Informative Videos

At the ICC Sydney for the Xero Road Show 2024. #xero, #xeroaccounting, #xeroroadshow ... See MoreSee Less

As we find ourselves amid the 2024 tax season, we have noticed a significant increase in ATO inquiries and audits related to investment properties. Despite the continuous rental growth, many properties are back to being negatively geared due to the rise in interest rates. It is crucial not to panic when faced with a query or audit. If your claims are legitimate, the ATO will accept your explanation and move forward. In some instances, they may request evidence, highlighting the importance of thorough record-keeping. Here are some guidelines to ensure your success if you find yourself in this situation.1) Request an end-of-year rental report from your real estate agent to substantiate your rental income and expenses deducted. For self-managed properties, please have your bank statements or receipt book (for cash receipts) to verify your rental income.2) Ensure that the interest claimed is directly related to your investment. Most errors occur when a multi-purpose loan is considered 100 per cent investment or redraws for private matters are ignored. Interest is deductible to the extent it is relevant to your investment property. You cannot repay the redraws, so please do not use your loan account as your transaction account.3) Rental expenses must be paid during the financial year under review. Receipts must substantiate them; the tenant or insurance proceeds did not reimburse them, and if asked, you must be able to show how you paid for them.4) If you are renting out the property for less than the market price, please do not claim costs at 100 percent. The deductibility of your rental expenses is limited to the lower rental income.For more information, please get in touch with our team or refer to the ATO website. #ATOAudits, #rentalpropertyclaims, #rent, #interestrates ... See MoreSee Less

View on Facebook

Park Central Accountancy Services's cover photo ... See MoreSee Less

Photo

View on Facebook

We've made it through the first week of FY25! STP finalisations are complete, and now we're gearing up for TPAR submissions. If you're yet to finalise your STP, don't worry - there's still time. Reach out to our office for assistance.New tax rates have come into effect this week, impacting your staff's net pay. The super guarantee has increased to 11.5%. While most accounting software updates automatically, verifying and testing your system for readiness is crucial.July is packed with updates. For further details, visit the ATO website . Stay informed and prepared for the changes ahead! ... See MoreSee Less

View on Facebook

There is no doubt that super tax is a bad policy if it passes the Parliament in its current form. More time is needed to bring a better outcome because the tax, in its current form, is a direct attack on the SMSF sector.#ATO, #div296, #smsfsector ... See MoreSee Less

Industry questions why super tax dropped from debate again

www.smsfadviser.com

Speculation is growing that the government may be rethinking its approach to the controversial $3 million super tax legislation after it was dropped from the House of Representatives schedule for a se...

View on Facebook

I support the introduction of a 15 per cent tax bill on multinational companies. It gives both sides clarity and certainty. If 15 per cent is all they have to pay, there is no need for, as it stated, "accounting tricks and dodgy behaviour". I am saddened when such terms are associated with our profession. Accountants do not use tricks. They take advantage of the government's flaws in the system.www.accountingtimes.com.au/tax/minimum-global-tax-to-eliminate-dodgy-accounting-tricks-says-assis...|MMERGEEM|* ... See MoreSee Less

View on Facebook

Take extra care this tax season and avoid rushing into submitting your return early. At our firm, we commence appointments at the end of July each year to prevent amendments down the track. If you need to schedule an early appointment for other reasons, feel free to do so; however, we will hold off on lodging it for now. #TaxSeason, #taxes, #financialplanning, ... See MoreSee Less

Hasty lodgers twice as likely to make mistakes, ATO warns

www.accountantsdaily.com.au

The Tax Office is warning taxpayers against rushing to lodge their tax returns on 1 July.

