Just Done Virtual Accounting in Melbourne, Victoria, Australia | Accountant

Just Done Virtual Accounting

Locality: Melbourne, Victoria, Australia

Phone: +61 426 112 559

Address: 1/41-43 Lexton Rd 3129 Melbourne, VIC, Australia

Website: http://justdone.com.au

Likes: 209

Add/Update information

Reviews

Tags

• Business service
• Tax preparation service
• Accountant
• Business consultant

23.01.2022 Self-Education Expenses Self-education as a tax deduction must relate to your current position of employment not a means to learn new skills to move to a new career. Also, it’s not about personal development in general which really would make you a better employee or business operator. The claims are obvious, the cost of text books, stationary and depreciation on a computer and course fees. And of course, there needs to be the usual complexity that our tax law has on anything in this case travel related to education you can claim the cost of travel between home and the place of education, place of education and home, or the place of work and place of education. However only the first trip is deductable when you travel from home to your place of education and then to work. Good luck with the log book on that one.

19.01.2022 Self-Assessment Australia operates under a system of self-assessment. This simply means that a person’s income tax assessment is determined based on the information recorded in their income tax returns. The ATO accepts the information in the return, at least in the first instance to be true and correct. ATO resources allowed means that the emphases has shifted to checking and auditing the returns after the notice of assessment has been returned. The taxpayer has the onus of... reasonable care. That’s why our accountants complete such a detailed review at the end of the year, in companies and individuals. That’s why we can be screwy on transactions that are not claimable for example we just told a client that drinks with the subcontractors on a Friday night at the Cranbourne Pub are not tax deductable unless they want to go down the Fringe Benefit Tax route something we don’t recommend. Simply put, the reasonable care that we take is about keeping the ATO away from our clients. If it does happen, we can comfortably know there will be little grief in an audit except where proof or receipts are missing. The rules for completing tax returns are: stay in the guide lines, if your business operates outside of the normal benchmarks, that’s fine, just make sure that all substituting documents are available. See more

19.01.2022 Relocation or travelling costs Some very unserious tax advice If you are driving for business and see a rodent in your car don’t name it! Traveling with pet...s is considered a sign or relocation and relocation is not tax deductable. Now the chances of you being stopped at a Tax department roadblock to check if you have a pet on board when you are logging the trip for travel expenses is less than many zillion to one, however this is the sort of stuff you should be aware of. What’s really scary is your taxes are paying someone in Canberra to think this stuff up.

18.01.2022 Keeping documents Boxes of stuff in relation to your business can build up. I know, as we keep documents for many of our clients, thankfully we have a warehouse next to one of our offices that we can use to store it. Substantiation records we are told should generally be retained 5 years from the date you received the notice of assessment. Allowing for the time that it takes for tax returns to be completed and the delays it takes, we advise go for 7 years. What do we base... this on Murphy’s Law. We assume that if something is going to go wrong then it’s when you are too hasty throwing things out. In applying this rule, in 23 years we have only needed the documents of clients once, but believe me, I was so pleased we had kept them as we were able to support our client. So, while when you can destroy documents looks somewhat vague, we suggest holding on to them for 7 years. See more

18.01.2022 Failure to lodge on time Fees and interest in relation to any other things you seem to get wrong are really - really aggressive, brutally aggressive and I am not just talking parking fines, I’m talking about the company that dumped 100,000 tons of garbage on the Hawksbury river and got fined less than a small business for late lodgement of BAS. As an accounting firm we recognised this as a real issue for many busy small operators, so we have spent the last 3 years building ...a platform call Precis Accounting System where we have dramatically reduced the risk of late fees and charges to our clients. There are several ways otherwise to reduce the risk of late lodgement, and some of them are simple. The most obvious is only operate a business from one bank account. There is nothing clever about having a dozen accounts with money juggling between them, making reconciliation time consuming and difficult as one bank account has money transferred from one to another (was that a transfer or income???) The business mess that this creates also creates a reporting mess, and then with the delays there are fees. Working out what the ATO will charge is as complicated as the tax act. Staying on top of paperwork and lodgements overcomes that and if occasionally you are going to be late, a phone call will usually do along with the date, the returns will be lodged. And as to ATO interest they even make the toe cutter lenders blush. See more

16.01.2022 Even small and new business owners should understand their balance sheet and its value. You may be starting out in business, but knowing from the start how financial documents work is important when the business grows and there is so much to manage.

