MD Taxation & Advisory Pty Ltd in Applecross | Accountant

MD Taxation & Advisory Pty Ltd

Locality: Applecross

Phone: +61 8 6260 9627

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• Financial service

25.01.2022 Tax tip What expenses can you claim as a business? This is the third part of our deduction series, we first looked at common employee deductions & then some uncommon deductions for individuals make sure you check them out if they are more suited to your situation. ... Anyway back to businesses! 1 to decide if deductions for businesses are allowable your first step is to consider do they satisfy either of these two criteria : - The expense resulted from activities you undertake to gain or produce assessable income [the expense will bring in income] OR - The expense needed to happen as part of carrying on your business [this point differs as its less direct ie the activity doesnt have to directly link to income but can be part of your broader scheme of running your business] So simple right you can claim everything related to running your business or anything directly bringing you income? Not quite! There are of course many exceptions! Some common ones below: 1. Entertainment >> (think work dinner or client lunch) anything classified as entertainment whether for employees or clients can not simply be deducted. Client entertainment is not deductible (ever ) and employee entertainment requires Fringe benefits tax (penalty tax ) 2. The expense is either considered capital, private, it brings in non-taxable income or is otherwise prohibited from being claimed . It can get a bit complicated unfortunately. Contact me if this raised any questions or if you need more info Im always happy to discuss any queries you might have . Next we will discuss expenses you can claim when working from home as I know that applies to a lot of my instagram fam

24.01.2022 There comes a time in your life where you need to make decisions to get what you want. You may decide to sit back and wait for it to happen or simply complain that it hasnt happened or instead, you can take control and create what you want. Life rarely just happens for anyone, there is usually a drive in the background or hard work that has gone into what they have achieved. You need to make it happen, you deserve what you want in this life so go get it Im not talking about money or status. Im talking about the more important things that actually make YOU happy. My drive is to ensure I have the freedom to live comfortably and have flexibility to dictate my own choices and not be a slave to anyone else

24.01.2022 Do you know certain people in your life that just whinge at every opportunity? . My belief is that when people constantly focus on everything going wrong they miss all the opportunity for good things to happen. It is such a waste! .... I know its easy to get stuck in whats not going right but remember that whilst youre there you may be missing all the things that are going right . Quote stolen from @lisamessenger

24.01.2022 So good to see this trend & feeling good to be contributing. So proud of all of you amazing women, achieving your goals and forging your own path. Some of the amazing women Ive connected on the gram with that you should check out: ... @caseyfenton.ib @jasmine_accountablebookkeeping @garlandfinance Looking forward to meeting more at the @fusionbizco IWD brunch this Sunday. Happy Friday lovelies

22.01.2022 Tax tip Do you work from home ? On this rainy day what better way to relax then reading some tax tips ... Anyway back to it... Im not talking about after hours I mean your home is your place of business. If this is you, you can get access to claim some interesting deductions such as: * the cost of using a rooms utilities, such as gas and electricity which must be apportioned between business and private use, based on actual usage. * business phone costs if a telephone is used exclusively for business, you can claim for the rental and calls. If the telephone is used for both business and private calls, you can claim a deduction for business calls . * office equipment, such as desks, chairs & computers . * fit out costs such as curtains, carpets and light fittings . * occupancy expenses (such as rent, mortgage interest, insurance, rates). You can claim the portion of these costs that relates to the room or workshop you use as a place of business. A common method of working out how much to claim is the proportionate floor area . Beware! If you own your home you dont get the full main residence exemption if your home is your principal place of business, although youre probably entitled to a partial exemption. Contact me if this raised any questions or if you need more info Im always happy to discuss any queries you might have. Next we will discover the expenses you can claim when working from home (after hours) as I know that applies to a lot of you beautiful people

21.01.2022 Are you loving these beautiful summer days? Well I sure am! The beauty of leaving the grind as an employee to being self employed means I can enjoy the summer & not watch it waste away sitting in an air conditioned room with a tiny window whilst longing to be free. ( If you can tell Im soooo happy to be away from there!!) Hope all of you can stretch your legs & get some freedom on this glorious day

20.01.2022 Can you switch off when youre on holiday? I just got back from my first proper holiday as a biz owner. It was a quick one 11 days where we spent most our time in Italy and visited the most amazing ski town (Andalo part of the Dolomites mountain range). Its fkn amazing there btw! I spent two weeks before getting all my clients up to date and there were no lodgement due dates whilst I was gone but of course the work doesnt stop while youre away. ... Luckily I got a few days of digital detox but then of course there were a few days I was answering emails and assisting with queries. My question to you is should a biz owner be ok to switch off for a few days... or are we expected to be available all the time? And do you have any tips for switching off while youre away? Let me know your thoughts @ Andalo, Cima Paganella, Rifugio La Roda 2125mt