View on Facebook

Are you aware of the new changes to reporting requirements for NFP?From the 2023–24 income year onward, not-for-profits (NFPs) with an active Australian business number (ABN) must lodge an annual NFP self-review return to access income tax exemptions.The annual reporting aims to assure the community that only eligible not-for-profits access an income tax exemption.Government entities or charities registered with the Australian Charities and Not-for-profits Commission (ACNC) and taxable NFP entities are exempt from the annual self-review requirement. NFPs that do not fall under the above categories will need to submit a yearly NFP self-review return through their business portal or the registered tax agents' service.The first review is due by 31 October 2024, so it is best to get ready now. For more information, please refer to the ATO website QC73#ATO##notforprofitentitiesit#qc7368273682, ... See MoreSee Less

View on Facebook

As you prepare for your end-of-year tax submission, remember to check the registration status of your tax professional. Only registered tax agents can legally prepare and lodge tax returns on your behalf. Stay informed by referring to the article provided. #ATO, #tpbregister, #taxregistration ... See MoreSee Less

TPB warns taxpayers of unregistered agents in awareness campaign

www.accountantsdaily.com.au

The regulator’s new initiative aims to protect individuals and small businesses from fraud.

View on Facebook

Do you owe money to the Tax Office? The ATO charges general interest (GIC) on all tax debts until they are paid in full. Currently, tax deductions for GIC are allowed in any financial year. However, after 1 July 2025, GIC will no longer be deductible. It's crucial to prioritise your ATO debts and settle them before the upcoming deadline. If you would like more details, you can visit the ATO website and search for QC7374#ATO##generalinterestchargeha#qc7374673746 ... See MoreSee Less

View on Facebook

Do you know much about POI requirements?While technology is making life easier and getting us used to convenience, it is not entirely bulletproof to the challenges we face today. Since COVID hit, tax professionals have increasingly adopted new technology and gotten used to the new way of communication. Unfortunately, the reliance on technology, remote working arrangements, and outsourcing made tax practitioners' services susceptible to fraud. The recent TPB and the ATO initiative for the Proof of Identification (POI) through tax professionals aims to overcome this dilemma.The TPB has mandated that all registered tax practitioners undergo the necessary POI steps before providing tax agent and BAS services. Importantly, this is not a one-time requirement. It's an ongoing process that must be repeated as and when necessary. So, whether you're considering a change in agents, new to the system, or it's been a while since you last did a POI with your current agent, it's essential to be prepared for the process this tax season. For more information, please check the TPB(PN) 5/2022 Proof of identity requirements for client verification, TPB, or the ATO websites. We understand that the process of providing your POI can be uncomfortable. However, it's important to remember that we're in this together. Let’s make the experience as smooth as possible for each other and not dwell on it too much. After all, it's a necessary step in ensuring the integrity of our services.#ATO, #TPB, #TPB(PN) 5/2022 Proof of identity requirements for client verification ... See MoreSee Less

Call Now

www.facebook.com

Call now to connect with business.

View on Facebook

Meet my client Dr Milad Azizi.My association with Milad started in February 2019. I was working on a file one day and was deep in my thoughts when I heard someone asking, do you need another client? I was surprised because clients often call first or request an appointment, but not Milad. He knows what he wants, and he goes for it. I admire this about him.Professionally, he is a successful dentist and has been in business since 2009. He is a hardworking professional who does not stop until he delivers his best to his patients. His level of care and kindness is what you expect from a medical professional. He is the reason behind many smiles in Campbelltown and the surrounding suburbs. He is a well-known and well-respected dentist in the area. His busy schedule means he has no spare moments. I have to be very fast when delivering my messages. I learned to get his attention on important matters quickly, so there never is time for chit-chat. On a personal level, he is a wonderful family man. He enjoys his suburban life with his wife and three children. Despite his busy schedule, he always finds time to help around the house and his children with schoolwork. He has the best sense of humour.Hardworking and passionate clients like Milad motivate me to wake up daily and do my bit. By helping his business, I am supporting his family in having the best they deserve.Milad, thank you for your trust in me and my practice. I look forward to many more years of working together. I wish you success and a happy family life.Photos: 1. Milad, 2. Milad and his dental nurse Shannon at his practice, VUE Dental, Suite G01, 1 Centennial Drive, Campbelltown, NSW 2560. ... See MoreSee Less

