Жыл бұрын
Жыл бұрын
Жыл бұрын
Жыл бұрын
Жыл бұрын
Жыл бұрын
Пікірлер
@vlqt Күн бұрын
hi, thanks for sharing. Actually, I'm a foreigner. Can I still work for a local construction company while I want to register a builder company for small works such as build, repair resident house in Australia? I'm looking forward to your instruction soon. Thank you.
@ubaidurmahmood4226 Ай бұрын
I have a question. A doctor who goes to dubbo from Sydney, stays overnight for few days. Can he claim food and lodging ?
@angelynsantos6939 Ай бұрын
Thank you very much for this. You made really simple and easy to understand.
@abrahammahmoudi7470 Ай бұрын
Thanks very much
@coastaliron2127 Ай бұрын
if i have a holiday home that is rented out for 100% of the year is everything on my end of financial year summary fully tax deductable?
@egillin Ай бұрын
EXTRA TIP for anyone operating their business or just their admin from home... as soon as you have your ABN - get yourself a post office box from your local Australia Post shop before you register your business name. That way you can use a PO Box address for business registration, instead of your home address ... otherwise, your full name and home address is available (together) to any random person on the internet who looks up your name or ABN or business name. If already registered, you can always get a PO Box and update your business registration details at any time.
@The90sDoug Ай бұрын
Absolutely amazing video, nice and straight to the point. So very helpful, thank you.
@79series 2 ай бұрын
Great video thanks
@tausifislam-s1h 2 ай бұрын
Hi mate, What is the rate of company tax in Australia & please tell me detail, if possible
@lordvaris5003 3 ай бұрын
3 x 48 x 1 = 144
@GeriHassdo 4 ай бұрын
Hello, can I ask a question? If I’m paying cash wages and withdrawing from my business account. It comes up on the “ wages “ account in zero. Do I have to set up payg or pay tax on these cash wages? I wanna do the right thing but I am confused . Thank you!
@wattleaccountants 3 ай бұрын
Hi GeriHassdo, There is not enough information here to assist us - I would recommend booking a consultation with our accountant to go over the file with you.
@tobymartin2249 4 ай бұрын
Great video! Thank you
@KateLate____ 5 ай бұрын
I'm confused, isn't the employer already paying you $320 for the work related travel? Is the issue that you will get taxed on that $320 unless you explicitly claim these expenses, even if you have no receipts?
@wattleaccountants 5 ай бұрын
Hi KateLate, There are two common ways travel expenses are managed for tax purpose. The first is where the employer pays a 'travel allowance' - this is simply a wages expense for the employer. The employee needs to calculate their travel deduction including substantiation. This video covers the special substantiation rules for travel deductions available to employees only. The second is where the employer reimburses the employee's travel expenses. The employee cannot use these special rules in this situation and the employer needs to meet those substantiation requirements to claim the deduction. The employee cannot claim a tax deduction for those travel expenses as it is already being claimed by the employer (by reimbursement).
@shanpieee 6 ай бұрын
great video! thank you
@danmarsalek9809 6 ай бұрын
What fees are involved with adding personal assets into the trust?
@koollifebillionaire 6 ай бұрын
Thanks for the informative padcast
@aaron9632 6 ай бұрын
Hi there, I’ve been working as an independent support worker and using a free website to create invoices. I’m looking at doing my tax return now and just a bit stuck. Can I just send all of my invoices to my accountant and he can get a group certificate ready for me and then do my tax return or do I need to prepare something? When I go on to my mygov/ato page, there’s nothing that shows up regarding my earnings so I’m assuming I need to upload something?
@wattleaccountants 6 ай бұрын
Hi Aaron9632, You need to calculate your business income and expenses manually - the 'group certificate' relates to wages. Usually this step is done by the 'bookkeeper' and the 'tax accountant' prepares the tax form including adjustments from business income and expenses to assessable income and allowable deductions.
@aaron9632 6 ай бұрын
@@wattleaccountants thank you for such a great reply, that’s been really helpful. Much appreciated 🤙
@omprakashkaswan2251 7 ай бұрын
I am interested
@xyzyjt 7 ай бұрын
Thanks
@jeffreyharvey7705 7 ай бұрын
Thanks for the advice mate. Appreciated.
@wattleaccountants 7 ай бұрын
No problem 👍
@gabby.n97 8 ай бұрын
This is very helpful thank you!
