Below are details of all publicly archived questions & answers for the "Accounting & Tax" category. Wherever possible, Questions & Answers for the public archive are chosen for their broad appeal to a wide range of viewers.
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Registering for GST
I've just started my own business as a sole trader and I want to know whether I need to register for the GST or not....More |
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Accounting software for networks
I use MYOB accounting software & am extremely happy with it. It is also perfect to use as a database, rather than double entering all info into ...More |
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Do I need to register for ABN & GST?
I am working full-time, I am interested in some work on the side selling mobile phones for a commission. My question is when I 'm filling in the ...More |
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Starting a new business
I have just started a new business within the mlm (network marketing) industry and I would like to know at what point do I start paying tax and what ...More |
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How do I calculate my taxation obligations?
I'm thinking of starting a retail business and although I have an ABN, I have not registered for GST because I do not expect that I will earn the ...More |
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Can I claim for a move?
I have recently moved from the city to the country and I am planning to start a new business there. I have already registered my business name so can ...More |
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Claiming for education
I'm going to start a new business and as a result, I have taken some classes to help me understand the industry and lead me to my business. Can I ...More |
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Which bank account can I use?
I have recently set myself up as a sole trader with a registered business name in the area of management consultancy. I currently have a contract to ...More |
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Do I need an ABN?
I have just recently started driving interstate transport for a few different companies and they have requested that I obtain an ABN number. What ...More |
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GST for a self-funded super
We have a set-up where a superannuation fund will own farm land and then lease it to a family trust. The offer and acceptance was signed on May last ...More |
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Fee for completing tax returns
I would like to know if it is legal for me to charge to complete individuals and business' tax returns as I am not a tax agent and also do BAS ...More |
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Tax implications for home-based business
I have full-time employment in the Graphic Arts industry and am intending to stick with that. However I am also looking to start a home-based graphic ...More |
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Import/Export Duty
I have recently acquired the distribution rights to a product for Australia and New Zealand which is manufactured in Germany. The issue I would like ...More |
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Accounting if not a tax agent
My aim is to establish my own accounting service (business) operating from home whilst still working full-time and gradually if all goes well give my ...More |
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Legal ramifications of audit service
Until recently I was employed by the Australian Taxation Officer as a GST Compliance Officer. My role was to advise and audit business' ...More |
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Turning a hobby into a business
I have been writing personalised poems for friends and family for years and now am going to sell my service online. At this stage it will be more of ...More |
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Registered business vs partnership
My wife and I are planning on starting a home services business. The plan is that I will do lawn and yard maintenance and she would do domestics i.e. ...More |
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Briefing your accountant
Is there a list of recommended questions/information required that a small business owner could use to brief their accountant re: end of year ...More |
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How to account for home leave allowance
I was previously employed by a Pty. Ltd. company. My job involved travel that required me to stay overnight in motels. My employer paid me $40 per ...More |
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Moving business to Australia from tax haven
While travelling and living overseas several years ago I set up a Web site and ran it as a business I incorporated in (zero tax) Belize. I returned ...More |
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Registering for GST & ABN
I want to start invoicing clients that require services in the IT field. I was told that I should register for an ABN number as an individual. Is ...More |
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Hire purchase schedule
I have a client who has just hire purchased an new car. Would you please let me know how I should account for the car in his books? Can I claim the ...More |
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Bartering and the GST
I am wondering how transactions involving goods and services being exchanged without any money being paid or received, is recorded for tax purposes? ...More |
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Saving for Income Taxation
I have just started a service based sole trader business as a bookkeeper. I haven 't registered for GST as I'm certain my income will be ...More |
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Tax implications for additional income
I'm working full time and thinking of starting a business on the side to supplement my income. Income sources for the business would include ...More |
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Deductibility of overseas travel expenses
I am a consultant in a very specialised field. I run a single-director single-employee company and have several clients on a retainer basis. I am ...More |
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Tax rebates on computers
I am looking to begin freelance work as a graphic designer, for which I need to buy a computer. I would be getting an ABN number for this purpose. ...More |
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Selling art and crafts
I have been doing pottery for 2 years at a pottery school. I want to sell my wares at craft markets or South Melbourne market or Queen Victoria ...More |
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Taxation issues
I am employed full time as a graphic designer (income 60K gross incl super). I also have a freelance design business (sole trader, home based), with ...More |
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Invest superannuation back into business
Can you use a self-managed superannuation fund to invest back into your own business, such as issue the fund with shares, or by other means?...More |
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Late tax lodgement
What fine and/interest is payable on the outstanding tax liability for a taxpayer running a small business who has not lodged a tax return for ...More |
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Taxation of musical group
I'm in a string quartet which is currently registered as a "hobby" group and thus is without an ABN. I think that we should probably get an ABN ...More |
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Tax exposure
I work for a manufacturing engineering company. The company is based in Australia, but is starting to buy materials from overseas, especially China. ...More |
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Working for an international client
I have recently returned from London, where I was working for a TV channel on a contract basis, designing Web sites and TV graphics. The TV channel ...More |
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Registering a sole trader business
I want to register a business/trading name in order to start a sole trader business. I am confused as to whether I am required to register this name ...More |
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Costs of purchasing an existing business
When purchasing an existing business, what are the approximate accounting and legal costs involved in having a professional check the books and ...More |
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Purchasing assets
I'm looking at purchasing an existing cafe business on the South Coast. It has been operated by the current owner for the past 10 years. As ...More |
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Admission of new partner
I am an accounting student and I need help with the following: I have two partners who want to admit a third partner. The third person offers 120k ...More |
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Choosing bookkeeping software
I work full-time on salary (corporate lawyer) but have started up a part-time counselling service at home (3 years). I also have money invested in ...More |
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GST calculation on lump sum payments
I need to know the correct calculation used to get the true correct percentage of GST in a HR area where we transfer lump sum payments in and out for ...More |
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PSI vs Personal Service Business
From time to time I work as a locum GP doctor in a large medical centre. I treat the patients who are then billed in my name. When the fees are ...More |
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Balancing a new business with a salary
I am in the process of setting up my own business where I will be providing a styling service to clients. Due to the nature of my business and the ...More |
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BAS mix-up
Back in the middle of the last tax year, I paid my quarterly BAS instalment by cheque through the post office. Several months later, I was informed ...More |
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How do you calculate the 'Super profit ' of a business?