Photo

View on Facebook

Meet my client, Master Michael J Scott. My association with Michael started in 2008 when I worked for another firm. It is a funny story because he meant to be working with my colleague then, not me. She took a day off, and the rest is history. We clicked from that first meeting. Our ideas about business, ethics, and integrity aligned from the start.Michael opened his Martial Arts Centre in 2000, in partnership with his wife and a baby on its way. He approached our firm eight years later to take the next step and restructure his business. He told me he had no idea he would make it this far. As I got to know him, I knew exactly why. Michael’s success is due to his focus, determination, self-discipline, money management skills, and tremendous patience. He has a great deal of respect for professionals. He follows through with my advice and actively does his own due diligence. Despite being his advisor, I see him as my role model. I learned a lot from him. His story inspired me to start my business. He was one of the few clients that gave me a go in those early days. His loyalty further inspired me to go above and beyond to help him achieve his goals. This year, we have completed sixteen years of tax submissions, almost two hundred monthly management reports, and sixteen end-of-year tax strategy meetings. This year, he commenced his succession plan. His son, Ethan Scott, is slowly taking more responsibility to ensure the family legacy is alive. Michael enjoys his suburban life with his beautiful wife, Natalie Scott and two boys, Ethan Scott and Ronan Scott. Overall, Michael is a delight to work with. Michael, thank you for your loyalty and for being a good sport. Your self-determination made my job a breeze. I look forward to working with you for another sixteen years and seeing where this journey takes us. PS Photos: Michael with the team at CMA Martial Art Centre, Leumeah, , Michael with my then three-year-old celebrating his purple belt, and Michael with his son Ethan. hashtag#success, hashtag#inspiration, hashtag#determinationcmamartialarts.au/ "NOT JUST KICKING AND PUNCHING" ... See MoreSee Less

Photo

View on Facebook

The passing of the $20K Instant Asset Write-off is excellent news for small to medium-sized businesses. With three months left in FY24, now is the time to proceed with your investment. Please note the general condition, which is that the asset must be in your possession or installed and ready for use before 30 June 2024.Regarding the NALI confirmation for the APRA funds, it was a no-brainer. There is almost no chance of NALI occurring via APRA, in my view. SMSFs, on the other hand, can easily fall into the NALI trap for apparent reasons.For more information, please refer to the link below.www.accountingtimes.com.au/profession/instant-asset-write-off-measure-passes-parliament?utm_sourc...|MMERGEEM|* ... See MoreSee Less

View on Facebook

Change starts with us!I had an insightful afternoon with the strong women of Canberra today. The "Canberra Roundtable: Women in Leadership" event arranged by @Lyn Hawkins is what we need more of to discuss challenges women are facing in leadership. Issues such as the gender pay gap and bullying in the workplace by undermining women and their ideas still exist today. It is very promising to note the passion we shared about the matter and our plans to make a difference. Thank you, Lyn. I hope to see more of these events with bigger groups. ... See MoreSee Less

Photo

View on Facebook

And it finally arrived.I dedicate my degree to the girls of Afghanistan who have unfortunately lost their fundamental right: education. May my journey be an inspiration for them to keep their hope. May God bring the light of day back to Afghanistan.I watched the video with tears pouring down my face. The last two years of assignments, presentations, and giving up my precious family time. I owe a big thank you to my family. I am now looking into ways to give back. I know it does not compensate for the lost time, but I am determined.#curtinuniversity ... See MoreSee Less

Video

View on Facebook

And it finally arrived.I dedicate my degree to the girls of Afghanistan who have unfortunately lost their fundamental right: education. May my journey be an inspiration for them to keep their hope. May God bring the light of day back to Afghanistan.I watched the video with tears pouring down my face. The last two years of assignments, presentations, and giving up my precious family time. I owe a big thank you to my family. I am now looking into ways to give back. I know it does not compensate for the lost time, but I am determined.#curtinuniversity, #OpenUniversity, #sucuss ... See MoreSee Less

