Monday, 29 September 2014
In the end, the AAT still gave the carpenter a 50 percent administrative penalty based on the aforementioned shortfall amount. This case clearly demonstrates the value of hiring experienced Parramatta accountants from a firm like Advanced Accounts instead of relying upon one’s “knowledge” of the ATO’s tax rules. After all, businesses can’t just claim GST credits on any product indiscriminately as the rule does not apply to input-taxed items like bank fees and certain goods like basic food items. Some small businesses also make the mistake of claiming GST credits even if they could not present a valid tax invoice.
Monday, 1 September 2014
Some business owners may consider transferring part of their property into the SMSF as a contribution, but there are pitfalls to prepare for. For instance, they can reap capital gains tax and even lose value over the contributions period, which an accountant in Parramatta will be able to factor in. An SMSF can be one of the most valuable support options you will have in your later years. Accounting experts like those from Advanced Accounts will ensure all the money you put in will grow and be ready when the time comes.