FUEL TAX CREDITS - ARE YOU MISSING OUT?

Fuel tax credits provide businesses with a credit for the fuel tax that is included in the price of fuel purchased for machinery, plant, equipment, heavy vehicles, and light vehicles travelling off public roads used in the business. In order to claim fuel tax credits you must be registered for GST, the credits are claimed through your Business Activity Statements.

Fuel tax credits are often available to businesses in the agriculture, fishing, mining, construction and landscaping industries. To check whether you might be eligible to receive fuel tax credits visit the ATO’s eligibility tool at:

https://www.ato.gov.au/calculators-and-tools/Host/?anchor=FTCEL&anchor=FTCEL/#FTCEL/questions

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.  

BENEFITS OF LODGING YOUR INCOME TAX RETURN WITH A REGISTERED TAX AGENT

It is tax time again for individuals and a common question that is pondered is whether to lodge via mytax online or whether to use the services of a registered tax agent.

There are a number of benefits of lodging with a tax agent and they include:  

• Access to professional knowledge and years of experience to ascertain applicable tax deductions (that you may have not considered previously)
• Assistance with dealing with the tax office in relation to your taxation affairs 
• Tax Agent fees are tax deductible
• Access to tax agent lodgement extensions which applies to lodgement and payment beyond 31 October 

At Langley McKimmie we have extensive experience in the provision of taxation services to our clients and welcome any queries that you may have about our services.

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.  

IS MY TRIP DEDUCTIBLE?

Whether or not you can claim a trip as a tax deduction depends on if it is business or work related.

Potential deductions can include:

• Airfares
• Accommodation
• Taxi, bus and car hire etc.

Any proportion of the trip that is personal, or if the trip is not directly work related, is not deductible.
For example if you extend a trip to do sightseeing or your trip is just a holiday.

For further information please see the following link to the Australian Tax Office website.

https://www.ato.gov.au/business/income-and-deductions-for-business/business-travel-expenses/

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.  

REAL ESTATE TRUST ACCOUNTS

 

Real Estate Agents usually operate at least one trust account to hold client monies until they are payable to vendors, landlords or other appropriate persons. Types of money held on trust can include building purchase deposits, rental bonds, rent and fees received in advance for advertising.

There are detailed rules governing real estate trust accounts, including maintaining accurate accounting records to show the true position of all trust money received and also to enable the trust account to be properly audited. The audit of a real estate trust account must be completed within three months of year end.

For further information see the Consumer Affairs website:

https://www.consumer.vic.gov.au/businesses/licensed-businesses/estate-agents/running-your-business/trust-accounts

 Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.  

 

 

KEY TOPICS FOR SMALL BUSINESS

A problem area for many small businesses is in relation to meeting their various employer obligations.  

The ATO is running a series of Webinars for small business to assist in meeting these responsibilities accurately and on time. 

Some of the topics covered include:

PAYG Withholding:

• determining if a worker is an employee or contractor
• knowing what payments and how much to withhold from
• how and when to report and pay withholding to the ATO
• how and when report withholding to employees

Superannuation Guarantee

• determining when superannuation is payable, and the amounts due
• superannuation choice rights for employees
• how to report and pay superannuation liabilities

Fringe Benefits Tax

• introduction to Fringe Benefits Tax
• FBT rates and requirements to lodge a FBT tax return

 

For more information please see the following from the ATO:

https://www.ato.gov.au/business/starting-your-own-business/in-detail/videos-and-webinars/small-business-webinars/?2016SBsupport

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.  

 

IN THE CONSTRUCTION INDUSTRY?

Don’t forget your taxable payments annual report is due by 28 August. This should include any payments you have made to contractors for building and construction services performed in relation to any part of a building, structure, works, surface or sub-surface. For a full list payments you need to report or to learn more go to:

https://www.ato.gov.au/Business/Building-and-construction/In-detail/Taxable-payments-reporting/Taxable-payments-reporting---building-and-construction-industry

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.  

NOT FOR PROFIT ENTITIES - WHO NEEDS AN AUDIT?

Not for Profit entities usually take the form of an incorporated association and are regulated by Consumer Affairs Victoria (or other respective State based body). The governing rules operate in combination with the Associations Incorporation Reform Act 2012 and the Association’s own model rules.
Not-for-profit entities are viewed in three Tiers for the purposes of determining audit requirements:

Tier 1
Revenue less than $250,000 and not a Deductible Gift Recipient. No audit or review required, unless specifically requested by the members or regulator.

Tier 2
Revenue from $250,000 to $1 million and not a Deductible Gift Recipient. A review by an independent accountant is required as a minimum.

Tier 3
Revenue more than $1 million or a Deductible Gift Recipient. An audit is required by an appropriately qualified auditor, for example a Chartered Accountant or equivalent.

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.