When determining the value of a existing business from financial and P&L records, how do you calculate the Super Profit which brokers quote? Is this ...More |
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How do you calculate the 'Super profit ' of a business?
When determining the value of a existing business from financial and P&L records, how do you calculate the Super Profit which brokers quote? Is this ...More |
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Working out the profit of a business
When considering whether to buy a business, and looking at its books, how do I work out whether the business is producing a sufficient cashflow to ...More |
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Tax on ETP
If an ETP is rolled over into a super fund, is there any tax payable by the employer, employee, or super fund on this money?
...More |
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Wife as partner
What are the advantages and disadvantages of having the wife as a partner of my company?...More |
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Claiming business expenses
I run an earthmoving business in Melbourne. We have some fixed sites and casual sites where we either hire equipment to or work on a contract basis. ...More |
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Charging GST
My wife has just started selling embroidered babies clothing to boutique shops and wants to sell them over the Web as well. What we are not sure of ...More |
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Starting a fruit & veg business
I'm thinking about purchasing a fruit stand in Sydney which belongs to the local council (but currently someone else is running it) and I have ...More |
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GST and DIY superannuation
I am contemplating setting up my own DIY Superfund. If the fund purchases assets for leasing to a business (my company), e.g. a computer system, and ...More |
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Paying myself a wage
I am the Managing Director of a company that is primarily a consulting service to the mining industry. I am the only consultant but I employ 2 people ...More |
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Work vehicle tax deductions
I have recently started a plant hire business supplying my full time employer. I need to buy a suitable vehicle to transport the plants, is the ...More |
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Deductibility of entertainment expenses
I would like clarification on the following topic for small businesses. My mother runs a shop and I do her bookkeeping for her. If she takes ...More |
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GST and input tax
Can you clarify input tax and how it is claimed on the BAS? I understand it to mean the tax applied to goods and services that I pay for, which have ...More |
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Structure of company to limit tax obigations
I am planning on starting a business to buy, renovate and then sell property. Can you tell me what the best company structure would be for this to ...More |
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Input tax credits on new business
I recently purchased a business for $250,000 inclusive of GST. Can I claim 1/11th of the purchase price as an input tax credit?...More |
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Selling my property to buy business
I have a house that I live in and I am building a unit at Nelson Bay. I am resigning from the Army after 11 years and want to buy a business. If I ...More |
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Tax on foreign income
I am currently considering becoming a home typist for a US-based company. I have extensively researched their online site and asked many questions ...More |
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Marketing implications of the GST
What implications does the GST have on marketing?...More |
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Tax implications of business structure
I run a small theatre company from home. Presently I am a sole trader and not registered for GST. This year I have been funded for approximately ...More |
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Claiming business expenses
I have recently started up an interior decorating business from home in addition to my full time job in which I earn approximately $52,000 a year. I ...More |
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Company cars and income tax
Could you please indicate where I can find out about the tax implications for personal income if you acquire a company vehicle? Also if you are using ...More |
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Exporting a vehicle
I am going to send a van overseas. Apart from the duties and taxes in the importing country, are there any taxes or fees I have to pay here, and can ...More |
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GST
I've just recently started a very small business as a martial arts instructor (sole trader) and am a little lost regarding GST. I understand that ...More |
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Legal method of contracting my services
I have an ABN and contract my services out as a truck driver to another company. They provide all the equipment (apart from safety gear and meals ...More |
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Personal Services
I have been running my own business as a computer consultant for almost two years now, and I need some advice regarding the alienation of Personal ...More |
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Registering for GST
I am starting up a business selling clothing by home shopping parties. I will also be registered on the books for a modelling agency who have advised ...More |
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Superannuation payments to contractors
Recently, I started up my own business to help other business harness the power of web technologies. It does this by helping them build, maintain and ...More |
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Accounting problems
What do internal, external, anticipated changes and changes from past procedures mean? If running a milk bar, what accounting problems does it ...More |
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Bank accounts
I am in a partnership with my husband and have a registered business name. We have a separate Line Of Credit Bank Account (secured by our home and ...More |
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BAS statements & GST issues for sole traders
I am a sole trader in the commercial building management and maintenance industry.
