DD's Taxation & Accounting

Operating your business from home? You could be missing out on some key deductions that a business tax accountant can help you out with ⚖💵

In this guide we take a look at how a business tax accountant can assist in you in the setup of your home office and the expenses you'll need to keep track of for tax time.

Read more here 👉 http://ow.ly/Ab6v50L5qIE

How A Business Tax Accountant Can Help Your Home-Based Business - DD's Taxation & Accounting From home office expenses to electricity bills, there are a number of deductions a business tax accountant can help you with.

This month on our blog we simplify the task of developing financial reporting.

Developing financial reporting for your business - DD's Taxation & Accounting Having sufficient and up to date accounting records provides vital information for businesses to be able to prepare reports that can determine how...

MYOB shares some great tips on how businesses can ensure they are getting superannuation payments right in 2022.

4 tips for getting superannuation payments right in 2022 - MYOB Pulse Key pointers for getting superannuation contributions right to help any employer prepare for the business end of financial year period in 2022.

Xero gives us insight into some great options to combat cash flow issues with small business financing.

Combat cash flow hurdles with these small business financing options | Xero Blog How can Australia's small businesses access capital to pull through the final months of 2021 and build the foundations for growth next year?

This month we are sharing some top tips on how to avoid triggering an ATO audit.

How to avoid triggering an ATO audit - DD's Taxation & Accounting Sometimes inconsistencies within our individual and business tax can cause significant issues at tax time and may trigger an investigation or full...

Through uncertain times it is important to have an open relationship with your advisor. Here are some great tips from Xero on how to work well together 👍

How to best work with your advisor through uncertain times | Xero Blog Cassandra Scott, Director of Laurus Bookkeeping, shares tips on how to best work with your advisor through uncertain times.

This month we take a closer look into new ASIC requirements for company directors 👍



https://ddstax.com.au/new-requirements-for-company-directors/

New ASIC requirements for company directors - DD's Taxation & Accounting The federal government has recently announced the introduction of new requirements under the Modernising Business Registers program that will see all

We found these top tips from Xero a great starting point to choosing the right accountant for your needs. Click on the link for the full article 👍


https://www.xero.com/au/resources/small-business-guides/accounting/how-to-choose-accountant/

How to choose the right accountant | Xero Want to make sure you choose the right accountant for your small business? Read more here.

Best wishes for happy holidays and a magnificent New Year from DD's Taxation & Accounting. May the holiday season bring happiness and joy to you and your loved ones.

We are pleased to announce that we have relocated to 13/96 Manchester Road, Mooroolbark. Come and see us for all your taxation needs!

Regardless if you have worked with an accountant for years, or are looking for a new accountant for your business, to get the most out of this relationship, its important that you know what kinds of questions to ask.
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https://ddstax.com.au/what-should-business-owners-ask-their-accountant/

What should business owners ask their accountant? | DD's Taxation & Accounting Regardless if you have worked with an accountant for years, or are looking for a new accountant for your business, to get the most out of this relationship, its important that you know what kinds of questions to ask.

If you are an owner-occupier or property investor, owning a home can provide some really important tax benefits. We break down six types of deductions you can clam when you own a home or an investment property. 🏠 ✅

https://ddstax.com.au/tax-deductions-for-homeowners/

Tax Deductions for Homeowners | DD's Taxation & Accounting Are there tax benefits for homeowners? If you are an owner-occupier or property investor, owning a home can provide some really important tax benefits.

Renting Out Holiday Homes

https://www.ddstax.com.au/news/2019/3/7/renting-out-holiday-homes

ddstax.com.au If you are renting out a holiday home then you should apply the principles that apply to a rental property: Your rental income is assessable Rental expenses are apportioned on a time basis, as the proportion of the income year it was rented out or was genuinely available for rent Deductions

Small business entity concessions

https://www.ddstax.com.au/news/2019/1/31/small-business-entity-concessions

ddstax.com.au Eligible small business entities can access a range of concessions including payment and reporting options: Income tax concessions CGT concessions GST and excise concessions PAYG instalment concession FBT concessions Super concessions To qualify for these concessions, you'll nee

