2017 Tax Return Questionnaire

South East access services is always of exceptional quality, focusing on Tax Return Preparation and stress-free reporting to the Australian Taxation Office. read more

Small Business online seminars

Small business operators and those just starting or thinking about starting a new business, should consider participating in these free tax webinars. read more

Good Record keeping for small business

compliance-made-easy-package Businesses must keep the following records: Sales records Sales invoices, including tax invoices Sales vouchers or receipts Cash register tapes, credit card statements Bank deposit books and account statements Records of purchases expenses purchase/expense invoices, including tax invoices purchase/expense receipts, which include an ABN cheque butts and bank account statements credit card statements records showing how you worked out any private use of something you purchased Year-end income tax records motor vehicle expenses debtors and creditors lists stocktake sheets depreciation schedules capital gains tax records. Good records will help you determine if one is eligible to claim small business capital gains tax (CGT) concessions. Some of the records your business should keep include evidence of: the market value of relevant assets just before the CGT event (to demonstrate eligibility for the $6 million maximum net asset value test) carrying on a business, including calculation of turnover (to demonstrate eligibility for the small business entity test) how capital losses have been calculated and carried forward to later years relevant trust deeds, trust minutes, company constitution and any other relevant documents. South East Access can provide both on site and offsite bookkeeping services ranging from the simplest data processing through to a […] read more

Warning of Yellow Pages directory scam

Money Matters The Australian Competition and Consumer Commission (ACCC) is warning small businesses to watch out for a business directory scam. Small businesses have reported receiving a fax claiming to be from ‘Yellow Page Australia’ and ‘Open Business Directory Ltd’. The fax appears to be seeking confirmation of the contact details for their business. However on closer inspection, the fax is an agreement to sign up to an online business directory service charged at $99 per month for a minimum two-year period. Small business operators should be alert and follow these key rules: If you receive a ‘Yellow Page’ fax or email, bin it. Sensis, the owners of the Yellow Pages® directory, will never approach you this way If you get a threatening phone call, email or fax demanding payment – ignore it and report it Ensure employees are aware of this scam and know how to protect your business. If you think you have come across a scammer you can report it to the ACCC via SCAMwatch Don’t get caught by Business Scammers Should you require more information regarding financial and identity protection, please feel free to contact the team at South East Access read more

Complimentary financial health check

income tax The health check is designed to make sure the person is maximising their income in retirement, and will go through the person’s current savings / investment plans, tax status, superannuation, wills and insurances. The review will take ½ hour per person so if a husband and wife come in, even if all of the investments / super is in one partners name, it will take an hour. read more

Don’t get caught by Business Scammers

SCAMwatch is warning business owners and individuals to remain vigilant against scammers impersonating government officials with false claims of owed money. A new scam targeting small businesses involves individuals claiming to be from the Australian Treasury, including the Treasury Reclamations Section, and offering to recover overpaid bank fees in return for a ‘processing fee’. Protect your business from a potential scam by: deleting a suspected scam email hanging up on a suspected scam phone call not sending money or giving away your financial details to anyone you don’t know or trust Businesses should be aware of scam calls or emails claiming you to be entitled to reclaim fees or rebates. The Australian Competition and Consumer Commission’s (ACCC’s) Small Business Scams Fact Sheet (PDF)  also provides tips to help protect your business from scams. Advice from the Australian Government Business Resource on preventing being caught by Business scams … More Details Don’t get caught. Don’t reveal to anyone you do not know your personal details, including your date of birth and tax file number. More details Scammers are targeting job seekers Should you require more information regarding financial and identity protection, please feel free to contact the team at South East […] read more

Changes to the tax-free threshold for low-income earners

From 1 July 2012, the tax-free threshold increased to $18,200, and the low-income tax offset reduced to $445. A low-income earner’s effective tax-free threshold is now $20,542. If your taxable income is under the tax-free threshold, there are reasons why they may still need to lodge an income tax return. The most common reason would be that you have pay as you go (PAYG) tax and do require to complete complete a tax return to claim any monies. Income tax rates 2012-13 Taxable income 0 – $18,200   – Nil $18,201 – $37,000 – 19c for each $1 over $18,200 $37,001 – $80,000 – $3,572 plus 32.5c for each $1 over $37,000 $80,001 – $180,000 – $17,547 plus 37c for each $1 over $80,000 $180,001 and over – $54,547 plus 45c for each $1 over $180,000 Contact the team at South East Access for more information on your personal income tax return. read more

Is it a business or a hobby

You would normally be considered to be in business for tax purposes if you enter into an activity with the intention of running it as a profit-making business, and if the activity is carried out in a way that shows it has a significant commercial purpose and viability. read more

Maintain personal and business security to stop fraud

There are many different types of scams – online, phone, mail and face-to-face. Online scams, such as email ‘phishing’ scams are on the rise and are designed to trick you into giving away your money, passwords and personal details such as Your tax file number – TFN Date of Birth Protect yourself and/or business from a potential scam by: deleting any suspected scam email hanging up on a suspected scam phone call not sending money or giving away your financial details to anyone you don’t know or trust Ensure that one avoids sharing passwords and login details change passwords and remove user access when a staff member leaves secure tax records when they aren’t in use avoid circulating tax file numbers in emails unless it’s absolutely necessary ensure your computers have up-to-date security software, including anti-virus, anti-spyware, anti-spam and firewall protection. Tax Refund fraud occurs where tax returns, activity statements and other documents are deliberately falsified in order to claim a tax refund a taxpayer is not entitled to. Fraudulent claims can be lodged by individuals on their own account or by third parties on behalf of others. Sometimes this involves identity crime, where taxpayer identities are used by third […] read more

Failure to lodge Business Activity Statement

A failure to lodge (FTL) penalty is applied when Businesses are late with reporting to the ATO to supply information as and when required. It is applied when an ‘approved form’ is required to be lodged with the ATO by a due date and is not received by that due date. These include: Business activity statement (BAS) fringe benefits tax return pay as you go (PAYG) withholding annual report annual goods and services tax (GST) return annual GST Information report A failure to lodge on time (FTL) penalty is an administrative money penalty which may be applied where you are required to lodge a return, statement, notice or other document with the Australian Taxation Office (ATO) by a particular day, and you fail to do so. And payment is not claimable as a tax deduction. The team at South East Access has extensive experience in accounting, personal and business tax, financial management, payroll services and bookkeeping. Our “Compliance Made Easy” Package gives you stress-free business reporting to the Australian Taxation Office. This package includes all the essentials: Meeting with South East Access Accountant in the final quarter to review your business financial position and to advise you on ways to […] read more