07.01.2022 Travel Diary If you wish to claim a deduction for overseas travel or domestic travel of 6 days or more, you are required to keep a travel dairy. Thankfully we now have our electronic calendars to keep everything as a record as well there is the camera on the phone. The idea that we are opening our beautiful leather backed diary, taking out the Mont Blanc full of pale blue Visconti ink and note taking seems to be something in the past. The diary needs the exact nature of the a...ctivity (without too many trade secrets given away) the time - well that will be on the electronic calculator) how long it lasted well into the cocktail hour and where. These bits of what you should do are plastered all over the unwieldy tax legislation (they have retrenched so many people I don’t think they would even check travel dairy’s unless someone has made outrageous claims, but we suggest that the diary is important look at the cost of travel as it really burns time you could be doing productive work, what was the cost and what did you achieve. Of course, there’s an argument that you can always use skype etc. however, there is nothing like doing business face to face. Just remember before you go to fill the pen with the Visconti ink, security at the airport have already confiscated my little bottles of ink. See more

06.01.2022 Starting a business - Just Done will keep your tax up to date and organised

04.01.2022 Keeping Records Australia has a self-assessment taxation system. Essentially that means that everything is taken on face value. The information you give is processed accordingly so on this information you give your return comes with a refund or what is payable. That’s of course unless they decide not to believe it or want to check it. Because of data matching or that the ATO is checking the industry you are in, they may call on you to produce your books and records for a pa...rticular period of time, so you can substantiate your claims. Keeping records is also about keeping the way you run your business as simple as possible. We recommend no more than one bank account and once credit card and everything is paid on these cards and to make this work, you need to keep all your personal expenses to some other bank account or cards not associated with the day to day operations of the business. Get into the habit of filing receipts and take photos of small cash receipts. See more

04.01.2022 Airbnb Good idea???? It’s a good idea as far as the taxman is concerned. Its seems a good idea to let out your house while you are on holiday to make some money, or let a room to help you pay some of the mortgage and make a few dollars on the side right?... Well that’s until you think about capital gains tax. The money you make on Airbnb when you use your private home may mean that you end up paying a lot more in capital gains tax when you sell your property than what you made with Airbnb. The Australian Taxation Office want information from the sharing sites on two fronts, not only hunting for people who will now become liable for capital gains tax, but also finding people who are failing to declare rental income made through sites sharing. Logically you should know that if you are making and income you should declare this income (less expenses) for income tax. However many people would not have considered the sleeping giant of capital gains tax. So, if you are a host for one of the accommodation sites, have students staying with you on any of the students schemes or may be earning money from your home (which starts of as capital gains exempt) THEN GET SOME REALLY GOOD ADVICE. In many ways this is a sleeping issue, but don’t get caught out when it wakes up.

02.01.2022 My definition of a business you have an idea and a skill or a skill and YOU make something of it. Uber drivers are contractors and fill ins while Uber gets th...e market. A kind of contract patsy until they are dumped when the driverless car comes in. The hard part of the new economy is to work out what your business is, preferably not at the end of someone else’s. The idea of using contractors, is in general a great one, especially if those offering the contract can also give considerable flexibility. But if you are a contractor, you should always have a plan to find new work, better yourself and your product and work to a plan. Then you are in business. Want to talk about this more phone 1300 982559 See more

01.01.2022 If I borrow money to pay my tax bill, will I be able to claim the interest paid on the loan as a tax deduction? Because tax is a necessary part of running a business, then you will be able to claim the interest paid. But that is only if you are running a business. If you are an individual not running a business, then tax liability is considered a personal expense and the interest won’t be claimable. Make sure you understand who is borrowing the money and who a company might owe the money to. In many cases it’s the business owner, they might use a redraw facility or take out a personal loan and then on lend it to the business. That would make the business owner the creditor for the records.

01.01.2022 The Tradie Blues - are you singing the tradie or freelancer blues, if so, give Just Done a go, and change your tune. I’m in a small business yeah! Im happy to collect money And pay my bills BUT... after that I don’t want to do any accounting stuff. I hate it! Someone does my accounts With money in and money out And there is what the taxman wants I don’t know if I am even making money. Is this all worthwhile. I’m always behind. I’m a small business but Im getting Slogged for late payments fees By the taxman all the time. I don’t have time to talk to my bookkeeper Slog, slog, slog. Slog.. That’s all the taxman does slog me. How the hell am I meant to stay in control? If I never know what I owe him. I’m too tired to do it myself. So I’m paying a lot to have my books done, the BAS lodged the PAYG stuff and tax returns done There has to be a better deal. Hell, Im behind in tax again and it’s a worry. Too many of my mates have ended up bankrupt or with debts they can’t manage. I wish I have known what my tax debt is? I had MYOB I’ve tried Xero and all I do is make a mess while I’m trying to figure it out. I’m a tradie not a bloody accountant.