@wattleaccountants 8 ай бұрын
Glad it was helpful!
@smithchip2028 8 ай бұрын
Thanks, like you simple straightforward answers. One negative thing is high land tax surcharge applied to trust, unless we nominate any of the property in the trust as the principal place of residence (provided living there), then do we get 100% or 50% captain gain tax discount? If you have investment properties in trust and if it's negative balance (after minus expenses from rent) do you still need to lodge every year? Or lodge it when you do make income which is high enough to offset all the loss from previous years and create positive income?
@SunblaKhan-lk6ol 8 ай бұрын
In addition to these, I'd also recommend InvoiceBerry. I've been using it for four years now and have never had any complaints. It provides simple processes, templates, and everything I need for efficient invoicing and financial management.
@SunblaKhan-lk6ol 9 ай бұрын
I've tried Xero and QuickBooks before, but I ran into problems with their complex features and high costs. That's why I made the switch to InvoiceBerry. It's much easier to use and more affordable for managing my invoices.
@AlexK-t3o 9 ай бұрын
Thank you! Very informative video
@AlexK-t3o 9 ай бұрын
Thank you!
@zacka161 9 ай бұрын
Hi there, My partner is going to do support work as part of my NDIS plan. They current earn $90k in their current employment (PAYG) and will be doing support work as additional income. Would they need to register for GST for this additional income? How does it effect their tax status?
@ParasTube 9 ай бұрын
This is so useful. I'm very new to all of this. I plan to start as a solo business person for my KZbin and online ventures and would love to know more info on how to structure it.
@TeamDive2795 9 ай бұрын
Sounds like the Rode chick asking the questions.
@Sopez1 9 ай бұрын
Very good video!
@blueneet84 10 ай бұрын
Thank you. One of the benefits of this arrangement would appear to be the ability to pay the minimum divedend to ensure youre personal taxable income is taxed at less than 25%?
@wattleaccountants 10 ай бұрын
Hi Blueneet84, The purpose of this video was to discuss our real world experience working with Small Businesses. To put this simply, while on paper the company tax rate is 25%, the reality is small business operating as companies often trigger Division 7A and the whole amount is declared as a dividend in the personal taxable income therefore the company tax rate is irrelevant. Division 7A can be complex and depends entirely on your circumstances. We strongly recommend speaking to an accountant with experience in Division 7A to manage and provide the best outcome for you and your company.
@thetruth00 8 ай бұрын
Can you please simply this? So the end result is the same? Or in this example you end up paying more tax?
@BTC203I 8 ай бұрын
looks like you are $844 better off in the shareholder tax return
@BTC203I 8 ай бұрын
@@wattleaccountants another example would be much appreciated - or if there is a link to a newer video
@wattleaccountants 8 ай бұрын
@@thetruth00 The end result is the same which is we made this video "Why Companies (PTY LTD) Don't Save you on Tax, Don't Believe the Hype!"
@TheKevvyBoi 10 ай бұрын
Very clear and concise video thank you
@sarahknoll3421 10 ай бұрын
Is it necessary to have a separate bank account for the business?
@wattleaccountants 10 ай бұрын
Hi Sarah, As a sole trader, generally no, however it is best practice when working with your Accountant and the ATO.
@mdpolashmd2416 10 ай бұрын
Hi how are you you can give me visa i am work now in Fiji before i work in Singapore
@InsideTheOutback 10 ай бұрын
What about if we have to take the client to a event like a movie ticket, parking ticket, leisure center for swimming. Are these expenses of entry for the support worker tax deductible?
@wattleaccountants 10 ай бұрын
Hi InsideTheOutback, If you are looking advice specific to your circumstances, we recommend booking a meeting with one of our accountants. Please use the following link to make your enquiry. www.wattleaccountants.com.au/home/get-started/
@jeanvanderwesthuizen4545 10 ай бұрын
Of all the structures, which one is best ?
@wattleaccountants 10 ай бұрын
Unfortunately there is no answer to this question as it depends on your circumstances.
@Freezeyu59 10 ай бұрын
Thank you for this video. This helped immensely to understand how things work 😊
@wattleaccountants 10 ай бұрын
Glad it was helpful!
@InsideTheOutback 10 ай бұрын
So as a Soul trading support worker when I have meals out and about with my clients when they want to grab lunch for example it is not considered tax deductible?