20.01.2022 If there are things that are limiting your happiness be the director of your life & make a change. . Complaining & feeling victim will not bring you the happiness you desire. . Make a conscious choice to do what it is that makes you happy today.. You deserve it

18.01.2022 Tax tip So Ive been discussing with my clients how the government stimulus package works and have summarised for you all below! Do you employ people? If so woo lucky you, you are one of the groups that benefit from the government stimulus package! ... If you have employed staff and therefore report wages in your BAS you will receive a minimum $2,000 benefit in your March & June 2020 BAS. If you withhold PAYG it appears that the amount you will benefit will be up to 50% of your PAYG withheld (or $2,000 which ever is greater). This amount will be tax free. Another benefit businesses get access to is the temporary increase in the instant asset write off. This has been increased to $150,000 until 30 June 2020, any qualifying assets purchased under this limit can be deducted in full in the tax year (rather than over a number of years). Do you employ Apprentices? If so, please get in touch so we can discuss the further wage subsidies available. As this needs to be registered for in order for you to be eligible. Otherwise if you are not a business but are receiving government benefits you may be entitled to the once off $750 payment . If you have any questions or wish to discuss the stimulus package please get in touch

18.01.2022 Tax tip Do you have to pay your employee or contractor superannuation? A question that comes up a lot ~this is based on the circumstances of your business is not a straight forward yes or no Employees ~employees over 18 years old & earning more than $450 in a calendar month are entitled to super ~if under 18 then the employee also needs to work 30 hours / week to be entitled Contractors... Super is generally required if 1. they contract to you as an individual (not a company or trust) and 2. you pay them mostly for their labour & not to achieve a result (think paid hourly rather than $500 to paint a room) and 3. the contractor can not delegate the work to someone else (I.e you engage the person) Contact me if this raised any questions or if you need more info See more

17.01.2022 Remembering this beautiful day one year later @ Margaret River, Western Australia

17.01.2022 One of the absolute best things about running your own business is definitely the flexibility you can have. A couple of weeks ago mid week I organised a quick day trip to Rottnest with my mumma & two of my (6) siblings. Id had a stressful week and having the ability to choose to switch off for a day, ride around the island, swim in the pristine ocean & spend time with the fam was invaluable.... If you dont have the flexibility to do this I deff recommend a quarterly mental health day (sickie)to recharge your batteries & fill your heart. In no way am I trying to diminish mental health issues or encourage absenteeism but these spontaneous much needed days off really keep my mental wellbeing in check. Bonus pic of me going to extreme lengths to pose with a quokka. Arguably one of the cutest f*cking animals in the whole world @ Rottnest Island, Western Australia

16.01.2022 Tax tip What can you claim as a tax deduction? First up individuals & employees ... You can claim most work related expenses (WRE) where there is sufficient nexus (connection) to you earning your income & where these expenses arent deemed private (or adjusted for any private use) You need proof of purchase, a receipt is preferable but in certain cases diary records or similar are sufficient. Some common WRE: memberships, subscriptions & associations vehicle & travel expenses home office expenses education courses & further study tools & equipment work related mobile phone & internet costs Next tax tip post I will go through other personal deductions & then cover business deductions Contact me if this raised any questions or if you need more info @p.s.smileproduction & @allure.creative

16.01.2022 You are the only you. Dont compare. Dont change who you inherently are. Love & accept yourself first to then love accept others for who they are spread the love

15.01.2022 Stronger together. Sending love to anyone that needs it.

15.01.2022 JOBKEEPER The law & rules have finally been released which means more reading for us poor accounts but yay we can now finally advise on this third corona virus stimulus initiative. A quick summary on whos eligible for the $1500/fortnight payment? The following needs to be met in order to qualify for the JobKeeper:... (a) on 1 March 2020, the entity carried on a business in Australia, or was a nonprofit body that pursued its objectives principally in Australia; and (b) the entity has satisfied the decline in turnover test at or before the time. The decline in turnover for most people is a minimum decline of 30% (but can be either 15%, 30% or 50% based on your circumstances). If you meet the above (or your employer meets the above and provided no excluding provisions apply to you) yay you will be eligible for the $1,500 pre tax per fortnight payment. You need to opt in to be eligible here: https://www.ato.gov.au/general/gen/jobkeeper-payment/ Ill be reading through the hundreds of pages this weekend to find out more

