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Personal Financial Control Package
Ever wondered why businesses do accounting and know where they spend their money BUT individuals don’t. Well now you can
Bookkeep your personal finances and we help you know where everything comes and goes. Have the platform to save and measure improving your net worth and create true wealth.
We can even include Tax return for you and your partner.
We can personalise your life into your accounting incorporating your investments such as Dividends, Investment properties and reconcile to your accounts, credit cards and loans.
Suitable for Landlords, individuals or families wanting to know where there money is coming and going, and seeking to align personal goals with financial plans
•Subscription to online accounting software
•Year end personal financial statements and tax returns (limited to 2 individual –non business tax returns)
•Bi annual financial coaching sessions and savings plan update
•Can accommodate many accounting scenarios such as for investments such as interest, dividends and rental properties, building of properties, credit cards, loans. Enquire if you have a particular request.
Watch this video to find out how it all works in your tax return refund or payable.
A simple tax return is really not that simple.
But let me dumb it down so if you have never really understood it, you soon will.
You start with Incomes (like wages and salaries) less deductions (like uniforms and cost of tax preparation fee) which give you what the tax office calls TAXABLE INCOME
Once you have your taxable income , depending on how high it is, you are taxed progressively more as in this table of the Income tax rates. This is called Tax on your Taxable Income.
Tax rates 2010–11
Taxable income
Tax on this income
0 – $6,000
Nil
$6,001 – $37,000
15c for each $1 over $6,000
$37,001 – $80,000
$4,650 plus 30c for each $1 over $37,000
$80,001 – $180,000
$17,550 plus 37c for each $1 over $80,000
$180,001 and over
$54,550 plus 45c for each $1 over $180,000
Once you have tax on taxable income you add medicare levy
Then you take off any taxes paid (such as on wages) and any tax offsets (such as education tax refund)to get your tax return refund or amount payable. If you have already paid more tax than the tax on taxable income then you get a refund.
For more examples and explanations of Income, deductions, taxes paid and tax offsets visit www.ATO.gov.au or ask us
And not sure if you have everything covered. See us now and we can make it easy for you to get started the right way.
Our Simple Business Startup Pack $110 includes:
One hour business consulting in our office or by Skype. Where you can ask all your questions, including your legal business structure, what accounts to open, what taxes will you have to pay, how much shall to leave for tax, small business marketing and how you should do your bookkeeping
We do your ABN registration online, often your ABN can be used immediately
Send you the links to the Business Names Application forms
Simple Sales Tax invoice spreadsheet Template or advise you on which accounting software to use or let us do it, we explain how.
Business Plan Template
How to start your business checklist
ATO publications on what you need to do
Automatic subscription into our Free secrets to creating wealth and Better business course
All this for only $110. So start with us and get off to the right start
Contact Us Now
Romeo Caporaso -Tax Agent and Business Accountant
Phone 08 8337 4460
Mobile 0416 023 719
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Please use the social bookmarking buttons below, such as email others to spread the word to your fellow successful and dynamic colleagues who would appreciate an efficient and easier way to prepare tax.
What to Prepare for local meeting or virtual meeting (scan the documents and send to me). I will acknowledge receipt, respond with any other further information required and arrange a virtual way of meeting you soon.
This is a long list and some of the items may not apply to you. If they do not apply ignore that item.
Individual Tax Return: Group certificates/PAYG Payment summaries
ETP Group certificates/Payment summaries
Pensions & ComSuper Group certificates/Payment summaries
Social Security & Centrelink Group certificates/Payment summaries
Any interest earned
Dividend statements
Private Health Insurance statement & details
Rental income & expense details
Capital Gain/Loss details e.g.. Share & property sales/purchases
Trust Distribution tax statements
Partnership income & expense details
Business income & expense details
Foreign income
Any Other income details
Travel expenses e.g.. Airline/bus tickets related to work travel
Motor Vehicle expenses e.g.. kms traveled and engine size, log book if applicable
Dry-cleaning or laundry costs associated with protective clothing/uniforms
Replacement of protective clothing/uniforms
Self-Education costs
Union dues
Other work related expenses including home office, computers, mobiles etc.
Donations
Investment expenses including borrowing costs, interest on loans, FID & investment advice fees
Accounting fees & travel expenses associated with preparation of your tax return
Medical expenses (if more than $1500)
Medicare Levy exemption details
Income Protection insurance
Family Tax payments, Part A &/or B
Number of dependents and their dates of birth
Spouse’s income details
Business Tax Returns:
(including Trust, Companies, Partnership & Sole Traders)
Manual records:
Bank/Credit Card statements for full year
Cheque books for full year
PAYG Payment summary statement
Copies of Group Certificates/PAYG Payment Summaries
Any Dividend statements or Trust Distribution tax statements
Details of any cash income or expenses
Debtors & Creditors
Stock on hand
Petty Cash details
Copies of BAS/IAS statements for financial year
Computerised records:
Backup of software
Bank Reconciliation with bank statement for 30 June
PAYG Payment summary statement
Copies of Group Certificates/PAYG Payment Summaries
Stock on hand
Any Petty Cash/cash transactions not entered into software
Copies of BAS/IAS statements for financial year
Fringe Benefits Tax Return:
Opening odometer reading at 1 April
Closing odometer reading at 31 March
Log book (if one has been kept)
Motor Vehicle expenses incurred (if log book is available):
-Fuel
-Maintenance/Repairs
-Insurance
-Registration
-Tyres
-Car washes
-Interest/Loan/Lease repayments
Please indicate whether the expenses provided are shown as GST inclusive or exclusive
Entertainment paid, including details of number of people attending (broken up into employees, associates, clients and directors), type of function and whether or not the expense was incurred interstate
Non-commercial loans (interest charged at less than 7.05%)
Debt waivers
Employee expense payments
Housing/accommodation/board provided
Living Away From Home allowances paid
Airline transport (airlines & travel agents only)
Property provided
Car Parking (when a commercial car parking station is located within 1km and charges more than $6.43 per day)
Any employee contributions received
FBT Instalments paid
BAS Manual records:
Tax invoices for each expense incurred.
Total receipts for period, detail of how much GST was collected for each receipt
Include all income i.e. interest, rent etc.
Salary and wages paid for period
PAYG with tax withheld for period
Bank statements for period
Providing a summary of income and expenses for the period will keep your accounting fees to a minimum. You should show the GST inclusive amount and the GST relating to each transaction as per tax invoice. Computerised records (e.g. MYOB) Bank reconciliation printout
Bank statement @ last day of period
PAYG with tax withheld from wages for period
Advise if no tax invoice is held for expenses
GST detail report for period
Backup of MYOB file
Superannuation Funds Bank statements for complete year
Dividend statements
Managed Trust distribution statements
Unit trust distributions
Cheques books
Details of each contribution into fund
Buy/sell contracts
Details of new investments
Expenses incurred by trustee on behalf of super fund
Rollover fund statements
ETP Group Certificates
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