Video

View on Facebook

What a productive day! Attending the Advisors' Assembly was truly worth it. The event was full of valuable insights and takeaways that I can apply to my accounting practice. Being among peers made me happy and gave me a sense of belonging. I even added a few wonderful fellow professionals to my network.The main takeaway message was loud and clear: the advisory role adds value to accounting services. In today's competitive market, accountants must think outside the box and adapt new ways to support business growth. Compliance and technical work alone won't cut it. It's time to explore the wealth of opportunities available through technology and offshoring. By doing so, we not only benefit our own practice but also our clients.Listening to the presenters, I realised that there isn't a right or wrong way to succeed. Everyone has their methods, their recipe for success. The key is to get to know your clients well and tailor your services around that knowledge. My motto is, to go with what works for you.Overall, I had a great time. The venue was perfect, the service was excellent, and the food was divine. I'm excited to apply what I learned to my practice and #advisorsassemblymy business. #advisorsassembly ... See MoreSee Less

View on Facebook

"Never call an accountant a credit to his profession; a good accountant is a debit to his profession." Charles LyellOver the years in practice, I noticed that new clients often use the "I need a good accountant" statement as their opening remark. While they are trying to make a good impression, it is not a sensible way to start their professional association, especially if the intention is for a long-lasting relationship. I have faith in my fellow professionals that we are all working hard to service our clients. The unrealistic expectations of accountants in practice leave little room for not being a good accountant.Please take a moment to read the following points regarding the characteristics of a good accountant. A good accountant is someone who▶ Has the proper knowledge and credentials to act on your behalf,▶ They are known for their integrity and honesty,▶ Do not use clients as an opportunity to make money,▶ Is not afraid to tell the truth about a difficult situation,▶ Put the client's interest first by getting them the right return rather than a high return,▶ Continuously searching for ways to advance their knowledge to service their clients better and▶ Available when needed.If you find an accountant with the above qualities, stay with them. Prosperity does not occur overnight. It happens when the good accountant and the client collectively work toward a common goal.As a final comment, I ask clients the same question whenever they make the above statement. Please describe what a "Good Accountant" means to you, and I will advise you if I am one. #accountant, #integrity, #prosperity ... See MoreSee Less

View on Facebook

Regardless of the size and structure, businesses face challenges daily. It is crucial not to ignore the issues, big or small. Dealing with challenges is not always easy. Some may even be impossible to overcome. Compromise is another option. Some of the main reasons why a small business would fail are.* Not setting the correct rate for products or services. The right rate should always cover the costs in full, plus a markup. Once the correct rate is determined, GST must be on top.* Using the collected GST to pay for business expenses. This is a complete no because GST is not our money.* Skipping lodgements is never a good idea. Timely submissions, even if the cash flow does not allow payment of the dues, will save the business from paying more, i.e., fines for overdue lodgement. Penalties are not only a waste of your resources; they are also not tax deductible.* Deferring superannuation payments is another reason for the collapse of a small business—payments made after the due date create other costs, i.e., interest and admin fees. The entire payment, in this case, is not tax deductible.* Using business assets for personal use under a company setup creates even bigger problems, DIV 7A and FBT being among many.* Not using the services of professionals, especially when the business owner does not have accounting and bookkeeping knowledge. Small businesses often try to save money only to learn that fixing their errors cost them more.Managing a business is not easy. It requires complete dedication and concentration. While money-making is the central part of any business, it cannot make a business successful on its merit. If you have any questions, please get in touch. We are happy to help you. Let us be part of your business success.#businesssuccess, #businesschallenges ... See MoreSee Less