15.01.2022 Super excited to be shortlisted as a finalist for the Accountants Daily 30 under 30 accounting awards! This year has been head down work work work so it has been nice to stop and be acknowledged. So proud of how far MD has come, starting as just lil me from home to now a busy Applecross office with a powerhouse team of females making tax magic happen for our clients Maybe next nomination will be Forbes

14.01.2022 Happy Easter We hope you have a lovely Easter & can enjoy some time off. Sending extra love to anyone who cant spend Easter with their loved ones this year

14.01.2022 Tax tip Do you have to pay GST on your sales? Many questions need to be answered first so we can answer that .... 1 are you making taxable supplies? taxable supplies meet a set of criteria including sales that are not input taxed (e.g. residential rent) or GST Free (health services or fresh food). Other considerations are if your sales are connected with Australia (think sold or provided in Australia but much more complex) . 2 are you over the threshold? Have you sold more than $75,000 or are you likely or expect to? You will need to review in mire retail if you think you will exceed the threshold...Or are you a taxi service >> if yes you need to register . 3 another question would be .. should I register? If not required is there a benefit in registering? This needs to be considered with regard to your individual circumstances. . Contact me if this raised any questions or if you need more info

12.01.2022 In a world full of loss, pain & heartbreak choose to build others up as you dont know the pain theyre carrying. When greeted with anger or impatience understand that those feeling reflect a persons state of mind & not anything about you. Choose kindness & brighten the world one person at a time. Your soul will thank you

10.01.2022 Tax tip End of financial year is fast approaching and before you start thinking of your EOFY party or at least EOFY lunch (which you should all do to commemorate surviving, maybe even thriving, the year that was #FUrona) it would be wise to take a minute to think of your expected tax position and any tax minimising strategies that may be appropriate. These may include... 1 make any purchases happen before 30 June so that you can include the deduction in your 2020 tax return. The instant asset write off has been increased to $150,000 so if youve been thinking of buying that new laptop do it before EOFY. But I always say do not spend a $1 to save 30c. Only bring forward expenses that you would have incurred anyway. 2 speaking of expenses pay your super liability before 30 June. Super is only deductible when paid so if you hold off till the due date 28/07 you have to wait 11 months + to deduct this expense. 3 consider contributing to super personally. Concessional (tax deductible) limits are $25k and anyone can now contribute to super. 4 make your donations - I like to give annually and its always a nice boost to my tax deductions when it comes time to prepare my return. 5 get organised. Summarise your financial position either using your accounting software (#xero is the holy grail) or at minimum an excel spreadsheet. A shoe box of receipts & invoices is no longer acceptable this just costs you as it wastes your accountants time. Any questions please reach out See more

08.01.2022 Client love for Joelene Thank you Rafee it was our pleasure to assist you

08.01.2022 What does everyone need at the moment? Baby animal cuteness will surely fix everything at least for a second right?! Well at least it cant hurt. Look at him omg I wish I could have kept this little baby . He gave the sweetest little kisses I met him at a cuddly farm in the middle of country wales #babygoats #shareyourcuteanimals

08.01.2022 Congratulations Drew Ratty/MD Taxation & Advisory Pty Ltd for being shortlisted for the Accountants Daily 30 Under 30 2020! The Accountants Daily 30 Under 30 is a national accounting awards program that identifies the finest young accountants across Australia. Achieving 30 Under 30 status offers the foundation for career progression, providing industry-wide recognition for professional competency while highlighting a passion for accounting and the pursuit of personal advan...cement. The finalist list, which was announced on 23 November, features over 120 high-achieving individuals across 15 submission-based categories. The Accountants Daily 30 Under 30 presents a unique opportunity to recognise and celebrate the incredible work of up and coming names in the profession, said Accountants Daily editor Jotham Lian. On behalf of Accountants Daily, congratulations on being named as finalists, and we look forward to celebrating your success on the night. Drew is feeling grateful to be nominated and so proud of how far MD Tax has come! Starting as just little me from home, to now a busy Applecross office with a powerhouse team of females making magic happen for our clients, said Drew. This year has been head down work work work so it has been nice to stop and be acknowledged. Well done Drew!