My company has registered for the GST. I need some assistance ...More |
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Best business structure and tax deductions
My wife and I are intending to start a B&B business in Tasmania in 2006 once we have retired. What would be the most beneficial business arrangement ...More |
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Capital gains tax
We are a farming business and my husband has just sold one farming property to buy another. The property previously owned (contracts have been ...More |
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Cost of accountant
If I were to set up a small-medium size retail business (T-shirt printing), how much (based on average cost) would I spend per annum for an ...More |
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GST and Profit & Loss Statement
I’ve just recently started a small business as a sole trader. I have an ABN and decided not to register for GST as I won’t be earning over $50,000 ...More |
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Internet earnings and taxes
I'm an Australian citizen and have been a full-time student living in France and Germany for the past seven years and I have been told I am ...More |
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Labour hire rule of thumb values
We are considering taking over some labour hire contracts from another labour hire firm. Are there any rules of thumb as to the value of such ...More |
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Pay tax or give up?
I work 30 hpw at an administration type position. I live alone and own a unit with a mortgage. I am 60 years old. Two years ago I started baking ...More |
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Profit sharing
I know this may sound like a strange question, but how do I go about paying directors a share in profit (dividends) each financial year? What entry ...More |
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Purchase of car - company registration benefits?
I’ve got my own business (sole trader) and have just purchased a used car under a commercial hire purchase agreement. I’m now wondering what the ...More |
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Registering a business
My husband and I want to register a business name for a landscaping business. For tax reasons is it better and cheaper to do it as a partnership or ...More |
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Registering a company
I am a sole trader business which is not registered for GST, but it seems that I will earn more than $50,000 this year which will require me to be a ...More |
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Self-managed superannuation
Are there any special requirements re accounting for my super fund or do I just establish a set of accounts "my super fund" and post transactions as ...More |
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Software accounting packages
I am trying to find out the difference between Quick Books and MYOB and which would be preferable for me to purchase. We have a bed and breakfast and ...More |
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Tax implications of starting a small business
I am looking at starting my own wholesale jewellery business. I make jewellery and plan to sell it to retail outlets, for example, local pharmacies. ...More |
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Superannuation for contractors
We run a home based business where we sub-contract to one main business. They have asked us a number of times about superannuation. We are going to ...More |
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Tax deductible expenses
I am considering starting a home-based network marketing business, selling health supplements and beauty care products. I have a fulltime job and ...More |
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Using company trust accounts
I am self employed and have set up my own company. I am trying to buy my first piece of real estate and it has been suggested that I should consider ...More |
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Value of company car
I am an employee and I was wondering how I establish the value of a company car in my salary package? All the car expenses are met by my employer ...More |
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Wage for sole trader
What is the best way for a sole trader to go: pay yourself a minimum wage or just do drawings? Also if sole trader, how do you pay taxes? Is it just ...More |
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Repayments on business property
My partner and I reside in a small mining town, and our house is also used for my partner’s workshop, where he services his trucks. Should I be ...More |
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Company activities versus private services
I am the sole director and sole employee of a registered pty ltd company (home based) which imports and distributes a small range of products. The ...More |
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Government grants
I am starting a small business making bottle caps for spirit and wine bottles. The machine that is required to make the bottle caps is manufactured ...More |
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Responsibilities to investors
I have been managing one of the busiest coffee shops in North America and am currently opening coffee shops in Korea for the same company. I am ...More |
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Superannuation for juniors
If my employee is a junior, 15-20 years old, do I have to pay any super?...More |
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Starting an accounting business
I have a Bachelor's Degree in Accounting and looking to get my CPA membership in a few months time, plus over 6 years experience in financial ...More |
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Capital gains on sale of a business
I am just starting negotiations with a business owner, who is over 65, to purchase the business. She is interested in providing vendor finance but ...More |
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Car allowances for employees
We are a small business trying to minimise tax expenses. If an employee buys a car (company director), and we want to give him an allowance for it, ...More |
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Claiming building expenses
I'm currently in the process of starting a business in the garage of my home, a beauty salon. I need to convert my garage into a salon, am I able ...More |
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Claiming tax on education
I have a full time management job as an employee and I also have a property portfolio that I am operating as a business (currently have built up a ...More |
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Company car trade in - GST requirement
I have recently purchased a new company vehicle and traded in the old. The dealer is insisting on a tax invoice for the trade in. Is the company ...More |