View on Facebook

What a productive day! Attending the Advisors' Assembly was truly worth it. The event was full of valuable insights and takeaways that I can apply to my accounting practice. Being among peers made me happy and gave me a sense of belonging. I even added a few wonderful fellow professionals to my network.The main takeaway message was loud and clear: the advisory role adds value to accounting services. In today's competitive market, accountants must think outside the box and adapt new ways to support business growth. Compliance and technical work alone won't cut it. It's time to explore the wealth of opportunities available through technology and offshoring. By doing so, we not only benefit our own practice but also our clients.Listening to the presenters, I realised that there isn't a right or wrong way to succeed. Everyone has their methods, their recipe for success. The key is to get to know your clients well and tailor your services around that knowledge. My motto is, to go with what works for you.Overall, I had a great time. The venue was perfect, the service was excellent, and the food was divine. I'm excited to apply what I learned to my practice and #advisorsassemblymy business. #advisorsassembly ... See MoreSee Less

Photo

View on Facebook

Regardless of the size and structure, businesses face challenges daily. It is crucial not to ignore the issues, big or small. Dealing with challenges is not always easy. Some may even be impossible to overcome. Compromise is another option. Some of the main reasons why a small business would fail are.✅ Not setting the correct rate for products or services. The right rate should always cover the costs in full, plus a markup. Once the correct rate is determined, GST must be on top.✅ Using the collected GST to pay for business expenses. This is a complete no because GST is not our money.✅ Skipping lodgements is never a good idea. Timely submissions, even if the cash flow does not allow payment of the dues, will save the business from paying more, i.e., fines for overdue lodgement. Penalties are not only a waste of your resources; they are also not tax deductible.✅ Deferring superannuation payments is another reason for the collapse of a small business—payments made after the due date create other costs, i.e., interest and admin fees. The entire payment, in this case, is not tax deductible.✅ Using business assets for personal use under a company setup creates even bigger problems, DIV 7A and FBT being among many.✅ Not using the services of professionals, especially when the business owner does not have accounting and bookkeeping knowledge. Small businesses often try to save money only to learn that fixing their errors cost them more.Managing a business is not easy. It requires complete dedication and concentration. While money-making is the central part of any business, it cannot make a business successful on its merit. If you have any questions, please get in touch. We are happy to help you. Let us be part of your business success.#business, #challenges, #prosperity ... See MoreSee Less

View on Facebook

"Never call an accountant a credit to his profession; a good accountant is a debit to his profession." Charles LyellOver the years in practice, I noticed that new clients often use the "I need a good accountant" statement as their opening remark. While they are trying to make a good impression, it is not a sensible way to start their professional association, especially if the intention is for a long-lasting relationship. I have faith in my fellow professionals that we are all working hard to service our clients. The unrealistic expectations of accountants in practice leave little room for not being a good accountant.Please take a moment to read the following points regarding the characteristics of a good accountant. A good accountant is someone who▶ Has the proper knowledge and credentials to act on your behalf,▶ They are known for their integrity and honesty,▶ Do not use clients as an opportunity to make money,▶ Is not afraid to tell the truth about a difficult situation,▶ Put the client's interest first by getting them the right return rather than a high return,▶ Continuously searching for ways to advance their knowledge to service their clients better and▶ Available when needed.If you find an accountant with the above qualities, stay with them. Prosperity does not occur overnight. It happens when the good accountant and the client collectively work toward a common goal.As a final comment, I ask clients the same question whenever they make the above statement. Please describe what a "Good Accountant" means to you, and I will advise you if I am one. #accountant, #integrity, #prosperity ... See MoreSee Less

View on Facebook

Regardless of the size and structure, businesses face challenges daily. It is crucial not to ignore the issues, big or small. Dealing with challenges is not always easy. Some may even be impossible to overcome. Compromise is another option. Some of the main reasons why a small business would fail are.* Not setting the correct rate for products or services. The right rate should always cover the costs in full, plus a markup. Once the correct rate is determined, GST must be on top.* Using the collected GST to pay for business expenses. This is a complete no because GST is not our money.* Skipping lodgements is never a good idea. Timely submissions, even if the cash flow does not allow payment of the dues, will save the business from paying more, i.e., fines for overdue lodgement. Penalties are not only a waste of your resources; they are also not tax deductible.* Deferring superannuation payments is another reason for the collapse of a small business—payments made after the due date create other costs, i.e., interest and admin fees. The entire payment, in this case, is not tax deductible.* Using business assets for personal use under a company setup creates even bigger problems, DIV 7A and FBT being among many.* Not using the services of professionals, especially when the business owner does not have accounting and bookkeeping knowledge. Small businesses often try to save money only to learn that fixing their errors cost them more.Managing a business is not easy. It requires complete dedication and concentration. While money-making is the central part of any business, it cannot make a business successful on its merit. If you have any questions, please get in touch. We are happy to help you. Let us be part of your business success.#businesssuccess, #businesschallenges ... See MoreSee Less

