, a partnership to a trust, there was a possibility that the change in structure could trigger capital gains tax […]

Coolum Accountants - Registered Tax Agent #19738005 - All Rights Reserved © 2017