Quarterly GST obligations

https://www.ddstax.com.au/news/2018/11/13/quarterly-gst-obligations

ddstax.com.au If you are registered for GST, depending on your circumstances, you can change the cycle you use to report and pay GST.  This may happen when your GST turnover changes or if you choose to report and pay using a different cycle. The following table provides a summary of the payment and lodgm

Claiming work related home office expenses

https://www.ddstax.com.au/news/2018/10/5/claiming-work-related-home-office-expenses

ddstax.com.au If you're an employee who regularly works from home, you may be able to claim a deduction for expenses relating to that work. These are generally home office running expenses, and phone and internet expenses.   Home office running expenses are heating, cooling, lighting and clean

Record keeping for small business

https://www.ddstax.com.au/news/2018/9/7/record-keeping-for-small-business

ddstax.com.au Good record keeping is crucial for anyone in business because it makes it easier to manage your cash flow, meet any tax obligations and understand how your business is doing. The law requires that your records must: explain all transactions clearly be in writing (electronic or paper) be in Engli

Five Most Common Mistakes Made at Tax Time

https://www.ddstax.com.au/news/2018/8/15/3b38ja507mjw028r4kffl0d7ni84lj

ddstax.com.au The ATO has identified the five most common mistakes and the personalities most likely to have tax time troubles. The top five mistakes include taxpayers who are: leaving out some of their income – maybe forgetting a temp job or money earned from the sharing economy claiming deductions for person

Proposed Superannuation Guarantee Amnesty

https://www.ddstax.com.au/news/2018/7/13/proposed-superannuation-guarantee-amnesty

ddstax.com.au On 24 May 2018, the Minister for Revenue and Financial Services announced the commencement of a 12-month Superannuation Guarantee Amnesty (the Amnesty). The Amnesty is a one-off opportunity for employers to self-correct past super guarantee (SG) non-compliance without incurring any penalties. Subjec

Tax deductions for personal super contributions

https://www.ddstax.com.au/news/2018/6/5/tax-deductions-for-personal-super-contributions

ddstax.com.au Since 1 July 2017, all eligible Australians under the age of 75 can claim tax deductions for personal super contributions, subject to the annual concessional contributions cap. This measure can assist Australians who may be partly self-employed and partly employed, or individuals who work for employ

Tax Planning

https://www.ddstax.com.au/news/2018/5/15/tax-planning

ddstax.com.au 30 June is fast approaching; therefore, we are beginning our usual tax planning activities. As per guidance given by the ATO “You have the right to arrange your financial affairs to keep your tax to a minimum – this is often referred to as tax planning.” What is good for one company however, i...

2017 Tax Lodgements Due Dates

https://www.ddstax.com.au/news/2018/4/3/m1dofxabpig7g6htziqst6kfcyrlmb

ddstax.com.au Generally, most individual, partnerships, trusts and some company tax returns with a good lodgement history with the ATO will be due on 15 May 2018, if lodged by an accountant. if absolutely necessary they can usually attain a further extension if an accountant has a good record with the ATO. Lodge

Hobby or business?

https://www.ddstax.com.au/news/2018/2/6/hobby-or-business

ddstax.com.au It is important to distinguish between a business and a hobby. When you sell services or products with no intention of making a profit, your activity may be a hobby rather than a business. It’s likely you’re not in business if your activities are: irregular not aimed at making a profit - i.e you...

Cryptocurrency crackdown

https://www.ddstax.com.au/news/2018/1/12/cryptocurrency-crackdown

ddstax.com.au Generally speaking, there are no income tax or CGT implications if you're not in business or carrying on an enterprise and you simply pay for goods or services in bitcoin. However, if bitcoin is used for personal use and you have a capital gain or loss of $10,000 or more from the disposal of the bit

Scam Alert

https://www.ddstax.com.au/news/2017/12/1/scam-alert

www.ddstax.com.au In recent years, the Australian Taxation Office has seen a rise in the number of scams that are designed to trick you into paying money or giving out personal information over the phone, email or even social media. If you are in doubt about an interaction you have had with someone claiming to be fro