View on Facebook

In my recent presentation, I discussed the intricacies of calculating capital gain/loss on the sale of investment properties. This video is an excellent resource if you're considering selling your investment property or want to learn more about the process. It's also a valuable source of knowledge for university students. However, please note that my presentations speak about tax matters in general. Please consult your tax representatives to get advice tailored to your specific situation. ... See MoreSee Less

Video

View on Facebook

My presentation on Input-Taxed Supplies. This video is beneficial to business operators and BAS service providers. While taxable and GST-free supplies may be familiar to most of us, input-taxed supplies can often be confusing and complex. This short video aims to shed some light on this topic and provide some clarity. Whether you are new to the industry or just need a refresher, this video is for you. Check it out and better understand the complexities of the GST system.#GST, #gstupdates ... See MoreSee Less

Video

View on Facebook

Transfer Balance Cap Presentation.This video is most beneficial to anyone planning retirement, in receipt of transition to retirement payments, or students who want to know more about the topic. Superannuation laws are very complex, and tax laws are changing regularly. Please use this video as general information and do your own due diligence before implementing any strategies.. #Super, #transferbalancecap ... See MoreSee Less

Video

View on Facebook

Adjusted Taxable Income Presentation.This video is for you if you are in receipt of Family Assistant Payments, are curious how income tax are calculated, or are a student in need of additional study resources. Please remember to check updates and use this presentation as general information only. #familyassistance, #adjustedtax, #taxlaw ... See MoreSee Less

Video

View on Facebook

"Tax-Free Income" Presentation.Don't let the name mislead you. Tax-free income plays a role in your tax. To learn more, please watch this video. As usual, remember to check updates and use this presentation as general information only. #TaxLaw, #taxfreeincome ... See MoreSee Less

Video

View on Facebook

"Motor Vehicle Deductions" Presentation.Motor vehicle claims are one of the most talked about topics. The amount of information available about this claim is massive. While it is good, at times, it can get overwhelming. Hopefully, this video will help you understand the matter in simple terms. It details the logbook; I am sure it is everyone's favourite subject. Don't forget to check the ATO website for regular updates.#mvclaim, #logbook, #atowebsite, #TaxDeductions ... See MoreSee Less

Video

View on Facebook

"Initial Costs" Presentation.Going into business, starting a new job, or buying your investment property is exciting. You soon note the costs associated with such a move. You are not worried because they are tax-deductible, right? You can find your answers in this video. While they can provide future benefits, they are not tax deductible now. The presentation outlines the reasons. #initialcost, #TaxLaw, #rentalproperty, #initialrepair ... See MoreSee Less

Video

View on Facebook

"Allowable Deductions" Presentation.This video goes into the roots of what makes an expense work-related and tax-deductible. I tried to keep it simple as it is targeted to general taxpayers with no tax or finance background. The ATO website has comprehensive information about this topic, so don't forget to check it for regular updates. #TaxDeductions, #TaxLaw, #atowebsite ... See MoreSee Less

Video

View on Facebook

"Insurance Recovery and Rental Properties" Presentation.Receiving an insurance payout is always welcomed; however, don't forget that it has tax consequences. With recent increased natural disasters, it is best to be equipped with the right information to make the most out of your investment. This video covers insurance recovery relevant to investment properties. If you own an investment property, received or are due to receive an insurance payout, this video can help you. It also prepares you for such an event if the latter part does not apply. #rentalproperty, #insuranceclaim, #TaxLaw ... See MoreSee Less

Video

View on Facebook