@wattleaccountants 10 ай бұрын
That is correct.
@InsideTheOutback 10 ай бұрын
@@wattleaccountants thankyou
@InsideTheOutback 10 ай бұрын
What about tickets to things like swimming leisure centres where admission tickets are required for the support worker are those tax deductible or things like movie tickets or go karting experiences for example ?? @@wattleaccountants
@ComputerEngineer08 11 ай бұрын
Very informative video, thanks for sharing! If you don't have receipts, would a bank statement be sufficient?
@wattleaccountants 10 ай бұрын
Hi ComputerEngineer08, We only briefly touch on substantiation in this video however we will be posting a more detailed video on record keeping requirements shortly.
@TheAlignmentTherapist 11 ай бұрын
Total income is gross or taxable income?
@wattleaccountants 11 ай бұрын
Total income should be gross assessable income i.e net sales after GST (if applicable). Taxable income is your Assessable Income less Allowable Deductions which is effectively your profit or loss for tax purpose.
@sles709 11 ай бұрын
Very helpful thank you!
@wattleaccountants 11 ай бұрын
Glad it was helpful!
@world-suppliers 11 ай бұрын
for a foreign company subcontracting with an Australian contractor, is it required to incorporate in Australia and get a tax number?
@wattleaccountants 11 ай бұрын
Hi Machinesworld, If the company is required to pay income tax in Australia, they would need a Tax File Number. Reach out to us if you require assistance determining if you are required.
@xavi9565 Жыл бұрын
Awesome!
@patelsleydrums Жыл бұрын
Hi. Thanks for the content. Can an offshore company be listed as a beneficiary of a trust in Australia?
@wattleaccountants Жыл бұрын
Hi Patelsleydrums, It is possible, you should ensure the trust deed is prepared correctly and the additional tax implications are managed by your accountant.
@IntergalacticInnovation Жыл бұрын
Hello Craig, I have just finished watching 37 of your videos, they were super informative. I was wondering if something like NIES is advised for a new business or advised against, especially by someone as yourself, that has extensive knowledge of the subject. Video idea maybe?
@wattleaccountants Жыл бұрын
Hi Intergalactic Innovation, Thank you for the comment. This may be a way to get someone started however if things are not going as planned, don't forget you can always get a second opinion!
@Foetoid2k6 Жыл бұрын
I am considerably more confused. So the company tax rate is 25% and pays income to the director and potentially my spouse, who then pays income tax. But everyone keeps saying it’s a way to minimize tax. Even tho the money is being taxed twice. What am i missing.
@0mon0zz Жыл бұрын
I believe this is resolved with franking credits? Unsure
@wattleaccountants Жыл бұрын
Hi Foetoid2k6, We cover this common question in our video "Why Companies (PTY LTD) Don't Save you on Tax, Don't Believe the Hype!" Link: kzbin.info/www/bejne/ZonOqJV6nLxohbM
@koollifebillionaire Жыл бұрын
There is no video on ur play list about opening ABN for Unincorporated group.
@Nate-o1p Жыл бұрын
Hi Craig, I do Uber delivery driving and I've ticked over 5000km in total since the beginning of the financial year. I have not collected any receipts for fuel up until this point... Do I only need to show receipts past 5000km or was I meant have receipts for the entire 5000km? Thanks
@wattleaccountants Жыл бұрын
If you are claiming your car expense under the 'cents per kilometre' method, no receipts are required. You may be thinking of the 'logbook' method which does use receipts to calculate your claim. Reach out to book a meeting with one of accountants if you want to chat or look over your calculations/claim at www.wattleaccountants.com.au/home/get-started/
@koollifebillionaire Жыл бұрын
Thanks for the info
@wattleaccountants Жыл бұрын
No problem 👍
@deanhallinan9307 Жыл бұрын
Do you have a video for pty companies
@wattleaccountants Жыл бұрын
Hi Dean, If you are wondering why you should setup a company, check out this one: kzbin.info/www/bejne/infOkpaNebChoZY There are other structures and we do compare company in this video: kzbin.info/www/bejne/oqXHh4Ftrqdrq5o If you have decided company is right for you, we also recommend this video which discusses how tax works for companies which includes and interactive calculator to help understand the numbers (link in that description): kzbin.info/www/bejne/gKGWmpyBnchpr8U