07.01.2022 Does anyone else consider passport & a calculator travel essentials or am I alone here Im off to Singapore this morning. One of the biggest benefits or running my own biz is that I can tag along with hubbys work trips whenever I want also with all my software in the cloud I can work from anywhere

07.01.2022 My baby boys @schnauzers_saintandwinst These two idiots entertain me all day & are the best assistants (although they do regularly sleep on the job ) Love them so much

06.01.2022 Second government stimulus package... whats there to help you? This will all be legislated tomorrow so the details may change and at this stage its not 100% clear. Businesses: A credit up to $125,000 for the March BAS & $25,000 for the June Bas. With a minimum amount of $20,000 for the March BAS !! you dont withhold or withhold less. A credit in a BAS essentially means you do not have to pay the employee tax withholding in your BAS that you normally would. There is opport...unity here so please get in touch to discuss. Sole traders: you will be eligible to apply for Jobseeker if you sign a declaration saying your income has been affected by Corona virus. Also another benefit may be accessing up to $10k in super in each tax year (current & next one) if you can show you have suffered hardship due to #covid_19 meaning a drop of at least 20% of your income. Others: if you receive Centrelink you will get a second $750 one off & there will be a temporary increase (its now double!) in job seeker, youth allowance job seeker & parenting payment rates. Get it touch if you want to know more & my thoughts are with anyone struggling right now

06.01.2022 It is early in the new year when we are all focussing on the future and making goals. Do this with kindness and love. Where you are is great and where you want to be is a pathway, its unlikely itll happen overnight. If you have big goals & they intimidate you or seem too big to achieve just start in any capacity. Start collating what you need for your goal, start working after hours or on weekends, do anything that starts putting your dreams into doable tasks. Dont be afraid of failing, I dont believe you can fail, you will learn when things dont go to plan and as long as you keep going then there really isnt any end point which can be determined as failure. If you learn what youre doing isnt for you thats great whats next then

05.01.2022 Nothing can keep you from your passions & true loves

05.01.2022 So heres the secret weve been keeping. We are expanding! Celebrating Joelene joining MD Tax. Joelene has over 15 years experience in tax. She is incredibly qualified completing her Bacherlor degree, post graduate diploma of chartered accounting and then a Masters of Taxation at UNSW (one of Australias top universities ) check out her profile on our website for more. Not to mention she is just an amazing human with a heart of gold.... Joelene & Drew have worked together for 6 years and cant wait to get back to working as a team to helping all of their valued clients. Please help us celebrate

05.01.2022 Saint have you lodged your tax return yet?! So not only is it Halloween tomorrow but its also the due date for most tax returns where you are not on an agent list already If you are not on agent list as yet your tax return is due for lodgement tomorrow 31st October. ... If your return is simple I recommend lodging via myGov ASAP. If it is more complicated get in touch so I can add you to my list so you can access the extension due date being 15 May 2020 (for most tax payers) Any questions just ask

04.01.2022 Do you know certain people in your life that just whinge at every opportunity? My belief is that when people constantly focus on everything going wrong they miss all the opportunity for good things to happen. It is such a waste! Its such a waste! I know its easy to get stuck in whats not going right but remember that whilst youre there you may be missing all the things that are going right. ... Quote stolen from @lisamessenger

03.01.2022 Tax tip What else can you claim as a tax deduction for an individual Last tax tip we discussed common employee deductions. Check it out if you missed it.... Some other deductions include: . superannuation contributions up to the $25k cap. Recent legislation changes has made contributing to super so much easier so this is something a lot of people can now do. . interest expenses for any loans that are used for investment purposes. We always recommend keeping loans completely seperate & not having loans used for both private & investment purposes as this can create lots of tax headaches. . Donations over $2 to registered charities are tax deductible. If you havent donated to the bush fire appeal yet consider doing so as while you help our communities & wildlife rebuild you will also thank yourself when it comes to tax time. Please note that super & donation deductions can not create a tax loss position. Professional tax advice tailored to your personal situations will ensure the best outcome for you. Next tax tip post we will go through business deductions Contact me if this raised any questions or if you need more info

02.01.2022 Two beautiful bunches of flowers from my beautiful friends yesterday. One in the morning & one at night and its not even my birthday Feeling loved & grateful Wishing everyone & a beautiful Friday @ Applecross, Western Australia

01.01.2022 Kindness really is one my most desired virtues. I think kindness is definitely undervalued when considering someones success & value. This quote resonated with me. Over the years I have always tried to do random acts of kindness. Some that spring to mind are Buying a homeless girl shoes when hers were falling apart Driving a Mum & bub home when shed bought too much shopping to walk home with Donating my time to raise money or goods for cherished causes such as @sh...entonpark @thesalvos A few weeks ago, hungover & burnout I mistakenly went to the wrong airport with minutes to go before boarding an international flight. In a state of slight panic / confusion I asked the nearest car for help, kindest taxi driver quickly dashed me in time to the right airport & refused to take payment as he was just helping me out I was so moved & have thought about it for weeks. Hopefully some of the things Ive done have also moved people & I will continue to try to share this special feeling Let me know some of the kindest things people have done for you or you have done for others See more