Contributing the proceeds of downsizing to superannuation

https://www.ddstax.com.au/news/2017/11/14/contributing-the-proceeds-of-downsizing-to-superannuation

ddstax.com.au From 1 July 2018, individuals aged 65 or over will be able to make a non-concessional (post-tax) contribution to super of up to $300,000 from the proceeds of selling their home. The home sold must have been owned by the individual for the past ten or more years and have been the primary residence of

Small Business Restructure Rollover

https://www.ddstax.com.au/news/2017/10/24/small-business-restructure-rollover

ddstax.com.au The small business restructure rollover allows small businesses to transfer active assets (an asset used by a company in its day-to-day operation) from one entity (the transferor) to one or more other entities (transferees), on or after 1 July 2016, without incurring an income tax liability.

Lodging Your Individual Tax Return

https://www.ddstax.com.au/news/2017/10/3/lodging-your-individual-tax-return

ddstax.com.au The deadline for lodging your own individual tax return is the 31st of October, lodging any later than this can incur penalties. if you are unable to lodge by 31st October, you will need to contact the ATO as soon as possible. Most registered agents are able to lodge returns for clients

ABN Basics

https://www.ddstax.com.au/news/2017/9/19/abn-basics

ddstax.com.au To get an ABN you need to be carrying on a business or other enterprise. Not everyone is entitled to an ABN. For example, if you want to carry out work as a sole trader with an ABN, typically you need to be: * Genuinely running your own business * Paying your own income tax and GST d

No residential rental property travel deductions.

https://www.ddstax.com.au/news/2017/8/29/no-deduction-for-travel-expenses-for-residential-rental-properties

ddstax.com.au On 9 May 2017, the Government announced that from 1 July 2017 all travel deductions relating to inspecting, maintaining, or collecting rent for a rental property will be disallowed. This measure was brought into place amidst concerns that a large amount of tax payers were claiming travel co

New Rules on Claiming Plant and Equipment

https://www.ddstax.com.au/news/2017/8/8/new-rules-on-claiming-plant-and-equipment

ddstax.com.au From the 9th of May 2017 the government limited the depreciation deductions for plant and equipment for residential investment properties. The changes removed an owner’s ability to claim a depreciation deduction for previously used plant and equipment (items that are 'easily' removed from a pr

Small Business Company Tax

https://www.ddstax.com.au/news/2017/7/28/small-business-company-tax

www.ddstax.com.au The small business company tax rate of 28.5% will be further reduced to 27.5% for the 2017 income year. This is part of the Government's long-term plan to reduce the corporate rate to 25% for all corporate entities over a 10 year period. This lower rate now applies to small business entitie

Medicare low-income threshold changes

https://ddstax.com.au/news/2017/5/16/medicare-low-income-threshold-changes

ddstax.com.au On 9 May 2017, the Australian Government announced that the Medicare levy low-income thresholds for singles, families, seniors and pensioners will increase from the 2016-17 income year. These threshold increases mean that households will not pay the Medicare levy if their taxable income is

Changes to GST on low value imported goods

https://ddstax.com.au/news/2017/4/11/changes-to-gst-on-low-value-imported-goods

ddstax.com.au Treasurer Scott Morrison stated that Australia would be the first country to apply GST to the importation of low value goods using a "vendor collection model", with jurisdictions such as the European Union moving in the same direction. Mr Morrison said in a statement it would help

Great News for first-home buyers

https://ddstax.com.au/news/2017/3/17/great-news-for-first-home-buyers

ddstax.com.au Stamp duty abolished for first-home buyers The Victorian Government has announced that stamp duty (land transfer duty) will be abolished for first-home buyers purchasing a new home with a dutiable value of not more than $600,000. There will also be discounts for properties worth between $60

We offer a variety of services such as

- Tax planning
- Small business consulting and support
- Accounting
- Bookkeeping
- Income tax
- Capital gain tax
- Goods and services tax

Drop us an email: [email protected]

DD's Taxation and Accounting Centre was established in August 2010, providing you with quality professional and personalised advice in a timely and efficient manner.

The range of confidential services is based on more than 12 years experience in the tax and accounting industry.

We aim to establish and maintain long term relationships with our clients, and be a trusted advisor who you can rely on for quality advice when you need it.